<SUBMISSION>
<ACCESSION-NUMBER>0000095047-02-000003
<TYPE>10KSB
<PUBLIC-DOCUMENT-COUNT>8
<PERIOD>20011231
<FILING-DATE>20020415
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CYTATION CORP
<CIK>0000095047
<ASSIGNED-SIC>8200
<IRS-NUMBER>160961436
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10KSB
<ACT>34
<FILE-NUMBER>001-14800
<FILM-NUMBER>02610745
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>251 THAMES STREET
<CITY>BRISTOL
<STATE>RI
<ZIP>02809
<PHONE>401-254-8800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>251 THAMES STREET
<CITY>BRISTOL
<STATE>RI
<ZIP>02809
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CYTATION COM INC
<DATE-CHANGED>19990318
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>STYLEX HOMES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COLLEGELINK COM INCORP
<DATE-CHANGED>19991122
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10KSB
<SEQUENCE>1
<FILENAME>cyta10ksb.htm
<DESCRIPTION>CYTATION 10-KSB
<TEXT>
<HTML>
<HEAD>
<TITLE>==============================================================================</TITLE>
</HEAD>
<BODY>

<P>==============================================================================</P>
<P ALIGN="center">UNITED STATES
<BR>SECURITIES AND EXCHANGE COMMISSION
<BR>Washington, D. C. 20549</P>
<P ALIGN="center">FORM 10-KSB</P>
<P>(Mark One)</P>
<P>[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934&nbsp;</P>

<P>or</P>
<P>[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P ALIGN="center">CYTATION CORPORATION
<BR>(Exact Name of Registrant as Specified in its Charter)
<BR>
<BR>DELAWARE
<BR>(State or Other Jurisdiction of Incorporation)</P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=563>
<TR><TD WIDTH="51%" VALIGN="TOP">
<P ALIGN="CENTER">0 5388</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P ALIGN="CENTER">16-0961436</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<P ALIGN="CENTER">(Commission File Number)</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P ALIGN="CENTER">(I.R.S. Employer Identification Number)</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<P>&nbsp; </P>
</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<P ALIGN="CENTER">251 Thames Street, No. 8, Bristol, RI</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P ALIGN="CENTER">02809</TD>
</TR>
<TR><TD WIDTH="51%" VALIGN="TOP">
<P ALIGN="CENTER">(Address of Principal Executive Offices)</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P ALIGN="CENTER">(Zip Code)</TD>
</TR>
</TABLE>
</CENTER>

<P ALIGN="CENTER">401-254-8800<BR>
(Registrant's Telephone Number, Including Area Code)</P>
<P>Securities registered pursuant to Section 12(b) of the Act: None</P>
<P>Securities registered pursuant to Section 12(g) of the Act: Common stock, $.001 par value</P>
<P>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
[&nbsp;&nbsp;] No [X ]</P>
<P>Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]  </P>
<P>The revenues for the Company's most recent fiscal year are $2,948,681.  </P>
<P>The aggregate approximate market value of the Registrant's common stock, par value $.001 per share, held by non-affiliates of the Registrant, based upon the closing price of
$.02 on March 29, 2002, as reported by the Over the Counter Bulletin Board, was approximately $243,000.<B> </B>For purposes of this disclosure, shares of Common stock held by persons who hold more than 5% of the outstanding shares of common stock and shares held by officers and directors of the Registrant have been excluded because such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive for other purposes.</P>
<P>The number of shares of Registrant's common stock, par value $.001 per share, outstanding at April 5, 2002 was 37,361,857.<BR>
</P>
<P ALIGN="center"><B>
CYTATION CORPORATION
<BR></B>FORM 10-KSB
<BR>FISCAL YEAR ENDED DECEMBER 31, 2001</P>
<P>This Annual Report on Form 10-KSB contains forward-looking statements with respect to Cytation Corporation, formerly known as CollegeLink.com Incorporated that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements because
of a number of factors, including those described herein and the documents incorporated herein by reference, and those factors described in Part II, Item 6 under "Factors that May Affect Future Results of Operations."</P>

<P><B>
PART I</B></P>

<P><B>
Item 1.&nbsp;&nbsp;Business</B></P>

<P>On June 20, 2001, Cytation Corporation (then known as CollegeLink.com Incorporated) ("Cytation" or the "Company") and its wholly owned subsidiary, Cytation Bristol Corporation (then known as CollegeLink Corporation) sold substantially all of their respective assets to
TMP Worldwide Inc. ("TMP&quot;).&nbsp; TMP is the parent corporation of TMP Interactive Inc. d/b/a Monster.com. The assets sold to TMP included all revenue producing assets related to the Company's high school and college resource businesses. As a result of this sale and the prior sales of the Company's Internet services businesses, the Company no longer is engaged in any business in which it was engaged during its three fiscal years ended June 30, 1998, 1999 and 2000 or its six-month transition period ending December 31, 2000.</P>

<P>In connection with the sale to TMP, management of the Company entered into non-competition agreements with TMP with respect to the Company's former high school and college resource businesses.</P>

<P>As consideration for the sale, TMP paid Cytation Corporation approximately $4,202,000 in cash and assumed approximately $3,062,000 of Cytation's liabilities. Among the liabilities that
TMP assumed were notes issued by Cytation to TMP in the aggregate principal amount of $1,000,000.</P>

<P>Two former officers of the Company entered into employment agreements with TMP on the date of the sale. Each received options to purchase up to 8,000 shares of TMP common stock, subject to certain vesting requirements. In a separate transaction that closed on the same day as the sale of assets to TMP, the Company paid approximately $849,000 to these two former officers in consideration of consulting fees, bonuses and the redemption of 1,625,000 shares of Cytation common stock owned by them.</P>

<P>On June 21, 2001, the Company changed its name from "CollegeLink.com Incorporated" to "Cytation Corporation", and Cytation Corporation's wholly owned subsidiary changed its name from "CollegeLink Corporation" to "Cytation Bristol Corporation". The name changes were effected in connection with the sale of assets to TMP. Cytation Bristol Corporation dissolved in October 2001.</P>

<P>In the transaction with TMP, the Company sold all of its revenue generating business, including the Company's former "Making It Count" division. That division accounted for approximately $1,366,000 in revenue for the fiscal year ended June 30, 2000; $1,245,000 in revenue for the six month transition period ended December 31, 2000; and $2,927,597 in revenue for the period January 1, 2001 through June 20, 2001, the date of the sale to TMP. As a consequence, the Company does not expect to generate revenue from operations for the foreseeable future other than interest income.
<I>
See</I>
 Part II, Item 6, &quot;Plan of Operation.&quot;&nbsp; The Company does, however, have expenses which consist of salary and benefits for three employees, insurance, the Company's office lease, legal and accounting fees and miscellaneous office expenses.</P>

<P>The Company is currently testing the market for a program which provides a range of services to companies that wish to become public and attain reporting company status under the Securities Exchange Act of 1934. In today's market climate, investment banking firms are underwriting a limited number of initial public offerings, particularly in the small and microcap marketplaces. The Company has developed a program which it believes will enable private companies to become public in compliance with securities regulations through an alternative to an IPO or reverse merger and thereafter to develop a trading market.</P>

<P>The Company believes its program addresses many of the aspects of the private-to-public transition. First, the Company may be able to arrange for an interim equity investment while the company is still private. Second, private companies will receive support helpful in filing a registration statement with the Securities and Exchange Commission in compliance with federal and state securities laws. Concurrently, through Cytation's "Dividend Distribution Program," Cytation will assist private companies in meeting the specific listing requirements of NASDAQ, the American Stock Exchange or the Over the Counter Bulletin Board and in the development and implementation of a plan with the objective of increasing market capitalization as the stock begins to trade in the aftermarket. Cytation will also seek to help its clients in the aftermarket through a program that provides the foundation for an orderly trading market and an informed marketplace.</P>

<P ALIGN="left">A more complete description of the Company's proposed business may be found at www.cytation.com.</P>

<P>The Company is just beginning to explore this market and has not yet determined its size, the willingness of private companies to consider becoming public in a the manner facilitated by the Company or the extent of competition for the Company's services.</P>

<P>Although the Company is engaged in discussions with respect to its program with several private entities that are considering becoming reporting companies, no agreements have been entered into and no assurance can be provided that an agreement for the Company's services will ever be entered into or that the Company will generate any revenue from the services it proposes to provide. Compensation pursuant to agreements entered into, if any, may consist of equity securities or be deferred into subsequent fiscal periods. If the Company elects not to continue this effort or is unable to secure commitments from companies to use the Company's services before January 1, 2003, it may discontinue business operations entirely before the end of the year 2003 and possibly seek to consummate a reverse merger with an operating private entity.  See Item 6,
&quot;Management's Discussion and Analysis or Plan of Operation.&quot;</P>

<P>Cytation's common stock trades on the Over the Counter Bulletin Board under the symbol "CYTY".</P>

<P>As of December 31, 2001, the Company employed three persons full-time. None of the Company's employees is represented by a union, and the Company has never experienced a work stoppage. Relations with employees are good.</P>

<P><B>
Item 2.&nbsp;&nbsp;Properties</B></P>

<P ALIGN="left">The Company's corporate office is located at 251 Thames Street, Bristol, Rhode Island 02809, where it occupies 1,500 square feet pursuant to a lease that expires in December 2002. The Company believes that these facilities are adequate to meet its current foreseeable requirements. The Company's telephone number is (401) 254-8800, and the facsimile number is (401) 254-2844. The Company's website is www.cytation.com.</P>

<P><B>
Item 3.&nbsp;&nbsp;Legal Proceedings</B></P>

<P>On February 7, 2002, Gerald Paxton, a former consultant to the Company, filed a demand for arbitration arising under his consulting agreement with the Company. Mr. Paxton claims the Company owes him $239,059, plus interest. On March 4, 2002, the Company responded and denied any liability to Mr. Paxton. The Company intends to vigorously defend itself against all of the claims raised in the demand for arbitration.</P>

<P>In October 2001, the Company settled a purported class action lawsuit filed against the Company in April 2001 by a small group of its stockholders. The settlement amount was $400,000, or approximately 11% of the $3,500,000 damages claimed by this group, and the group subsequently paid its attorneys approximately $320,000 of the $400,000 settlement amount. The Company denied any liability and asserted counterclaims relating to plaintiffs' interference with the sale of assets to TMP, which was delayed as a result of the litigation causing a reduction in the amount paid to the Company by TMP, and a third-party claim against Mr. Paxton, who was the largest
stockholder of the stockholder group. Management believed that the claims raised in the class action were without merit but agreed to settle the matter to avoid additional legal fees. The payment of the settlement amount plus payment of the Company's own legal fees materially and adversely affected the Company's ability to carry out plans for entering into a new business after the sale of assets to TMP.</P>

<P>There are no pending claims against us regarding infringement of any patents or other intellectual property rights of others. The Company is not a party to any other pending legal proceedings.</P>

<P><B>
Item 4.&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</P>

<P><B>
PART II</B></P>

<P><B>
Item 5.&nbsp;&nbsp;Market for the Registrant's Common Equity and Related Stockholder Matters</B></P>

<P>Until May 22, 2001, the Company's common stock traded on the American Stock Exchange under the symbol "APS". From May 22, 2001 through June 21, 2001, the Company's common stock traded on the Over the Counter Bulletin Board under the symbol "CLGK". Since June 21, 2001, the Company's common stock has traded on the Over the Counter Bulletin Board under the symbol "CYTY".</P>

<P>The following table sets forth, for the periods indicated, the high and low bid information for the Company's common stock.  These quotations reflect inter-dealer prices without retail mark-up, mark-down or commission, and may not represent actual transactions.</P>
<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="506">
<TR>
<TD WIDTH="340" VALIGN="TOP"><B>
Third and Fourth Quarters of Fiscal Year Ended
<BR>June 30, 2000</B></TD>
<TD WIDTH="79" VALIGN="TOP"><B>
<P ALIGN="center">
<BR>High</B></TD>
<TD WIDTH="75" VALIGN="TOP"><B>
<P ALIGN="center">
<BR>Low</B></TD>
</TR>
<TR>
<TD WIDTH="340" VALIGN="TOP">
<P>Third Quarter Ended March 31, 2000</TD>
<TD WIDTH="79" VALIGN="TOP">
<P ALIGN="center">$7.63</TD>
<TD WIDTH="75" VALIGN="TOP">
<P ALIGN="center">$4.63</TD>
</TR>
<TR>
<TD WIDTH="340" VALIGN="TOP">
<P>Fourth Quarter Ended June 30, 2000</TD>
<TD WIDTH="79" VALIGN="TOP">
<P ALIGN="center">$2.13</TD>
<TD WIDTH="75" VALIGN="TOP">
<P ALIGN="center">$.75</TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>&nbsp;</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="500">
<TR>
<TD WIDTH="332" VALIGN="TOP"><B>
Transition Year Ended December 31, 2000</B></TD>
<TD WIDTH="82" VALIGN="TOP"><B>
<P ALIGN="center">High</B></TD>
<TD WIDTH="74" VALIGN="TOP"><B>
<P ALIGN="center">Low</B></TD>
</TR>
<TR>
<TD WIDTH="332" VALIGN="TOP">
<P>First Quarter Ended September 30, 2000</TD>
<TD WIDTH="82" VALIGN="TOP">
<P ALIGN="center">$1.13</TD>
<TD WIDTH="74" VALIGN="TOP">
<P ALIGN="center">$.44</TD>
</TR>
<TR>
<TD WIDTH="332" VALIGN="TOP">
<P>Second Quarter Ended December 31, 2000</TD>
<TD WIDTH="82" VALIGN="TOP">
<P ALIGN="center">$.44</TD>
<TD WIDTH="74" VALIGN="TOP">
<P ALIGN="center">$.03</TD>
</TR>
</TABLE>
</CENTER>
</DIV>

<P>&nbsp;</P>

<DIV ALIGN="center">
<CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=490 HEIGHT="113" CELLPADDING="0">
<TR><TD WIDTH="331" VALIGN="TOP" HEIGHT="19">
<P><B>
Fiscal Year Ended December 31, 2001</B>&nbsp;</TD>
<TD WIDTH="81" VALIGN="TOP" HEIGHT="19">
<P ALIGN="center">&nbsp;<B>
High</B></TD>
<TD WIDTH="66" VALIGN="TOP" HEIGHT="19">
<P ALIGN="center"><B>
Low</B></TD>
</TR>
<TR><TD WIDTH="331" VALIGN="TOP" HEIGHT="16">
<P>First Quarter ended March 31, 2001</TD>
<TD WIDTH="81" VALIGN="TOP" HEIGHT="16" ALIGN="center">
<P>$.16</TD>
<TD WIDTH="66" VALIGN="TOP" HEIGHT="16" ALIGN="center">
<P>$.03</TD>
</TR>
<TR><TD WIDTH="331" VALIGN="TOP" HEIGHT="10">
<P>Second Quarter ended June 30, 2001</TD>
<TD WIDTH="81" VALIGN="TOP" HEIGHT="10" ALIGN="center">
<P>$.11</TD>
<TD WIDTH="66" VALIGN="TOP" HEIGHT="10" ALIGN="center">
<P>$.03</TD>
</TR>
<TR><TD WIDTH="331" VALIGN="TOP" HEIGHT="19">
<P>Third Quarter ended September 30, 2001</TD>
<TD WIDTH="81" VALIGN="TOP" HEIGHT="19" ALIGN="center">
<P>$.08</TD>
<TD WIDTH="66" VALIGN="TOP" HEIGHT="19" ALIGN="center">
<P>$.01</TD>
</TR>
<TR><TD WIDTH="331" VALIGN="TOP" HEIGHT="16">
<P>Fourth Quarter ended December 31, 2001</TD>
<TD WIDTH="81" VALIGN="TOP" HEIGHT="16" ALIGN="center">
<P>$.05</TD>
<TD WIDTH="66" VALIGN="TOP" HEIGHT="16" ALIGN="center">
<P>$.01</TD>
</TR>
</TABLE>
</CENTER>
</DIV>

<P>At March 29, 2001, the Company had 1,402 holders of record of its common stock. Some shares are held by various investment and other firms in street name. The Company estimates the number of beneficial owners of the Company's common stock at March 29, 2001 to be 1,396.</P>

<P>The market price of the Company's common stock has been volatile and sporadic and has declined during the year. For a discussion of the factors affecting the Company's stock price,
<I>
see, </I>
Part II, Item 6, "Factors that May Affect Future Results of Operations -- Possible Volatility of Stock Price."</P>

<P>The Company has not paid cash dividends on its common shares or other securities. The Company has not paid the dividend to the holders of its Series A Convertible Preferred Stock and its Series C Convertible Preferred Stock (prior to the redemption of the Series C Preferred Stock by the Company) for any quarter ending after March 31, 2000. The Company does not expect to pay any cash dividends on its outstanding preferred or common shares in the foreseeable future.</P>

<P><B>
Item 6.&nbsp;&nbsp;Management's Discussion and Analysis or Plan of Operation</B></P>

<P>The following information should be read in conjunction with the historical financial information and the notes thereto included in Items 6 and 8 of this 10-KSB.</P>

<P>This Management's Discussion and Analysis section and other parts of this Annual Report on Form 10-KSB contain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements.  Factors that might cause such a difference include, but are not limited to, those discussed below and in
Part I, Item 1.&quot;Business&quot; and Part II, Item 6, &quot;Plan of Operation.&quot;. The forward-looking statements contained herein are made as of the date hereof, and management assumes no obligation to update such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements.
<BR>
<BR><B>
Critical Accounting Policies</B></P>

<P>Management considers the following to be critical accounting policies:</P>

<P>1.&nbsp;&nbsp;<U>
Use of estimates</U>.&nbsp;&nbsp;The preparation of financial statements in accordance with generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those
estimates.
<BR>
<BR>2.&nbsp;&nbsp;<U>
Fair value of financial instruments</U>.&nbsp;&nbsp;The carrying amounts reported in the balance sheet for cash, trade receivables, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.</P>
<P>3.&nbsp;&nbsp;<U>
Income taxes</U>.&nbsp;&nbsp;The Company utilizes the liability method of accounting for income taxes as set forth in SFAS 109, "Accounting for Income Taxes." Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.</P>
<P>4. <U>
  Employee stock options and shares issued for services</U>.&nbsp;&nbsp;The Company accounts for employee stock transactions in accordance with APB Opinion No. 25, "Accounting for Stock Issued to Employees." The Company has adopted the proforma disclosure requirements of SFAS 123, "Accounting for Stock-Based Compensation." Accordingly, any excess of fair market value of stock issued to employees over exercise prices has been recorded as compensation expense and additional paid in capital.</P>
<P>5. <U>
  Loss per share</U>.&nbsp;&nbsp;The Company adopted the provision of SFAS No. 128, "Earnings per Share". SFAS No. 128 eliminates the presentation of primary and fully dilutive earnings per share ("EPS") and requires presentation of basic and diluted EPS. Basic EPS is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are excluded in the computation of diluted EPS for the years ended December 31, 2001 and June 30, 2000, and for the six-months ended December 31, 2000 because such inclusion is antidilutive.</P>
<P>6.&nbsp;&nbsp;<U>
Cash and cash equivalents</U>.&nbsp;&nbsp;For purposes of the statement of cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company may have cash balances in the bank in excess of the maximum amount insured by the FDIC through the period. In connection with the sale of all of the Company's operating assets in June 2001, the Company deposited $420,224 into an interest-bearing escrow account. These funds, net of any claims made against the escrow and paid in accordance with the terms of the Escrow Agreement, will be released to the Company in December 2002.</P>
<HR>
<P>
<B>
Results of Operations</B><U> <BR>
</U></P>

<P ALIGN="CENTER">For the Year Ended December 31, 2001 and the Transition Period Ended December 31, 2000 </P>
<B>
<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="575" HEIGHT="984">
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Cytation Corporation (Formerly CollegeLink.com Incorporated)</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Balance Sheets</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
December 31, 2001 and 2000</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
ASSETS</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="4" WIDTH="401" HEIGHT="15"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="78" HEIGHT="15"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp; &nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp; &nbsp;</U></FONT></TD>
<TD WIDTH="12" HEIGHT="15"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
</CENTER>
<TD WIDTH="76" HEIGHT="15">
<P ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; &nbsp; 2000&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</TD>
</TR>
<CENTER>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="left" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CURRENT ASSETS:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
79,861</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
161,481</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash in escrow account</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
&nbsp; 424,781</FONT></P>
</TD>
<CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
382,539</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, stockholders</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
21,598</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
35,000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, others</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
180,405</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="4" ALIGN="left" WIDTH="401" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; &nbsp; 154,637</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 276,635</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Assets</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; &nbsp; 861,282</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; 855,655</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
PROPERTY AND EQUIPMENT, Net</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 31,687</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp; &nbsp;&nbsp; &nbsp; 571,072</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
OTHER ASSETS:</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book right, net of accumulated amortization of $15,027</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
34,973</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill, net</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,245,897</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website development costs, net</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361,587</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Assets</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; 4,642,457</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
TOTAL ASSETS</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
892,969</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
6,069,184</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="17"></TD>
</CENTER>
<TD ALIGN="right" WIDTH="76" HEIGHT="17">
<P ALIGN="right"><FONT SIZE="3">
=======</FONT></TD>
</TR>
<CENTER>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CURRENT LIABILITIES:</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">211,273</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,188,560</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
715,207</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502,917</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211,273</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; 2,406,684</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
COMMITMENTS AND CONTINGENCIES</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></P>
</TD>
<CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></P>
</TD>
</TR>
<CENTER>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
STOCKHOLDERS' EQUITY:</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Series A convertible preferred stock, $4.00 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="4" ALIGN="left" WIDTH="401" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500,000 shares authorized, 1,140,000 shares issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Liquidation value = $4,560,000)</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,584,980</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,584,980</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Series B convertible preferred stock, $7.625 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300,000 shares authorized, none issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Series C convertible preferred stock, $4.00 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 shares authorized, 1,000,000 shares issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,000,000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Common stock, $0.001 par value, 100,000,000 shares authorized,</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,361,857 and 15,302,535 shares issued and outstanding, respectively</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
37,361</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
15,302</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Additional paid-in capital</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
28,467,440</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
24,402,656</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Deferred compensation</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(410,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(214,422)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Accumulated deficit</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
<U>
&nbsp;&nbsp; (31,998,085)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
<U>
&nbsp;&nbsp; (29,126,016)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL STOCKHOLDERS' EQUITY</FONT></TD>
<TD ALIGN="right" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681,696</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,662,500</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="555" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
<TD ALIGN="center" WIDTH="9" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
892,969</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
6,069,184</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="390" HEIGHT="17"></TD>
<TD ALIGN="center" WIDTH="9" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="78" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="76" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
</B>
<HR>
<P ALIGN="CENTER">Statements of Operations
<BR>For the Year Ended December 31, 2001
<BR>Compared to the Years ended December 31, 2001 and June 30, 2000
<BR>and the Six Months Ended December 31, 2000 and 1999 (Unaudited)</P>
<TABLE BORDER="0" WIDTH="683" CELLSPACING="0" CELLPADDING="0" HEIGHT="1007">
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="10" WIDTH="673" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Cytation Corporation (Formerly CollegeLink.com Incorporated)</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="10" WIDTH="673" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Statements of Operations</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Years Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD COLSPAN="10" WIDTH="673" HEIGHT="40">
<BR></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Years Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD WIDTH="97" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="131" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="17" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ROWSPAN="3" WIDTH="81" HEIGHT="66"><FONT SIZE="2">
<FONT FACE="Times New Roman">
For the Year</FONT> <FONT FACE="Times New Roman">
Ended
<BR></FONT>&nbsp;<FONT FACE="Times New Roman">
 December 31,
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></FONT></TD>
<TD WIDTH="11" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="91" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Six Months</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended</FONT> <FONT FACE="Times New Roman" SIZE="2">
December 31,
<BR>&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="10" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="85" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Year</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended
<BR></FONT>&nbsp;<FONT FACE="Times New Roman" SIZE="2">
 <U>
 June 30, 2000</U></FONT></TD>
<TD WIDTH="14" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="82" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Six Months</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended December 31,
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Unaudited)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
REVENUES:</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="81" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="82" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College and high school programs</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
2,948,681</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,245,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,365,790</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web site hosting and web services</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
17,500</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
273,028</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
226,606</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenues</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111,399</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,829</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,909</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221,125</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
3,060,080</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,345,329</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,663,727</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
447,731</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
COST OF GOODS SOLD</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,545,874</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,303,126</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734,882</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,269</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GROSS PROFIT</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514,206</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,203</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928,845</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403,462</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
OPERATING EXPENSES:</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
87,476</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
331,119</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
464,120</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
337,600</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
310,678</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
324,196</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
906,840</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
357,413</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
509,692</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
657,679</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,036,602</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
2,487,528</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,491,853</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,744,068</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,038,982</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,568,017</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OPERATING EXPENSES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,399,699</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,057,062</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,446,544</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,750,558</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING LOSS</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (3,885,493)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,014,859)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,517,699)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (4,347,096)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
OTHER INCOME (EXPENSES)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income, net</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(16,368)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
11,667</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
121,119</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
27,806</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of uncollectible notes receivable&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(114,170)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property &amp; equipment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(116,016)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on investments&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(978)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets impairment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(12,817,556)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of accounts payable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
252,765</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business units</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778,005</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513,716</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185,716</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER INCOME (EXPENSES)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,013,424</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,036,075)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634,835</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213,522</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS BEFORE INCOME TAXES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(2,872,069)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(17,050,934)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(7,882,864)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
INCOME TAXES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(2,872,069)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(17,050,934)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(7,882,864)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="left" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
PREFERRED STOCK DIVIDEND EARNED&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,099</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257,549</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432,824</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="left" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS ATTRIBUTABLE
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO&nbsp;COMMON SHARES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(3,147,168)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="91" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(17,308,483)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="10" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(8,315,688)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Net Loss Per Share (Basis and Diluted)</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.16)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(1.15)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.73)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.43)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Weighted Average Common Shares</FONT></TD>
<TD ALIGN="right" WIDTH="17" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
20,154,799</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
15,016,136</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
11,392,911</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
9,678,207</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Outstanding</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="91" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="10" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
</TABLE>
<HR>
<P>As a result of the sale in June 2001 by the Company of substantially all of its assets (including all of its revenue generating assets) to TMP and the prior sales of the Company's Internet services businesses, the Company no longer is engaged in any business in which it was engaged during its three fiscal years ended June 30, 1998, 1999 and 2000 or its six-month transition period ending December 31, 2000. Accordingly, management does not believe that it is informative or useful to compare the results of operations of the principal business which it conducted until June 20, 2001 but which it no longer owns with the results of operations of this business and other discontinued businesses for prior periods.&nbsp;&nbsp;See Plan of Operation, below.</P>

<P><B>
Liquidity and Capital Resources
<BR>
<BR></B>As of December 31, 2001, the Company had positive working capital of $650,009 compared to negative working capital of $1,551,029 as of December 31, 2000.</P>

<P>The Company has sufficient capital to continue operations through the end of 2002 without generating any revenue from the business it is currently investigating. <I>
 See</I>
 Part 1, Item 1. &quot;Business.&quot;  It may be necessary, however, for the Company's officers to defer receipt of compensation due them under employment agreements until funds are available from an escrow account established in connection with the sale of assets to TMP.  The officers have agreed to such a deferral without waiving any rights they may have under their employment agreements.</P>

<P>The Company earned $21,367 of interest income after the sale of all of its revenue generating assets to TMP in June 2001. Currently, interest income is the Company's only source of revenue.</P>

<P>The payment of any monetary award to Gerald Paxton in arbitration and the legal fees incurred in connection with this matter may decrease the Company's ability to continue operations after the end of 2002.</P>

<P><B>
Plan of Operation
<BR>
<BR></B>The Company is no longer engaged in any activities in which it was engaged during its last three fiscal years and its transition year ended December 30, 2000. The Company is now principally engaged in exploring the market for a program which provides a range of services to companies that wish to become public and attain reporting company status under the Securities Exchange Act of 1934. The Company believes that this program
will enable private companies to become public in compliance with securities regulations through an alternative to an IPO or reverse merger and thereafter to develop a trading market.</P>
<P>The Company believes its program addresses many of the aspects of the private-to-public transition. First, the Company may be able to arrange for an interim equity investment while the company is still private. Second, private companies will receive support helpful in filing a registration statement with the Securities and Exchange Commission and, more generally, in complying with federal and state securities laws. Concurrently, through the Company's "Dividend Distribution Program", Cytation will assist private companies in meeting the specific listing requirements of NASDAQ, the American Stock Exchange or the Over the Counter Bulletin
Board and in the development and implementation of a plan with the objective of increasing market capitalization as the stock begins to trade in the aftermarket. Cytation will also seek to help its clients in the aftermarket through a program that provides the foundation for an orderly trading market and an informed marketplace.</P>
<P>The Company is just beginning to explore this market and has not yet determined its size, the willingness of private companies to consider becoming public in a the manner
facilitated by the Company or the extent of competition for the Company's services.</P>
<P>Although the Company is engaged in discussions with respect to its program with several private entities that are considering becoming reporting companies, no agreements have been entered into and no assurance can be provided that an agreement for the Company's services will ever be entered into or that the Company will generate any revenue from the services it proposes to provide. Compensation pursuant to agreements entered into, if any, may consist of equity securities rather than, or in addition to, cash, and may be deferred into subsequent fiscal periods.</P>
<P>The Company has sufficient capital through 2002 to determine whether its plan of operation has a reasonable probability of being successful. <I>
  See</I>
 &quot;Factors that May Affect Future Results of Operations.&quot;&nbsp; If the plan is successful, the Company does not believe it will require additional capital to continue operations after December 31, 2002. If the plan is not successful, the Company expects to discontinue operations in 2003.</P>
<P>The Company does not need to perform any product research and development to carry out its plan of operation. Nor does the Company need to acquire or dispose of any plant and equipment to carry out its plan of operation. The Company believes that its number of employees will remain at three, although it has entered into arrangements with two independent contractors who will be paid on a commission only basis based on referrals.</P>
<P><B>
Recent Accounting Pronouncements</B></P>

<P>In June 1998, the Financial Accounting Standards Board ("FASB"), issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities", which requires that all derivative financial instruments be recognized as either assets or liabilities in the balance sheet. SFAS No. 133, which was effective for the first quarter of 2001, has not had a material impact on the Company's consolidated results of operation, financial position or cash flows.</P>

<P>In July 2001, FASB issued SFAS No. 141, "Business Combinations" and SFAS No. 142, "Goodwill and Other Intangible Assets.  "SFAS No. 141 requires business combinations initiated after June 30, 2001 to be accounted for using the purchase method of accounting, and broadens the criteria for recording intangible assets separate from goodwill. SFAS No. 142 requires the use of a non-amortization approach to account for purchased goodwill and certain intangibles, effective January 1, 2002. Management does not believe that the adoption of these pronouncements will have a material impact on the Company's financial statements.</P>

<P>FASB also recently issued SFAS No. 143, "Accounting for Asset Retirement Obligations" and SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." SFAS No. 143 requires the recognition of a liability for the estimated cost of disposal as part of the initial cost of a long-lived asset. SFAS No. 144 supersedes SFAS No. 121 to supply a single accounting approach for measuring impairment of long-lived assets, including segment of a business accounted for as a discontinued operation or those to be sold or disposed of other than by sale. The Company is required to adopt SFAS No. 143 in 2003 and SFAS No. 144 in 2002. Management believes that the adoption of these pronouncements on the Company's financial statements will not have a material impact on results of operations, financial position or cash flows.</P>

<P><B>
Factors that May Affect Future Results of Operations</B></P>

<P>This report on Form 10-KSB contains forward-looking statements within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Our future results of operations could vary significantly from the results anticipated by such forward-looking statements as a result of various factors, including those set forth as follows and elsewhere in this annual report on Form 10-KSB.</P>

<P>POSSIBLE DISCONTINUANCE OF BUSINESS.</P>

<P>Management's expectation is that if the plan of operation that it is currently investigating does not prove to be viable in 2002, the Company will discontinue operations during the
year ending December 31, 2003. If the plan is successful, management does not believe the Company will require additional capital to continue operations after December 31, 2002. Accordingly, the Company has no current plan to raise additional capital. If the Company ceases business operations and liquidates during the year ending December 2003, it is probable that the stockholders will not receive any distribution. In the event that the Company discontinues its business during the year ending December 2003, management may seek to engage in a reverse merger transaction rather than liquidate, but no assurance can be provided that it would be successful in doing so or that such a transaction would provide any return to stockholders.</P>
<P>DEPENDENCE ON KEY PERSONNEL</P>

<P>The business opportunity that management is investigating utilizes the skills of current management. If either of the senior executives of the Company were to terminate his employment with the Company, it would not be possible to pursue this opportunity or to fulfill agreements, if any, that the Company may have entered into with finding qualified replacement personnel. There is a limited number of personnel with the requisite skills to serve in these positions. While the Company has employment agreements with these individuals, such agreements do not guarantee their continued employment. The loss of the services of either of these key employees could have a material adverse effect on the Company's business, operating results and financial condition. The Company does not maintain a key person life insurance policy covering any of its officers.</P>

<P>FLUCTUATIONS IN OPERATING RESULTS</P>

<P>The Company has experienced and expects to continue to experience fluctuations in its quarterly and annual operating results.</P>

<P>POSSIBLE VOLATILITY OF STOCK PRICE AND TRADING VOLUME</P>

<P>The market price and trading volume of the Company's common stock has been volatile. It is likely that the market price and trading volume will continue to be volatile. In addition, in recent years the stock market in general, and the market for small companies in particular, has experienced extreme price fluctuations (and recently, severe declines) which have often been unrelated to the operating performance of affected companies. Such fluctuations could adversely affect the market price of the Company's common stock.</P>

<P><B>
Quantative and Qualitative Disclosures About Market Risks</B></P>

<P>We have considered the provisions of Financial Reporting Release No. 48 "Disclosures of Accounting Policies for Derivative Financial Instruments and Derivative Commodity Instruments, and Disclosures of Quantitative and Qualitative Information about Market Risk Inherent in Derivative Commodity Instruments." We have no holdings of derivative financial or commodity instruments at December 31, 2001. </P>
<P>We are exposed to financial market risks, including changes in interest rates. To reduce these risks to some extent, we invest excess cash in a managed portfolio of corporate and government bond instruments with maturities of 18 months or less. We do not use any financial instruments for speculative or trading purposes.</P>

<P>Item 7.&nbsp;&nbsp;Financial Statements and Supplementary Data</P>

<P>Our Financial Statements and related Report of Independent Auditors are presented in the following pages. The Financial Statements filed in this Item 7 are as follows:</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Auditors
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance Sheets as of December 31, 2001 and December 31, 2000
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations for the years ended December 31, 2001 and June 30, 2000
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the six months ended December 31, 2000 and 1999 (unaudited)
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Changes in Stockholders' Equity for the years ended December 31, 2001
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and June 30, 2000 and the six months ended December 31, 2000
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Cash Flows for the for the years ended December 31, 2001 and
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2000 and the six months ended December 31, 2000
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements</P>

<P><B>
Item 8.&nbsp;&nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</B></P>

<P>None.</P>
<HR>
<P ALIGN="center"><B>
CYTATION CORPORATION</B>
<BR>&nbsp;<B>
(FORMERLY COLLEGELINK.COM INCORPORATED)</B>
<BR>
<BR>FINANCIAL STATEMENTS
<BR>
<BR>FOR THE YEARS ENDED DECEMBER 31, 2001 AND JUNE 30, 2000
<BR>AND FOR THE SIX-MONTHS ENDED DECEMBER 31, 2000
<BR>
<FONT SIZE="2">
<B>
<BR></B></FONT><FONT SIZE="3">
CONTENTS</FONT></P>
<P ALIGN="left"><FONT SIZE="3">
REPORT OF INDEPENDENT AUDITORS
<BR>
<BR>FINANCIAL STATEMENTS
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance Sheets
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Cash Flows
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Stockholders' Equity</FONT><FONT SIZE="2">
<BR>
<BR></FONT><FONT SIZE="3">
NOTES TO FINANCIAL STATEMENTS</FONT><FONT SIZE="2">
<BR></FONT></P>
<HR>

<B>
<P ALIGN="CENTER"><FONT SIZE="3">
REPORT OF INDEPENDENT AUDITORS</FONT></P>
</B>
<P ALIGN="RIGHT">
<FONT SIZE="3">
<BR>April 15, 2002
<BR></FONT></P>
<P ALIGN="left"><FONT SIZE="3">
<FONT FACE="Times">
The Board of Directors and Stockholders
<BR>Cytation Corporation&nbsp; (Formerly CollegeLink.com Incorporated)
<BR>Bristol, RI,
<BR>
<BR>We have audited the accompanying balance sheets of Cytation Corporation (formerly CollegeLink.com Incorporated) as of December 31, 2001 and 2000, and the related statements of operations, changes in stockholders' equity, and cash flow for the years ended
December 31, 2001 and
June 30, 2000 and for the six-month ended December 31, 2000. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
<BR>
<BR></FONT>
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
<BR>
<BR>In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cytation Corporation (formerly CollegeLink.com
Incorporated) at December 31, 2001 and 2000, and the results of its operations and
its cash flows for the years ended December 31, 2001 and June 30, 2000 and for the six-month ended December 31, 2000, in conformity with accounting principles generally accepted in the United States.</FONT>
</P>
<P ALIGN="right"><FONT SIZE="3">
<FONT FACE="Times">
/s/ Radin Glass &amp; Co., LLP</FONT>
<BR>
Certified Public Accountants
<BR>New York, NY</FONT>
</P>
<HR>
<P>&nbsp;</P>
<B>
<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="575">
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
Cytation Corporation (Formerly CollegeLink.com Incorporated)</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
Balance Sheets</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
December 31, 2001 and 2000</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
ASSETS</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="4" WIDTH="406"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
</CENTER>
<TD WIDTH="69">
<P ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</TD>
</TR>
<CENTER>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="left" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
CURRENT ASSETS:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
79,861</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
161,481</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash in escrow account</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
&nbsp; 424,781</FONT></P>
</TD>
<CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
382,539</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, stockholders</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
21,598</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
35,000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable, others</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
180,405</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="4" ALIGN="left" WIDTH="406"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 154,637</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp; &nbsp;&nbsp; 276,635</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Assets</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 861,282&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855,655</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
PROPERTY AND EQUIPMENT, Net</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 31,687</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571,072</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
OTHER ASSETS:</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book right, net of accumulated amortization of $15,027</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
34,973</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill, net</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
4,245,897</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Website development costs, net</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361,587</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Assets</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; 4,642,457</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
TOTAL ASSETS</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
892,969</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
6,069,184</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"></TD>
<TD ALIGN="right" WIDTH="10"></TD>
<TD ALIGN="right" WIDTH="12"></TD>
<TD ALIGN="right" WIDTH="14"></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" WIDTH="15"></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="7" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
<B>
LIABILITIES AND STOCKHOLDERS' EQUITY</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
CURRENT LIABILITIES:</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">211,273</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
1,188,560</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
715,207</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502,917</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211,273</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp; 2,406,684</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
COMMITMENTS AND CONTINGENCIES</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P>
</TD>
<CENTER>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</CENTER>
<TD ALIGN="center" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69">
<P ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P>
</TD>
</TR>
<CENTER>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="367"><FONT FACE="Times New Roman" SIZE="2">
STOCKHOLDERS' EQUITY:</FONT></TD>
<TD ALIGN="right" WIDTH="10"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Series A convertible preferred stock, $4.00 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="4" ALIGN="left" WIDTH="406"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,500,000 shares authorized, 1,140,000 shares issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Liquidation value = $4,560,000)</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
4,584,980</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
4,584,980</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Series B convertible preferred stock, $7.625 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300,000 shares authorized, none issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Series C convertible preferred stock, $4.00 stated value, $0.01 par value;</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000,000 shares authorized, 1,000,000 shares issued and outstanding</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
4,000,000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;Common stock, $0.001 par value, 100,000,000 shares authorized,</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,361,857 and 15,302,535 shares issued and outstanding, respectively</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
37,361</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
15,302</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Additional paid-in capital</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
28,467,440</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
24,402,656</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Deferred compensation</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(410,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(214,422)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
Accumulated deficit</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="74"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
<U>
&nbsp; (31,998,085)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
<U>
&nbsp; (29,126,016)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL STOCKHOLDERS' EQUITY</FONT></TD>
<TD ALIGN="right" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681,696</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,662,500</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="7" ALIGN="right" WIDTH="553"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
<TD ALIGN="center" WIDTH="14"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="2">
892,969</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
6,069,184</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="393"></TD>
<TD ALIGN="center" WIDTH="14"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="74"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="15"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
</B>
<P ALIGN="center"><FONT SIZE="1">
See notes to financial statements.</FONT>
<BR></P>
<HR>
<P>&nbsp;</P>
<TABLE BORDER="0" WIDTH="683" CELLSPACING="0" CELLPADDING="0" HEIGHT="1007">
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="10" WIDTH="673" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Cytation Corporation (Formerly CollegeLink.com Incorporated)</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="10" WIDTH="673" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
Statements of Operations</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Years Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD COLSPAN="10" WIDTH="673" HEIGHT="40">
</TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Years Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD WIDTH="97" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="131" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="17" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ROWSPAN="3" WIDTH="81" HEIGHT="66"><FONT SIZE="2">
<FONT FACE="Times New Roman">
For the Year</FONT> <FONT FACE="Times New Roman">
Ended
<BR></FONT>&nbsp;<FONT FACE="Times New Roman">
 December 31,
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></FONT></TD>
<TD WIDTH="11" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="89" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Six Months</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended</FONT> <FONT FACE="Times New Roman" SIZE="2">
December 31,
<BR>&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="12" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="85" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Year</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended
<BR></FONT>&nbsp;<FONT FACE="Times New Roman" SIZE="2">
 <U>
 June 30, 2000</U></FONT></TD>
<TD WIDTH="14" HEIGHT="23"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD WIDTH="82" ROWSPAN="3" HEIGHT="66"><FONT FACE="Times New Roman" SIZE="2">
For the Six Months</FONT> <FONT FACE="Times New Roman" SIZE="2">
Ended December 31,
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="22"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Audited)</FONT></TD>
<TD ALIGN="center" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(Unaudited)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
REVENUES:</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="81" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="12" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="14" HEIGHT="18"><FONT FACE="Arial" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="82" HEIGHT="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;College and high school programs</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
2,948,681</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,245,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,365,790</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web site hosting and web services</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
17,500</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
273,028</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
226,606</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenues</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111,399</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,829</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,909</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221,125</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
3,060,080</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,345,329</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
1,663,727</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
447,731</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
COST OF GOODS SOLD</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,545,874</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,303,126</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734,882</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="20"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="20"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,269</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GROSS PROFIT</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514,206</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,203</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928,845</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403,462</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
OPERATING EXPENSES:</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
87,476</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
331,119</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
464,120</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
337,600</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
310,678</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
324,196</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
906,840</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
357,413</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
509,692</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
657,679</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
4,036,602</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
2,487,528</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,491,853</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,744,068</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,038,982</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,568,017</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OPERATING EXPENSES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,399,699</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,057,062</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,446,544</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,750,558</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING LOSS</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (3,885,493)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,014,859)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,517,699)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (4,347,096)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
OTHER INCOME (EXPENSES)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income, net</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" COLOR="#000000" SIZE="2">
(16,368)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
11,667</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
121,119</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
27,806</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of uncollectible notes receivable&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(114,170)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property &amp; equipment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(116,016)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on investments&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(978)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets impairment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(12,817,556)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on settlement of accounts payable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
252,765</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business units</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778,005</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513,716</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185,716</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon][Red](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER INCOME (EXPENSES)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,013,424</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,036,075)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634,835</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213,522</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS BEFORE INCOME TAXES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(2,872,069)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(17,050,934)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(7,882,864)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
INCOME TAXES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(2,872,069)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(17,050,934)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(7,882,864)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="left" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="3" ALIGN="left" WIDTH="251" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
PREFERRED STOCK DIVIDEND EARNED&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,099</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257,549</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432,824</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="left" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS ATTRIBUTABLE
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO&nbsp;COMMON SHARES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(3,147,168)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="89" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(17,308,483)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="12" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="85" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(8,315,688)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="14" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="82" HEIGHT="32"><FONT FACE="Times New Roman" SIZE="2">
(4,133,574)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Net Loss Per Share (Basis and Diluted)</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.16)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(1.15)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.73)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0.00_)[semicolon](#, ##0.00)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
(0.43)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="97" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="131" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Weighted Average Common Shares</FONT></TD>
<TD ALIGN="right" WIDTH="17" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
20,154,799</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
15,016,136</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
11,392,911</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" ROWSPAN="2" HEIGHT="34"><FONT FACE="Times New Roman" SIZE="2">
9,678,207</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Outstanding</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN="2" ALIGN="left" WIDTH="234" HEIGHT="21"></TD>
<TD ALIGN="right" WIDTH="17" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="11" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="89" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="12" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="85" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="14" HEIGHT="21"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="82" HEIGHT="21"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
</TABLE>
<P ALIGN="center">
<BR><FONT SIZE="1">
See notes to financial statements.</FONT></P>
<HR>
<P>&nbsp;</P>
<Table border="0" CELLSPACING="0" CELLPADDING="0" WIDTH="616" HEIGHT="1106">
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:m/d">
<TD COLSPAN=11 WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><B>
Cytation Corporation (Formerly CollegeLink.com Incorporated)</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:m/d">
<TD COLSPAN=11 WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><B>
Statements of Cash Flows</B></FONT></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Years Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD COLSPAN=11 WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><B>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="108" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
For the Year</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="111" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
For the Six Months </FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="99" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
For the Year</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="108" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Ended</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="111" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Ended</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="99" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
Ended </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="108" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><U>
December 31, 2001</U></FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="111" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><U>
December 31, 2000</U></FONT></TD>
<TD COLSPAN=2 ALIGN="center" WIDTH="99" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2"><U>
June 30, 2000</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
            (2,872,069)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
           (17,050,934)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  (7,882,864)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in operating activities:</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and
amortization </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                310,675</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  324,196 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       906,840 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred compensation</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                426,798 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  183,070 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       581,282 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss in disposal of property and equipment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  116,016 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of notes/accounts receivable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                    85,000 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business units</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               (778,005)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets impairment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
             12,817,556 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest on note payable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  37,735 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                      2,917 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                 (46,415)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                    39,466 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     (321,842)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and others</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                121,999 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                    (5,337)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       (73,241)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash in escrow account</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               (424,781)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">1,079,601</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  490,554 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       302,661 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               (410,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               <U>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (566,302</U>)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  <U>
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509,324</U> </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       <U>
       &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170,884</U> </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="1">
CASH FLOW USED IN OPERATING ACTIVITIES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
            <U>
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,120,764)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
             <U>
             &nbsp;&nbsp; (2,488,172)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  <U>
  &nbsp;&nbsp;&nbsp; (6,316,280)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CASH FLOWS FROM INVESTING ACTIVITIES:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                 (34,930)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  (36,792)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     (662,242)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collection from notes receivable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  25,000 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0.00_)[semicolon]_(* #', '##0.00)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes receivable</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               (180,405)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     (269,170)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for acquisitions</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  (4,497,847)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of website development costs</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                   <U>
                   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,810)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  <U>
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50,100)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     <U>
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (378,350)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="1">
CASH FLOW USED IN INVESTING ACTIVITIES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               <U>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197,145)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  <U>
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86,892)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  <U>
  &nbsp;&nbsp; (5,807,609)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CASH FLOWS FROM FINANCING ACTIVITIES:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of preferred stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
    5,484,980 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of preferred stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                 (20,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for treasury stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
               (600,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="16"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from note payable and debt</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                500,000 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  500,000 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business units</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
             3,353,421</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                    2,868 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                         115 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
    7,669,116 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of dividends</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          <U>
                          &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U>   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           <U>
                           &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U>   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     <U>
     &nbsp;&nbsp;&nbsp;&nbsp; (164,877)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=6 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="305" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH FLOW PROVIDED BY FINANCING ACTIVITIES</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
             <U>
             &nbsp;&nbsp;&nbsp; 3,236,289</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  <U>
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,115</U> </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  <U>
  &nbsp;&nbsp; 12,989,219</U> </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE (DECREASE) IN CASH </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                 (81,620)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
             (2,074,949)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       865,330 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="204" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
CASH, Beginning</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="17" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="21" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                <U>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,481</U> </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               <U>
               &nbsp;&nbsp;&nbsp; 2,236,430</U> </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
    <U>
    &nbsp;&nbsp;&nbsp; 1,371,100</U> </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="204" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
CASH, Ending</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="17" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="21" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
79,861</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="2">
                  161,481</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="2" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="2" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
    2,236,430</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="204" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="20" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="17" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="21" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="2"><FONT FACE="Times New Roman" SIZE="3">
=========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="2" VALIGN="top"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="2" VALIGN="top"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the periods for:</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                  40,652 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
         14,156</FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
7,351</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
=========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="right" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=11 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="595" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash investing and financing activities:</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of preferred stock to common stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
               4,175,000 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                -   </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of options for services</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                212,376 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                    86,208 </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
       462,401 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of stock for preferred stock dividend</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
         55,680 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued for acquisition</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                          -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
                           -   </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
 $ </FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="2">
  13,465,960 </FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD COLSPAN=5 ALIGN="left" STYLE="vnd.ms-excel.numberformat: m d" WIDTH="290" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="93" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="19" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="90" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="13" HEIGHT="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84" HEIGHT="17"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
</Table>
<P ALIGN="center"><FONT SIZE="1">
See notes to financial statements.</FONT>
<BR></P>
<HR>
<P>&nbsp;</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="1003">
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="17" WIDTH="963"><B>
<FONT FACE="Times New Roman" SIZE="2">
Cytation Corporation (Formerly CollegeLink.com Incorporated)</FONT></B></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom">
<TD COLSPAN="17" WIDTH="963"><B>
<FONT FACE="Times New Roman" SIZE="2">
Statements of Changes in Stockholders' Equity</FONT></B></TD>
</TR>
<TR ALIGN="center" VALIGN="bottom" STYLE="vnd.ms-excel.numberformat:[dquote]For the Three Months Ended[dquote] mmmm d, yyyy [dquote]and 1999[dquote]">
<TD WIDTH="137"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="90"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="70"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="11"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="75"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="18"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="62"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="16"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="69"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="18"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="95"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="17"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="84"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="17"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="83"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="26"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
<TD WIDTH="81"><B>
<FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></B></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" WIDTH="160"><FONT FACE="Times New Roman" SIZE="2">
<B>
Preferred Stock</B></FONT></TD>
<TD ALIGN="center" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD COLSPAN="3" ALIGN="center" WIDTH="151"><FONT FACE="Times New Roman" SIZE="2">
<B>
Common Stock</B></FONT></TD>
<TD ALIGN="right" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<B>
Additional</B></FONT></TD>
<TD ALIGN="center" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<B>
Deferred</B></FONT></TD>
<TD ALIGN="center" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<B>
Accumulated</B></FONT></TD>
<TD ALIGN="right" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
<B>
Shares</B></FONT></TD>
<TD ALIGN="center" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
<B>
Amount</B></FONT></TD>
<TD ALIGN="center" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="62">
<P ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">
<B>
Shares</B></FONT></P>
</TD>
<TD ALIGN="right" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="center" WIDTH="69">
<P ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">
<B>
Amount</B></FONT></P>
</TD>
<TD ALIGN="center" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<B>
Paid-in Capital</B></FONT></TD>
<TD ALIGN="center" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<B>
Compensation</B></FONT></TD>
<TD ALIGN="center" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<B>
Deficit</B></FONT></TD>
<TD ALIGN="center" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="center" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
<B>
Total</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Balance -June 30, 1999</FONT></TD>
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775,000</FONT></TD>
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3,100,000</FONT></TD>
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9,152,211</FONT></TD>
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9,152</FONT></TD>
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2,459,718</FONT></TD>
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1,376,652</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of Series A preferred stock</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
365,000</FONT></TD>
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<B>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
1,484,980</FONT></TD>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
1,484,980</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of stock in connection with</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI merger</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
279,771</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
4,175,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
659,005</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
659</FONT></TD>
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&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
2,882,488</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
7,058,147</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of shares for services&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
170,624</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
171</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
386,521</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(142,500)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
244,192</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Shares adjustment&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
74,224</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
74</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
(74)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of Series C preferred stock&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
1,000,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
4,000,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
4,000,000</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of shares in connection</FONT><FONT SIZE="2">
 with</FONT><FONT FACE="Times New Roman" SIZE="2">
&nbsp;public offering, net of costs &nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
2,530,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
2,530</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
7,666,586</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
7,669,116</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2" ROWSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of shares in connection with &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSI acquisition</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
1,625,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
1,625</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
5,787,438</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
5,789,063</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of shares for assets - OSN&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
225,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
225</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
618,525</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
618,750</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of options for compensation&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
441,074</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(178,125)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
262,949</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Amortization of deferred compensation&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
74,141</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
74,141</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Preferred stock dividend&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
44,500</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
45</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
(164,922)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
(164,877)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Net loss&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
<B>
&nbsp;</B></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
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<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,882,864)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,882,864)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"></TD>
<TD ALIGN="right" WIDTH="90"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="75"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
Balance - June 30, 2000</FONT></TD>
<TD ALIGN="left" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="90"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
2,419,771</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
12,759,980</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
14,480,564</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
14,481</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
20,077,354</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(246,484)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
(12,075,082)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
20,530,249</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Conversion of Series B preferred stock&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
(279,771)</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
(4,175,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
550,370</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
550</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
4,174,450</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Shares adjustment&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
60,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
60</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
(60)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of shares and warrant&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
200,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
200</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
64,600</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
64,800</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Exercise of options&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
11,601</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
11</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
104</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
115</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of options for services&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
86,208</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(86,208)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
-</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Amortization of deferred compensation&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
118,270</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
118,270</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Net loss&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (17,050,934)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp; (17,050,934</U>)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"></TD>
<TD ALIGN="right" WIDTH="90"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="70"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="11"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="62"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="16"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="69"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="84"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="83"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="26"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Balance - December 31, 2000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
2,140,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
8,584,980</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
15,302,535</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
15,302</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
24,402,656</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(214,422)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
(29,126,016)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
3,662,500</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="90"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Purchase and retirement of treasury sock&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
(1,625,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
(1,625)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
(128,375)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
(130,000)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Deferred compensation to officers&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(650,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
(650,000)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Exercise of options&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
23,684,322</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
23,684</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
783</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
24,467</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Issuance of options and warrant&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
212,376</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
212,376</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Amortization of deferred compensation&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
454,422</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
454,422</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Purchase of Series C preferred stock&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
(1,000,000)</FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
(4,000,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
3,980,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
(20,000)</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Net loss&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,872,069)</U></FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: '_(* #', '##0_)[semicolon]_(* #', '##0)[semicolon]_(* dquote]-[dquote]??_)[semicolon]_(@_)'" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,872,069)</U></FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="right" WIDTH="137"></TD>
<TD ALIGN="right" WIDTH="90"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"></TD>
<TD ALIGN="right" WIDTH="11"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"><FONT FACE="Times New Roman" SIZE="2">
Balance -December 31, 2001</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="2">
1,140,000</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="11"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="2">
4,584,980</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
&nbsp;</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="2">
37,361,857</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="2">
37,361</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="2">
28,467,440</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="2">
(410,000)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="2">
(31,998,085)</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"><FONT FACE="Times New Roman" SIZE="2">
$</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="2">
681,696</FONT></TD>
</TR>
<TR VALIGN="bottom">
<TD ALIGN="left" WIDTH="229" COLSPAN="2"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="70"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: 'mmmm d', yyyy" WIDTH="11"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="75"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="62"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="16"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="69"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="18"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="95"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="84"><FONT FACE="Times New Roman" SIZE="3">
=======</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="17"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="83"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="26"></TD>
<TD ALIGN="right" STYLE="vnd.ms-excel.numberformat: #, ##0_)[semicolon](#, ##0)" WIDTH="81"><FONT FACE="Times New Roman" SIZE="3">
========</FONT></TD>
</TR>
</TABLE>
<P ALIGN="center"><FONT SIZE="1">
See notes to financial statements.</FONT>
<BR></P>
<HR>
<P ALIGN="center"><B>
NOTES TO FINANCIAL STATEMENTS</B></P>
<P><B>
1.&nbsp;&nbsp;Business</B></P>

<P>Until June 20, 2001, Cytation Corporation (formerly CollegeLink.com Incorporated) (the "Company") provided an extensive range of in-school and online services directed at high school students and their parents, high school guidance counselors, college admissions officers and corporations which targeted the teen marketplace.</P>

<P>On June 20, 2001, the Company sold substantially all of its assets to TMP Worldwide Inc. ("TMP"). As consideration for the sale, TMP paid the Company approximately $4,202,000 in cash and assumed approximately $3,062,000 of the Company's liabilities. Among the liabilities that TMP assumed were notes issued by the Company to TMP in the aggregate principal amount of $1,000,000. The Company recorded a gain of $778,005 in connection with this transaction. On June 21, 2001, the Company changed its name from CollegeLink.com Incorporated to Cytation Corporation.</P>

<P><B>
2.&nbsp;&nbsp;Summary of Significant Accounting Policies</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;Use of Estimates.&nbsp;&nbsp;The preparation of financial statements in accordance with generally accepted accounting principles requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;Property and Equipment.&nbsp;&nbsp;Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets ranging from three to seven years for equipment, auto and furniture. Leasehold improvements are amortized over the term of the lease or the estimated life of the improvement, whichever is shorter. Whenever assets are sold or retired, their cost and related accumulated depreciation are removed from the appropriate accounts. Any gains and losses on dispositions are recorded in current operations.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;Fair Value of Financial Instruments.&nbsp;&nbsp;The carrying amounts reported in the balance sheet for cash, trade receivables, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;Income Taxes.&nbsp;&nbsp;The Company utilizes the liability method of accounting for income taxes as set forth in SFAS 109, "Accounting for Income Taxes." Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;Advertising Costs.&nbsp;&nbsp;Advertising costs are expensed as incurred. Total advertising costs amounted to $131,157, $1,937,095 and $172,244 for the year ended December 31, 2001 and for the six months ended December 31, 2000, respectively.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;Revenue Recognition.&nbsp;&nbsp;Revenues were recognized when services are performed. For the college and high school programs, the Company recognized revenue over the program life, which generally was five to six months, taking into account the number of presentations completed and to be completed and contracts price. Deferred revenue represented unearned revenue for the uncompleted programs at the balance sheet date based upon number of presentations not yet completed. Prepaid program fees represented fees received in advances for programs not yet started. The Company has had no revenue generating operations since the sale to TMP (see Note 1) although it is exploring business opportunities.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;&nbsp;Employee Stock Options and Shares Issued for Services.&nbsp;&nbsp;The Company accounts for employee stock transactions in accordance with APB Opinion No. 25, "Accounting for Stock Issued to Employees." The Company has adopted the proforma disclosure requirements of SFAS 123, "Accounting for Stock-Based Compensation." Accordingly, any excess of fair market value of stock issued to employees over exercise prices has been recorded as compensation expense and additional paid in capital.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;Loss Per Share.&nbsp;&nbsp;The Company adopted the provision of SFAS No. 128, "Earnings per Share". SFAS No. 128 eliminates the presentation of primary and fully dilutive earnings per share ("EPS") and requires presentation of basic and diluted EPS. Basic EPS is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are excluded in the computation of diluted EPS for the years ended December 31, 2001 and June 30, 2000, and for the six-months ended December 31, 2000 as such inclusion is antidilutive. The computations of basic and diluted EPS from continuing operations were as follows:</P>

<P>&nbsp;</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="583" HEIGHT="208">
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="66">
<P></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="66"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
For the Year
<BR>&nbsp;Ended
<BR><U>
December 31, 2001</U></B></FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="66">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="66"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
For the Six months
<BR>Ended
<BR><U>
December 31,</U></B></FONT><B>
 <FONT SIZE="2">
<U>
2000</U>
<BR></FONT></B></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="66">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="66"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
For the Year
<BR>&nbsp;Ended<U>
<BR>June 30,</U></B></FONT><U>
<B>
 <FONT SIZE="2">
 2000</FONT></B></U></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net Loss</FONT></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;2,872,069</FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17,050,934</FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;7,882,864</FONT></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Preferred Stock Dividend Earned</FONT></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275,099</U></FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257,549</U></FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432,824</U></FONT></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="32"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net Loss Attributable to</FONT> <FONT SIZE="2">
Common Shares</FONT></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;3,147,168</FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="32">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17,308,483</FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="32">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;8,315,688</FONT></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="40"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Weighted Average Common</FONT> <FONT SIZE="2">
Shares Outstanding</FONT></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="40"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,154,799</U></FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="40">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="40"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,016,136</U></FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="40">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="40"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp; 11,392,911</U></FONT></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="32"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net Loss per Share</FONT> <FONT SIZE="2">
(Basic and Diluted)</FONT></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16</FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="32">
<P></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="32">
<P></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="32">
<P ALIGN="left"><FONT SIZE="2">
<BR>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73</FONT></TD>
</TR>
<TR>
<TD WIDTH="197" VALIGN="TOP" HEIGHT="23"></TD>
<TD WIDTH="121" VALIGN="TOP" HEIGHT="23">
<P ALIGN="center"><FONT SIZE="3">
============</FONT></TD>
<TD WIDTH="4" VALIGN="TOP" HEIGHT="23"></TD>
<TD WIDTH="128" VALIGN="TOP" HEIGHT="23">
<P ALIGN="center"><FONT SIZE="3">
============</FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT="23"></TD>
<TD WIDTH="101" VALIGN="TOP" HEIGHT="23">
<P ALIGN="center"><FONT SIZE="3">
==========</FONT></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;Accounting for Long-Lived Assets.&nbsp;&nbsp;The Company reviews long-lived assets, certain identifiable assets and any goodwill related to those assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recoverable. At December 31, 2000, the Company believed that there was an impairment on its goodwill and other intangible assets (see Note 5 for further discussion). At December 31, 2001, the Company believed that there had been no impairment of its long-lived assets.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.&nbsp;&nbsp;Reporting of Segments.&nbsp;&nbsp;The Company adopted No. 131, "Disclosures about Segments of an Enterprise and Related Information" during the year ended June 30, 1999. SFAS No. 131 establishes the criteria for determining an operating segment and establishes the disclosure requirements for reporting information about operating segments. The Company has determined that under SFAS No. 131, it operates in one segment of service.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.&nbsp;&nbsp;Cash and Cash Equivalents.&nbsp;&nbsp;For purposes of the statement of cash flows, the Company considers all short-term investments with an original maturity of three months or less to be cash equivalents. The Company may have cash balances in the bank in excess of the maximum amount insured by the FDIC through the period.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.&nbsp;&nbsp;Website Development Costs.&nbsp;&nbsp;The Company follows EITF 00-2 as to its website development costs. EITF 00-2 requires certain website development costs to be expensed and others to be capitalized. The Company capitalized website development costs of $6,810 and $50,100 during the year ended December 31, 2001 and the six months ended December 31, 2000, respectively in accordance with EITF 00-2, respectively. The capitalized costs were payroll and payroll taxes paid to the programmers after the planning stage. The website development costs is amortized over three years. Total amortization expense for the years ended December 31, 2001, June 30, 2000 and the six months ended December 31, 2000 were $ 66,399, $-0- and $66,864, respectively. In June 2001, unamortized
development costs with respect to the Company's website which was sold to TMP were approximately $302,000 (see Note 1).</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.&nbsp;&nbsp;Cash in Escrow Account.&nbsp;&nbsp;In connection with the sale to TMP (see Note 1), the Company deposited $420,224 into an interest-bearing escrow account. These funds, net of any claims made against the escrow and paid in accordance with the terms of the Escrow Agreement, will be released to the Company in December 2002.</P>

<P><B>
3.&nbsp;&nbsp;Notes Receivable, Stockholders and Others</B></P>
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="540">
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM">
<P></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><U>
<B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="2">
<U>
<B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U></FONT></TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM"><FONT SIZE="2">
<P>Note receivable from stockholder, principal and interest at 5% due on January 18, 2001</FONT></TD>
</CENTER>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM"><FONT SIZE="2">
<P ALIGN="center">$35,000</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT="10">
<P></P>
</TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT="10">
<P></P>
</TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT="10">
<P></P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM"><FONT SIZE="2">
<P>Note receivable from stockholders, non-interest bearing and due on demand.</FONT></TD>
</CENTER>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">&nbsp;
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,598</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM"><FONT SIZE="2">
<P ALIGN="right">-</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT="12">
<P></P>
</TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT="12">
<P></P>
</TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT="12">
<P></P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM"><FONT SIZE="2">
<P>Note receivable from a related entity, principal and interest at 6% due on November 13, 2002</FONT></TD>
</CENTER>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,000</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM"><FONT SIZE="2">
<P ALIGN="right">-</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM" HEIGHT="8">
<P></P>
</TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT="8">
<P></P>
</TD>
<TD WIDTH="22%" VALIGN="BOTTOM" HEIGHT="8">
<P></P>
</TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM"><FONT SIZE="2">
<P>Note receivable-other, non-interest bearing and due on demand.</FONT></TD>
</CENTER>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,405</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM"><FONT SIZE="2">
<P ALIGN="left">&nbsp;-</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM">
<P></TD>
</CENTER>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202,003</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM"><FONT SIZE="2">
<P ALIGN="center">$35,000</FONT></TD>
</TR>
<TR>
<TD WIDTH="57%" VALIGN="BOTTOM"></TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="left"><FONT SIZE="3">
===========</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<P ALIGN="left"><FONT SIZE="3">
===========</FONT></TD>
</TR>
</TABLE>

<P><B>
4.&nbsp;&nbsp;Property and Equipment</B></P>

<P>Property and equipment at December 31, 2001 and 2000 consist of the following:</P>

<CENTER>
<TABLE BORDER="0" CELLSPACING="1" WIDTH="540" HEIGHT="177">
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="35">
<P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT="35"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT="35"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" HEIGHT="35"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
Estimated
<BR><U>
&nbsp;&nbsp; Useful Lives&nbsp;&nbsp;</U></B></FONT></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Computer and equipment</FONT></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45,266</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$644,961</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="CENTER">3 years</FONT></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Leasehold improvements</FONT></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,414</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;-</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="CENTER">7 years</FONT></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Furniture and Fixtures</FONT></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</U></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333,559</U></FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="17"><FONT SIZE="2">
<P ALIGN="CENTER">5 years</FONT></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,680</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978,520</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Less: accumulated depreciation</FONT></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,993</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407,448</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Property and Equipment, Net</FONT></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31,687</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$571,072</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P></TD>
</TR>
<TR>
<TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT="21"></TD>
</CENTER>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="3">
&nbsp;&nbsp;=======</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="3">
&nbsp;&nbsp;=======</FONT></TD>
<CENTER>
<TD WIDTH="19%" VALIGN="BOTTOM" ALIGN="right" HEIGHT="21"></TD>
</TR>
</TABLE>
</CENTER>

<P>Depreciation expense for the years ended December 31, 2001, June 30, 2000 and for the six months ended December 31, 2000 was $105,138, $152,896 and $109,535 respectively. In June 2001, property and equipment with a net book value of approximately $471,000 was sold to TMP (see Note 1).</P>

<P><B>
5.&nbsp;&nbsp; Goodwill and Other Intangible Assets</B></P>

<P>The carrying value of intangible, as required by Statements of Financial Accounting Standard ("SFAS") No. 121, is reviewed if the facts and circumstances, such as significant declines in sales, earnings or cash flows, or a material adverse change in the business environment indicated that an impairment may have occurred. If there is an indication of such impairment, an evaluation of the estimated cash flows of the related entity is made, and, if impairment is indicated, a write down is made.</P>

<P>The Company reviews long-lived assets, certain identifiable assets and any goodwill related to those assets for impairment whenever the conditions indicated in SFAS No. 121,&nbsp;
<I>
 Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of </I>
 , require: a decrease in the market value of an assets, a change in use of the asset, a change in legal factors or business climate, accumulation of costs significantly in excess of original expectations or a current period loss combined with history of losses.</P>

<P>Management does not believe that any these events had occurred by June 30, 2000, and therefore that an impairment analysis was not required under SFAS 121. SFAS No. 121, paragraph 5, sets forth five examples of events or changes in circumstances that would warrant an assessment of assets for possible impairment:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;A significant decrease in the market value of an asset. On June 30, 2000, the Company's management had no compelling reason to believe that there had been a significant decrease in the market value of its assets. To the contrary, management believed that the Company's principal assets had increased in value from the respective dates of their acquisition.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>
Internet-related assets</I>
 - Since acquiring the online division in August 1999, the Company had significantly improved its technology to be compatible with the Internet industry's ever-changing and improving computer technologies. The Company expended significant funds over the period March through August 2000 to revamp and relaunch the collegelink.com website and position its online division to generate revenue. The functionality of the site was expanded in preparation for the September 1, 2000 relaunch to encompass not only college applications but also scholarship and college search capabilities in addition to online student loan applications. The Company had entered into an agreement in August 2000 with industry leader U.S. News &amp; World Report to be that organization's exclusive online provider of college application services (replacing CollegeLink's principal competitor). Moreover, the online division's constituency of 900 college and university customers (colleges that accepted CollegeLink-processed applications) was fully intact on June 30, 2000, and the Company had a full-time sales force of four engaged in onsite college sales calls to strengthen and expand these relationships. Further, the acquisition of Student Success, Inc. created a feeder for the online programs and helped generate an average of 1,400,000 monthly page views for collegelink.com during the ensuing school year, further enhancing the value of the existing intangible.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<I>
Offline assets</I>
 - The Company's Making It Count division was principally an offline business with a proven revenue generating business model. As of June 30, 2000, the Company had concluded preparations for rolling out its "Making High School Count" Program to reach 700,000 students (an increase of 650,000 students); for launching and receiving sponsorship commitments for its new program, "Making Your College Search Count" (which is expected to reach in excess of 600,000 students during the period January through June 2001); and for expanding its flagship program, "Making College Count", to reach an estimated 700,000 students during the period January through June 2001. This represented growth of approximately 400%.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;A significant change in the extent or manner in which an asset is used or a significant physical change in an asset. On June 30, 2000, the Company's management did not believe that this indicator was applicable to the Company.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;A significant adverse change in legal factors or in the business climate that could affect the value of an asset or an adverse action or assessment by a regulator. On June 30, 2000, the Company's management did not believe that this indicator was applicable to the Company.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;An accumulation of costs significantly in excess of the amount originally expected to acquire or construct an asset. On June 30, 2000, the Company's management did not believe that this indicator was applicable to the Company.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;A current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with an asset used for the purpose of producing revenue. On June 30, 2000, the Company's management did not believe that this indicator was applicable to the Company. The fiscal year commencing July 1, 2000 marked the first time that the programs of the offline and online divisions were synchronized. The Company's previous operating and cash flow losses were in part incurred from the operations of other (now discontinued) businesses or, with respect to the fiscal year ending June 30, 2000, were reflective of efforts to consolidate, restructure and integrate two acquired businesses and to follow through on commitments which had been made before their acquisitions. Projections prepared in June 2000 for the offline division indicated revenue in excess of $4,000,000 and positive cash flow. Projections prepared in June 2000 for the online division indicated a significant increase in revenue based on expected growth of the use of the CollegeLink application service (particularly from colleges for whom the Company had developed "back end" private label web application services) and from the sale of data collected online.</P>

<P>The Company's management believed that the decline in the market price of the Company's common stock reflected the market conditions generally and in particular for companies perceived as "dot.com" enterprises which increasingly were viewed critically if they could not demonstrate a revenue producing business model. At June 30, 2000, management believed that CollegeLink was perceived by investors as a "dot.com" enterprise but in fact was in significant part an offline business with a business model in a different industry (self help/motivational) that indicated both revenue and positive cash flow. Accordingly, even if the decline in the market value of the Company's common stock was a criterion for an impairment analysis in SFAS No. 121, the Company's management did not believe that is was reason to find impairment in either the Company's acquired offline division or, given the relaunch of the collegelink.com website and the offline support the Company anticipated would be generated for it through the greatly expanded "Making It Count" programs, for the online division as well.</P>

<P>For similar reasons, the decline of the "dot.com" industry in general, even if the decline in the industry of a company was a criterion for an impairment analysis in SFAS No. 121, there would not have been reason to find impairment in either of the Company's acquired divisions.</P>

<P>During the period ended December 31, 2000, in view of the sale of substantially all of the assets of the Company as described in Note 1, the Company wrote down its intangible assets to the net proceeds of the sale. As a result, the Company recorded an impairment on its goodwill and other intangible assets of $12,817,556.</P>

<P>Goodwill and other intangible assets at December 31, 2001 and 2000 consist of the following:&nbsp;</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" WIDTH="566">
<TR>
<TD WIDTH="41%" VALIGN="TOP">
<P></TD>
<TD WIDTH="19%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
Estimated</B></FONT><B>
 <FONT SIZE="2">
 Useful
 <BR><U>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lives&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></B></TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Goodwill</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="center">$0</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4,392,307</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">15 Years</FONT></TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Less: accumulated amortization</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="center"><U>
<FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></TD>
<TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,410</U></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<P></TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="TOP">
<P></TD>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right">
<P ALIGN="center"><FONT SIZE="2">
$0</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4,245,897</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<P></TD>
</TR>
<TR>
<TD WIDTH="41%" VALIGN="TOP"></TD>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="3">
==========</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="3">
==========</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"></TD>
</TR>
</TABLE>
</CENTER>
</DIV>

<P ALIGN="left">Amortization expense for the years ended December 31, 2001, June 30, 2000 and for six months ended December 31, 2000 was $ 137,561, $753,944 and $146,410, respectively. In June 2001, unamortized goodwill approximated $4,108,000 was sold to TMP (see Note 1).</P>

<P><B>
6.&nbsp;&nbsp;Stockholders' Equity</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;Authorized Shares</P>

<P>The Company's authorized shares consists of 110,000,000 shares, divided into 100,000,000 shares of common stock, par value $.001 per share and 10,000,000 shares of preferred stock, par value $.01 per share.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;Acquisition of Assets</P>

<P>On March 20, 2000, the Company entered into a license agreement with Online Scouting Network, Inc. ("OSN"). The license grants the Company a non-exclusive right to use substantially all of OSN's intellectual property assets, including OSN's databases of student athletes and registered college coaches and OSN's proprietary software. As consideration for the license, the Company paid OSN $260,000 in cash and issued 225,000 shares of its common stock valued at $2.75 per share.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;Shares Issued for Services</P>

<P>During the year ended June 30, 2000, the Company issued 120,624 shares of its common stock to unrelated parties for marketing and investing services, which shares were recorded at fair market value at the time of the agreements of $1.375 to $2.75 per share. In addition, the Company issued 50,000 shares of its common stock pursuant to an employment agreement.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;Issuance of Series A Convertible Preferred Stock/Purchase of Series A Preferred Stock by
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Related Entity</P>

<P>In April 1999, the Company received $3,100,000 in exchange for 775,000 shares of 6% cumulative preferred stock designated as "Series A Convertible Preferred Stock" ("Preferred A") from two investors. "Preferred A" has a stated value of $4.00 per share, a par value of $.01 per share and dividends payable quarterly. Any holder of Preferred A may at any time convert stock into the common stock of the Company at a ratio of one share of common stock for each share of Preferred A. The Company may require conversion on or after the first anniversary of the initial purchase if the closing bid price for its common shares exceeds $6.00 for twenty consecutive trading days.</P>

<P>If a special event occurs, as defined, the holders of the issued and outstanding Preferred A are entitled to receive $4.00 for each share of Preferred A, before any distribution of the assets of the Company shall be made to the holders of any other capital stock.</P>

<P>During the year ended June 30, 2000, the Company issued additional 365,000 shares of its Preferred A for $1,484,980.</P>

<P>On November 2, 2001, a related entity, owned equally by two officers of the Company, acquired 1,025,000 shares of Preferred A from three holders (the "Holders") for an aggregate purchase price of $10,250. The Holders waived their right to any unpaid dividends. In connection with this transaction, the Company issued to the Holders two-year warrants to purchase 1,025,000 shares of the Company's common stock at an exercise price of $0.01 per share (see j. below). Such warrants are valued under Black-Scholes method. This related entity also issued to the Company a two-year warrant to purchase 1,025,000 shares of the Company's common stock at an exercise price of $0.01 per share.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;Series C Convertible Preferred Stock</P>

<P>In September 1999, the Company received $4,000,000 in exchange for 1,000,000 shares of 6% cumulative preferred stock designated as "Series C Convertible Preferred Stock" ("Preferred C") from PNC Bank Corp. Preferred C has a stated value of $4.00 per share, a par value of $0.01 per share and dividends payable quarterly. The Preferred C holder has the similar preference of Preferred A (see d. above).</P>

<P>During the year ended December 31, 2001, the Company acquired all 1,000,000 shares of the Preferred C for an aggregate purchase price of $20,000. The original holder waived its right to any unpaid dividend.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;Business Acquisitions</P>

<P>On August 10, 1999, the Company acquired ECI, Inc. ("ECI") through a merger transaction. As consideration for the merger, the Company issued 550,809 shares of its common stock, 234,771 shares of its Series B Preferred Stock ("Preferred B") and paid $489 in cash. The Company also assumed approximately $800,000 of ECI's liabilities in connection with the merger. In addition, the Company settled a claim against ECI in exchange for 108,196 shares of the Company's common stock and 45,000 shares of Preferred B. The total purchase price of approximately $8,000,000 included 659,005 shares of common stock, valued at $4.375 per share, 279,771 shares of Preferred B, valued at $4,175,000, assumption of liabilities and acquisition costs of approximately $180,000. The purchase price was allocated principally to goodwill, which the Company amortized over 15 years. Subject to certain terms and conditions, each share of Preferred B is convertible to such number of common stock as is determined by dividing $15 by the Conversion Price, as defined. In August 2000, 279,771 shares of Preferred B were converted to 550,392 shares of the Company's common stock.</P>

<P>On February 17, 2000, the Company acquired Student Success, Inc. ("SSI") through a merger transaction. As consideration for the merger, the Company issued 1,625,000 shares of its common stock, valued at $3.5625 per share, and $2,600,000 in cash to two stockholders/officers of SSI (the "Former Stockholders"). The Company also assumed approximately $200,000 of SSI's liabilities and incurred acquisition costs of approximately $55,000 in connection with the merger. The purchase price of approximately $9,000,000 was allocated principally to goodwill, which the Company amortized over 15 years. In addition, the Company entered into employment agreements with the Former Stockholders, whereby the Company granted each an option to purchase up to 200,000 shares of the Company's common stock with an exercise price of $4.00 per share.</P>

<P>Both acquisitions were being accounted for using the purchase method. The operations of ECI and SSI have been included in the accompanying statements of operations since August 11, 1999 and February 18, 2000, respectively. The unaudited results of operations as if ECI and SSI had been acquired at the beginning of fiscal year ended June 30, 2000 are as follows:</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="340">
<TR>
<TD WIDTH="154" VALIGN="TOP">
<P></TD>
<TD WIDTH="178" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><B>
For the Year Ended
<BR></B><U>
<B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;</U></FONT></TD>
</TR>
<TR>
<TD WIDTH="154" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net revenues</FONT></TD>
<TD WIDTH="178" VALIGN="TOP"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2,601,817</FONT></TD>
</TR>
<TR>
<TD WIDTH="154" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net loss</FONT></TD>
<TD WIDTH="178" VALIGN="TOP"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8,265,425</FONT></TD>
</TR>
<TR>
<TD WIDTH="154" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net loss per share</FONT></TD>
<TD WIDTH="178" VALIGN="TOP"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($0.76)</FONT></TD>
</TR>
<TR>
<TD WIDTH="154" VALIGN="TOP">
<P></TD>
<TD WIDTH="178" VALIGN="TOP">
<P></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;&nbsp;Public Offering</P>

<P>During the year ended June 30, 2000, the Company completed a public offering of its common stock, whereby the Company sold 2,530,000 shares at $4.00 per share, less underwriting and commission expenses. The Company incurred approximately $1,200,000 of direct expenses in connection with this offering.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;Shares Issued for Settlement</P>

<P>On October 5, 2000, the Company settled a possible claim by several Preferred A holders, whereby the Company issued 200,000 shares of restricted common stock to these holders, reduced the exercise price of 23,000 previously issued warrants from $4.00 to $1.45 per share, and granted an additional warrant to one of the holder to purchase 10,000 common shares at $1.45 per share (see j. below).</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;Purchase of Treasury Stock</P>

<P>In a separate transaction that closed on the same day as the sale to assets to TMP (see Note 1), the Company paid approximately $849,000 to two former officers in consideration of consulting fees, bonuses and the redemption of 1,625,000 shares of the Company's common stock. Such shares were canceled immediately.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.&nbsp;&nbsp;Options and Warrants</P>

<P>During the year ended December 31, 2001, the Company granted certain employees and directors options to purchase 23,597,326 shares of its common stock at exercise price $0.001 per share, which was below the market value of the stock on the grant date. Accordingly, the Company recorded compensation costs of $212,376.</P>

<P>During the year ended June 30, 2000, the Company granted certain employees and directors options to purchase 2,027,963 shares of its common stock with exercise prices equal to or greater than the market value of the stock at the grant date. In addition, the Company granted to its employees five-year options to purchase 165,000 shares of its common stock with an exercise price less than market value. As a result, the Company recorded deferred compensation of $178,125 and recognized $26,241 in compensation expenses for these options. Furthermore, the Company granted certain consultants options to purchase 98,320 shares of its common stock at exercise price ranging from $4.00 to $7.625 per share. Accordingly, the Company recorded consulting fees of $262,949 based on the Black-Scholes Option Price Model.</P>

<P>During the six months ended December 31, 2000, the Company granted to its employees five-year options to purchase 140,176 of its common stock with an exercise price less than market value. As a result, the Company recorded deferred compensation of $86,208 and recognized $86,208 in compensation expenses for these options.</P>

<P>The remaining deferred compensation will be amortization over the vesting period. In June 2001, in connection with the sale of assets to TMP (see Note 1), all unvested options become vested, canceled or expired.</P>

<P>Weighted average exercise prices for options outstanding at December 31, 2001, June 30, 2000 and December 31, 2000 was $5.18, $3.98 and $4.15, respectively. Total exercisable options at December 31, 2001 and 2000 was 175,000 shares, 632,157shares and 1,829,932 shares, respectively.</P>

<P>The following table summarizes the changes in options outstanding and the related price ranges for shares of the Company's common stock:</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="434" HEIGHT="369">
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="47"><FONT SIZE="2">
<P ALIGN="JUSTIFY"></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="47">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT="47"><FONT FACE="Times" SIZE="2">
<P ALIGN="CENTER"><B>
<BR>
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="47">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT="47"><FONT FACE="Times" SIZE="2">
<P ALIGN="CENTER"><B>
Weighted Average <U>
Exercise Price</U></B></FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at June 30, 1999</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,441,186</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,291,283</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="center">4.00</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P ALIGN="left"></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (414,917)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="center">4.32</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at June 30, 2000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,317,552</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="center">3.98</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140,176</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>0.01</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,601)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>0.01</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,616,195)</U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>3.44</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at December 31, 2000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,829,932</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>4.15</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,597,326</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>0.001</FONT></TD>
</TR>
</CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="left" HEIGHT="21"><FONT SIZE="2">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,684,299)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>0.001</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="left">&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,567,959)</U></FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P>4.26</FONT></TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at December 31, 2001</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT="21">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,000</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="21">
<P></TD>
</CENTER>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="21"><FONT SIZE="2">
<P ALIGN="center">5.18</FONT></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT="19"></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="19"></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" HEIGHT="19">
<P ALIGN="left"><FONT SIZE="3">
==========</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT="19"></TD>
<TD WIDTH="22%" VALIGN="TOP" ALIGN="center" HEIGHT="19"></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>On November 2, 2001, in connection with the purchase of Preferred A by a related entity, the Company issued to the Holders two-year warrants to purchase 1,025,000 shares of the Company's common stock at an exercise price of $0.01 per share which equals the market value of the Company's common stock at the grant date (see d. above). These warrants are valued at $10,250 under the Black-Scholes option-pricing model.</P>

<P>During the six months ended December 31, 2000, the Company granted to a Preferred A holder a warrant to purchase 10,000 shares of its common stock at an exercise price of $1.45 per share (see h. above). The warrant is valued at $0.23 per share under the Black-Scholes option-pricing model.</P>

<P>The changes in warrants outstanding and related price ranges are as follows:</P>
<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="496">
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
<TD WIDTH="23%" VALIGN="TOP"><FONT FACE="Times" SIZE="2">
<P ALIGN="CENTER"><B>
<BR><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP"><FONT FACE="Times" SIZE="2">
<P ALIGN="CENTER"><B>
Weighted Average
<BR>&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at June 30, 1999</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,268,683</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>$ 2.77</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</U></FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at June 30, 2000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,268,683</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>2.77</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>1.45</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</U></FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at December 31, 2000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,278,683</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>2.76</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,025,000</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>0.01</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center">
<P></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired or cancelled</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right"><FONT SIZE="2">
<P ALIGN="left">&nbsp;&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; (96,825)</U></FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>1.32</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Outstanding at December 31, 2001</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">
<P></TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,206,858</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
<P></TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>1.55</FONT></TD>
</TR>
<TR>
<TD WIDTH="44%" VALIGN="TOP"></TD>
<TD WIDTH="4%" VALIGN="TOP">
</TD>
</CENTER>
<TD WIDTH="23%" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="3">
=========</FONT></TD>
<CENTER>
<TD WIDTH="4%" VALIGN="TOP" ALIGN="right">
</TD>
<TD WIDTH="26%" VALIGN="TOP" ALIGN="center"></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>For disclosure purposes in accordance with SFAS No. 123, the fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for stock options granted during the periods:</P>
<DIV ALIGN="center">
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" WIDTH="567">
<TR>
<TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP"><U>
<FONT SIZE="2">
<P ALIGN="CENTER"><B>
December 31, 2001</B></FONT></U></TD>
<TD WIDTH="21%" VALIGN="TOP"><U>
<FONT SIZE="2">
<P ALIGN="CENTER"><B>
June 30, 2000</B></FONT></U></TD>
<TD WIDTH="22%" VALIGN="TOP"><U>
<FONT SIZE="2">
<P ALIGN="CENTER"><B>
December 31, 2000</B></FONT></U></TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Expected volatility</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">208%</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">84%</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">129%</FONT></TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Annual dividends</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-0-</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-0-</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-0-</FONT></TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Risk-free interest rate</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">4.5%</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">6.1%</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">6.0%</FONT></TD>
</TR>
<TR>
<TD WIDTH="35%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Expected life of option</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">10 years</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">5 years</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">5 years</FONT></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P>If the Company recognized compensation cost for the employee stock option plan in accordance with SFAS No. 123, the Company's pro forma net loss and loss per share would have been approximately,
$2,896,000, $8,429,000 and $17,302,000, and $0.15, $0.78 and $1.15, respectively, in the years ended December 31, 2001, June 30, 2000 and in the six months ended December 31, 2000.</P>

<P><B>
7.&nbsp;&nbsp; Commitments and Contingencies</B></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;The Company has a two-year lease agreement expiring on December 31, 2002.  The future minimum rental payments to be made under this noncancellable operating lease as of December 31, 2001
were $23,184.</P>
<P>On December 1, 2000, the Company entered into a Lease Surrender and Termination Agreement with the former landlord with respect to its former office space. The Company paid a termination fee of $50,969 and
forfeited a security deposit of $33,494. In addition, the Company wrote-off  leasehold improvements of approximately $106,000.</P>

<P>The Company's lease of its former premises in Ohio was assumed by TMP (see Note 1).</P>

<P>Rent expense was approximately $63,000, $140,000 and $86,000 for the years ended December 31, 2001, June 30, 2000 and for the six months ended December 31, 2000, respectively.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;Effective July 1, 2001, the Company entered into three-year employment agreements with two officers who are principal stockholders of the Company. These agreements replaced employment agreements entered into in 1999. As of December 31, 2001, total future commitments under these two employment agreements approximated $1,500,000 payable through June 30, 2003.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;On March 20, 2000, the Company entered into a forty-two (42) month agreement with a consultant to provide services as requested by the Company at the rate of $133,000 a year through September 1, 2000 and $54,000 annually through September 1, 2003, plus stock option and other benefits. In February 2002, the consultant filed a demand for arbitration arising under his termination of the consulting agreement and other matters in which he claimed that the Company owed him $239,059, plus interest. The Company has denied any liability and intends to vigorously defend itself against all of the claims raised in the demand for arbitration.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;In October 2001, the Company settled a purported class action lawsuit filed against the Company in April 2001 by a small group of its stockholders. The settlement amount was $400,000, of which the Company's insurance company contributed $200,000.</P>

<P><B>
8.&nbsp;&nbsp;Sales of Business Units</B></P>

<P>During the year ended June 30, 2000, the Company sold its web hosting and online training businesses resulting for a gain of $513,716. Revenue from web hosting and online training businesses during the year ended June 30, 2000 was $110,066 and $162,962, respectively.</P>

<P><B>
9.&nbsp;&nbsp;Income Taxes</B></P>

<P>The Company accounts for its income taxes under SFAS No. 109, "Accounting for Income Taxes" which requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. At December 31, 2001 and 2000 the Company had net operating loss carryforwards of approximately $18,000,000 and $15,500,000, expiring through 2021. SFAS No. 109 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. At December 31, 2001 and 2000, a valuation allowance for the full amount of the deferred tax asset was recorded because of operating losses incurred and the uncertainties as to the amount of taxable income that would be generated in the future years.</P>

<P>The components of the net deferred tax asset consist of the following:</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="511">
<TR>
<TD WIDTH="45%" VALIGN="TOP">
<P></TD>
<TD WIDTH="3%" VALIGN="TOP">
<P></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center">
<P><FONT SIZE="2">
<U>
<B>
December 31, 2001</B></U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="center">
<P></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center">
<P><FONT SIZE="2">
<U>
<B>
December 31, 2000</B></U></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Net operating loss carryforwards</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">$</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>6,300,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT FACE="Times" SIZE="2">
<P ALIGN="CENTER">$</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P>5,425,000</FONT></TD>
</TR>
<TR>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Valuation allowance</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<P></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P ALIGN="center"><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,300,000)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">
<P></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P><U>
&nbsp;&nbsp;&nbsp;&nbsp; (5,425,000)&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR>
<TD WIDTH="45%" VALIGN="TOP">
<P></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">$</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P ALIGN="center">-</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P ALIGN="CENTER">$</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center"><FONT SIZE="2">
<P ALIGN="center">-</FONT></TD>
</TR>
<TR>
<TD WIDTH="45%" VALIGN="TOP"></TD>
<TD WIDTH="3%" VALIGN="TOP"></TD>
</CENTER>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center">
<P ALIGN="right"><FONT SIZE="3">
=============</FONT></TD>
<CENTER>
<TD WIDTH="3%" VALIGN="TOP" ALIGN="center"></TD>
</CENTER>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="center">
<P ALIGN="right"><FONT SIZE="3">
=============</FONT></TD>
</TR>
</TABLE>
</DIV>
<P>The provision for income taxes differs from the amount computed applying the statutory federal income tax rate to income before income taxes as follows:</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="576">
<TR>
<TD WIDTH="296" VALIGN="TOP">
<P></TD>
<TD WIDTH="14" VALIGN="TOP">
<P></TD>
<TD WIDTH="120" VALIGN="TOP">
<P ALIGN="center"><FONT SIZE="2">
<U>
<B>
December 31, 2001</B></U></FONT></TD>
<TD WIDTH="13" VALIGN="TOP">
<P></TD>
<TD WIDTH="113" VALIGN="TOP">
<P ALIGN="center"><FONT SIZE="2">
<U>
<B>
December 31, 2000</B></U></FONT></TD>
</TR>
<TR>
<TD WIDTH="296" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Income tax benefit computed at statutory rate at 35%</FONT></TD>
<TD WIDTH="14" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">$</FONT></TD>
<TD WIDTH="120" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">(965,000)</FONT></TD>
</CENTER>
<TD WIDTH="13" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="left">$</FONT></TD>
<CENTER>
<TD WIDTH="113" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">(5,968,000)</FONT></TD>
</TR>
<TR>
<TD WIDTH="296" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Goodwill amortization and impairment</FONT></TD>
<TD WIDTH="14" VALIGN="TOP">
<P></TD>
<TD WIDTH="120" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="13" VALIGN="TOP">
<P></TD>
<TD WIDTH="113" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">4,537,000</FONT></TD>
</TR>
<TR>
<TD WIDTH="296" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">Tax benefit not recognized</FONT></TD>
<TD WIDTH="14" VALIGN="TOP">
<P></TD>
<TD WIDTH="120" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="13" VALIGN="TOP">
<P></TD>
<TD WIDTH="113" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER"><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,431,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</CENTER>
<TR>
<TD WIDTH="296" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE="2">
Provision for income taxes</FONT></TD>
<CENTER>
<TD WIDTH="14" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">$</FONT></TD>
<TD WIDTH="120" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="13" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="JUSTIFY">$</FONT></TD>
<TD WIDTH="113" VALIGN="TOP"><FONT SIZE="2">
<P ALIGN="CENTER">-</FONT></TD>
</TR>
<TR>
<TD WIDTH="296" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="14" VALIGN="TOP"></TD>
<TD WIDTH="120" VALIGN="TOP" ALIGN="center"><FONT SIZE="3">
==========</FONT></TD>
</CENTER>
<TD WIDTH="13" VALIGN="TOP" ALIGN="center">
<P ALIGN="left"></TD>
<CENTER>
<TD WIDTH="113" VALIGN="TOP" ALIGN="center"><FONT SIZE="3">
==========</FONT></TD>
</TR>
</TABLE>
</CENTER>
</DIV>
<P><B>
10.&nbsp;&nbsp;Accounting Developments</B></P>

<P>In June 1998, the Financial Accounting Standards Board ("FASB"), issued Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities", which requires that all derivative financial instruments be recognized as either assets or liabilities in the balance sheet. SFAS No. 133, which was effective for the first quarter of 2001, has not had a material impact on the Company's results of operations, financial position or cash flows.</P>

<P>In July 2001, FASB issued SFAS No. 141, "Business Combinations" and SFAS No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141 requires business combinations initiated after June 30, 2001 to be accounted for using the purchase method of accounting, and broadens the criteria for recording intangible assets separate from goodwill. SFAS No. 142 requires the use of a non-amortization approach to account for purchased goodwill and certain intangibles, effective January 1, 2002. The Company does not believe that the adoption of these pronouncements will have a material impact on its financial statements.</P>

<P>FASB also recently issued SFAS No. 143, "Accounting for Asset Retirement Obligations" and SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." SFAS No. 143 requires the recognition of a liability for the estimated cost of disposal as part of the initial cost of a long-lived asset. SFAS No. 144 supersedes SFAS No. 121 to supply a single accounting approach for measuring impairment of long-lived assets, including segment of a business accounted for as a discontinued operation or those to be sold or disposed of other than by sale. The Company believes that adopting these pronouncements on its financial statements will not have a material impact on its financial statements.</P>

<HR>

<P><B>
PART III</B></P>

<P><B>
Item 9.&nbsp;&nbsp;Directors and Executive Officers of the Registrant</B></P>

<P>Our board of directors is divided into three classes, labeled Class I, Class II and Class III, with the term of one of the three classes of directors expiring each year at our annual meeting or special meeting held in lieu of our annual meeting. The number of directors has been fixed at six, and there is currently one vacancy on the board of directors for a Class I director and one vacancy for a Class II director.</P>

<P>Our principal executive officers and directors are as follows:</P>

<DIV ALIGN="center">
<CENTER><TABLE BORDER="0" CELLSPACING=0 WIDTH=545>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
Name</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
Age</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
Position</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
Richard A. Fisher</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
55</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
Chairman of the Board &amp; General Counsel</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
Kevin J. High</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
37</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
President, Director</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
John J. Gilece, Jr.</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
61</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
Director</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P><FONT SIZE="2">
Christopher Portner</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<P><FONT SIZE="2">
36</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP">
<P><FONT SIZE="2">
Director</FONT></TD>
</TR>
</TABLE>

</CENTER>
</DIV>

<P><I>
Richard A. Fisher</I>
, Chairman of the Board. Mr. Fisher has been chairman of our board of directors and general counsel since February 1999. Mr. Fisher is a Class III director and serves until our 2002 annual meeting or until his successor is elected and qualified. Mr. Fisher was a co-founder of our predecessor, where he served as chairman of the board and general counsel from August 1996 to February 1999. From January 1996 to August 1996, Mr. Fisher provided legal and other counseling services to a number of start-up and early stage companies. Mr. Fisher holds a BA in Economics from Northwestern University (1968) and a Juris Doctor from the University of Virginia Law School (1971). Mr. Fisher is a member of the Massachusetts, Virginia and District of Columbia bars and is admitted to practice before the United States Supreme Court and United States Tax Court. Mr. Fisher was a captain in the United States Army Infantry and was formerly a partner in the law firm of Foley, Hoag &amp; Eliot, which is our legal counsel.</P>
<P><I>
Kevin J. High</I>
, President and Director. Mr. High has been one of our directors since February 1999. Mr. High served as our president from February 1999 until November 11, 1999. Mr. High is a Class III director and serves until our 2002 annual meeting or until his successor is elected and qualified. Mr. High was a co-founder of our predecessor, where he served as vice president from April 1996 to December 1996 and from December 1996 to February 1999 as chief executive officer. From April 1991 to April 1996, Mr. High served as branch manager of the Middletown, Rhode Island office of the Corporate Securities Group, Inc.</P>
<P><I>
John J Gilece, Jr.</I>
, Director. Mr. Gilece has been one of our directors since July 2001 and serves on the Compensation Committee with Mr. Portner. He is a Class II director and serves until our 2004 annual meeting or until his successor is elected and qualified. Mr. Gilece has been president and chief executive officer of Fibernet Systems, LLC of Annapolis, Maryland since its inception in 1997. Mr. Gilece holds a Juris Doctor degree from Fordham University School of Law in New York and is a member of the Maryland Bar. Mr. Gilece also served in the U.S. Marine Corps as an infantry officer and is a Viet Nam veteran.</P>
<P><I>
Christopher Portner,</I>
 Director. Mr. Portner has been one of our directors since July 2001 and serves on the Audit Committee with Mr. Fisher. He is a Class III director and serves until our 2003 annual meeting or until his successor is elected and qualified. Since March 1998, Mr. Portner has been a certified financial planner and a general securities principal) with PSA Equities and a portfolio manager with PSA Capital Management of Lutherville, Maryland. From 1995 through February 1998, Mr. Portner was a financial consultant with Peremel &amp; Company of Baltimore, Maryland. Mr. Portner is a graduate of the College of Financial Planning's professional education program, holds a Bachelor of Science degree in both business and English from Towson State University.</P>
<P><B>
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B></P>

<P>Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our officers and directors, and persons who own more than ten percent of a registered class of our equity securities, to file reports of ownership and change in ownership with the Securities and Exchange Commission. Officers, directors and greater-than-ten percent stockholders are required by Securities and Exchange Commission regulations to furnish us with all Section 16(a) forms they file. Based solely on review of the copies of such forms received by the Company, the Company believes that during the fiscal year ended December 31, 2001, all officers, directors and greater-than-ten percent stockholders complied with all Section 16(a) filing requirements, except as follows: each of Richard Fisher and Kevin High filed a report on Form 4 one month late to report the cancellation of three option grants, the receipt of four option grants and the exercise of four option grants, and each of John Gilece and Christopher Portner filed a report on Form 4 one month late to report the receipt and exercise of one option grant.</P>

<P><B>
Item 10.&nbsp;&nbsp;Executive Compensation</B></P>

<P>Director Compensation</P>

<P>Each non-employee director receives compensation of $1,000 for each meeting of the Board attended in person. All non-employee directors receive reimbursement for out-of-pocket expenses incurred in attending meetings of the Board. Mr. Gilece and Mr. Portner each received an option to purchase 1,000,000 shares of the Company's common stock, vested as of the date of grant.</P>

<P>Executive Officer Compensation</P>

<P>The following table sets forth the total compensation paid or accrued for our chief executive officers who were employed by us at December 31, 2001 (collectively, the "Named Executive Officers"), and previous executive compensation reported.</P>

<DIV ALIGN="center">
<TABLE BORDER="0" CELLSPACING=0 WIDTH=612 HEIGHT="265" CELLPADDING="0">
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT="21" WIDTH="531">
<P ALIGN="center"><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>
SUMMARY COMPENSATION</U></B></TD>
</TR>
<CENTER>
<TR>
<TD WIDTH="139" VALIGN="TOP" HEIGHT="19">
<P></TD>
<TD WIDTH="283" VALIGN="TOP" ALIGN="center" HEIGHT="19" COLSPAN="3">
<P ALIGN="CENTER"><B>
<FONT SIZE="3">
Annual
<BR><U>
Compensation</U></FONT></B></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="19">
<P ALIGN="center"><B>
<FONT SIZE="3">
Long Term <U>
Compensation</U></FONT></B></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="19">
<P ALIGN="CENTER"></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="78">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Name and<BR>
Principal<BR>
<U>Position</U><BR>
</FONT>
</B></TD>
<TD WIDTH="99" VALIGN="TOP" HEIGHT="78">
<P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<B>Fiscal Year<BR>
<U>Ended</B></U></B></FONT></TD>
<TD WIDTH="49" VALIGN="TOP" HEIGHT="78">
<P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<BR>
<B><U>Salary</B></U></B></FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="78">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Other<BR>
Annual<BR>
<U>Compensation (1)</U><BR>
</FONT>
</B></TD>
<TD WIDTH="168" VALIGN="TOP" HEIGHT="78">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Securities<BR>
Underlying<BR>
<U>Options</U><BR>
</FONT>
</B></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="78">
<P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<B>All Other<BR>
<U>Compensation</U><BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
Richard A. Fisher</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
12/31/01</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$251,612</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
22,788</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,832,914</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
Chairman</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
12/31/00</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;80,769</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,772</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
6/30/00</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$222,845</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,000</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT="24" WIDTH="531">
<P>
<FONT SIZE="2">
<BR></FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
Kevin J. High</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
12/31/01</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$270,181</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
18,066</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,514,412</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
President</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
12/31/00</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;70,269</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,094</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
<TR><TD WIDTH="139" VALIGN="TOP" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="99" VALIGN="TOP" ALIGN="center" HEIGHT="21">
<P><FONT SIZE="2">
6/30/00</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;$193,825</FONT></TD>
<TD WIDTH="135" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
<TD WIDTH="168" VALIGN="TOP" ALIGN="left" HEIGHT="21">
<P><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105,400</FONT></TD>
<TD WIDTH="120" VALIGN="TOP" HEIGHT="21">
<P ALIGN="CENTER"><FONT SIZE="2">
--</FONT></TD>
</TR>
</TABLE>

</CENTER>
</DIV>

<P>&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<BR></U>(1)&nbsp;&nbsp;Represents payments of personal life insurance premiums.</P>

<P>
<BR>Option Grants in 2001</P>

<P>The following table sets forth grants of stock options to each of the Named Executive Officers during the fiscal year ended December 31, 2001.  No stock appreciation rights were granted during the
year ended December 31, 2001.</P>

<TABLE BORDER="0" WIDTH=638>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P ALIGN="CENTER"><B>
<U>
Individual Grants</U></B></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<BR>
<BR>
<B><U>Name</B></U></B></FONT></TD>
<TD WIDTH="26%" VALIGN="TOP" COLSPAN=2>
<B><P ALIGN="CENTER"><FONT SIZE="2">
<BR>
Number of<BR>
Securities Underlying<BR>
</FONT>
<U><FONT SIZE="2">
Options Granted (1)</FONT></U></B></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Percent of Total<BR>
Options Granted<BR>
to Employees in<BR>
</FONT>
<U><FONT SIZE="2">
Fiscal Year (2)</FONT></U></B></TD>
<TD WIDTH="17%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<B>Exercise or<BR>
Base Price<BR>
<U>Per Share</B></U></B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
<BR>
<BR>
Expiration<BR>
</FONT>
<U><FONT SIZE="2">
Date</FONT></U></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<P><FONT SIZE="2">
Richard A. Fisher</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="right">
<P ALIGN="center"><FONT SIZE="2">
10,832,914</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
50.2%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" ALIGN="right">
<P ALIGN="center"><FONT SIZE="2">
$0.001</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" ALIGN="center">
<P><FONT SIZE="2">
10/15/2011</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<P><FONT SIZE="2">
Kevin J. High</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" ALIGN="right">
<P ALIGN="center"><FONT SIZE="2">10,514,412</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
48.7%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP" ALIGN="right">
<P ALIGN="center"><FONT SIZE="2">
$0.001</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" ALIGN="center">
<P><FONT SIZE="2">
10/15/2010</FONT></TD>
</TR>
</TABLE>

<P>_________________________
<BR>(1)&nbsp;&nbsp;All options are vested.</P>

<P>(2)&nbsp;&nbsp;Based on an aggregate of 21,597,326 shares subject to options granted to employees during fiscal year 2001.</P>

<P>
<BR>Option Exercises and Year-End Values</P>

<P>The following table sets forth certain information regarding stock options exercised by Named Executive Officers in the fiscal year ended December 31, 2001, and exercisable and unexercisable stock options held as of December 31, 2001 by each of the Named Executive Officers. There were no unexercised stock options held by either of the Named Executive Officers as of December 31, 2001.</P>

<TABLE BORDER="0" CELLSPACING=1 WIDTH=660>
<TR><TD WIDTH="100%" VALIGN="TOP" COLSPAN="7">
<P ALIGN="center"><B>
FISCAL YEAR-END OPTION VALUES</B></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER"><BR>
<BR>
<BR>
<U>Name</U></FONT></B></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Shares<BR>
Acquired<BR>
on<BR>
<U>Exercise</U></FONT></B></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER"><BR>
<BR>
Value <U>Realized</U></FONT></B></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER"><BR>
Number of Securities Underlying Unexercised<BR>
<U>Options at Year-End</U></FONT></B></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=2><P ALIGN="CENTER"><BR>
Value of Unexercised In-the-Money Options at Fiscal<BR>
<U>Year-End</U></FONT></B></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT SIZE=2><P>Exercisable</FONT></B></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P>Unexercisable</FONT></B></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P>Exercisable</FONT></B></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=2><P>Unexercisable</FONT></B></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>Richard A. Fisher</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>&nbsp;&nbsp;10,832,914</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;$54,164</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">$0</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="CENTER">$0</FONT></TD>
</TR>
<TR><TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>Kevin J. High</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;10,514,412</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;$52,572</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">0</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">$0</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">$0</FONT></TD>
</TR>
</TABLE>

<P>
<BR>
<BR>Employment Agreements</P>

<P>On October 15, 2001, the Compensation Committee of the Board of Directors of the Company approved employment agreements for Richard A. Fisher, the Company's chairman and general counsel, and Kevin J. High, the Company's president. The Compensation Committee consists of two independent directors of the Company. Each agreement superseded a prior employment agreement entered into on February 11, 1999 and was entered into by the Company to induce each of Mr. Fisher and Mr. High to remain with the Company in an executive capacity after the sale of substantially all of the Company's assets to TMP.</P>
<P>Mr. Fisher's employment agreement is for a term of three years, retroactive to July 1, 2001, except that it terminates earlier upon his death, complete disability or resignation with or without good reason, or upon termination by the Company with or without cause. The agreement provides for base compensation of $300,000 per year, of which $200,000 is paid currently and of which $100,000 is earned and accrued by the Company currently but paid at such time as the escrow established in connection with
the TMP transaction is terminated or expires or sufficient cash otherwise becomes available. As an inducement for Mr. Fisher to continue his employment with the Company, the agreement also provided for an advance in the amount of $375,000 which is converted to a continuation bonus on January 2, 2003 should Mr. Fisher be an employee of the Company on such date, unless certain events occur before such date as provided in the agreement. The Company accounts for this advance as deferred compensation. The agreement provided for the reduction in the exercise price of
514,406 previously granted options to $.001 per share and for the grant of 10,318,508 additional stock options, also at $.001 per share. The agreement also provided for an advance of $50,000 in lieu of Mr. Fisher's participation in any Company retirement plans in the year 2001, which amount is earned if Mr. Fisher is employed full time by the Company on February 1, 2002. The agreement also provided for the payment by the Company of health insurance benefits, long-term disability insurance premiums and life insurance premiums.</P>
<P>If there is a change of control, as defined, of the Company during periods prescribed by the agreement, the Company is required to pay to Mr. Fisher an amount equal to 2.99 times his base salary.</P>
<P>Mr. Fisher agreed that he will not compete with the Company or engage in certain other practices relating to the Company's business during his employment and for one year thereafter.</P>
<P>Mr. Fisher entered into a Non-Competition and Non-Solicitation Agreement with TMP as an inducement for TMP to purchase the Company's assets, for which he was not separately compensated.</P>
<P>Mr. High's employment agreement is for a term of three years, retroactive to July 1, 2001, except that it terminates earlier upon his death, complete disability or resignation with or without good reason, or upon termination by the Company with or without cause. The agreement provides for base compensation of $300,000 per year, of which $200,000 is paid currently and of which $100,000 is earned and accrued by the Company currently but paid at such time as the escrow established in connection with
the TMP transaction is terminated or expires or sufficient cash otherwise becomes available. As an inducement for Mr. High to continue his employment with the Company, the agreement also provided for an advance in the amount of $225,000 which is converted to a continuation bonus on January 2, 2003 should Mr. High be an employee of the Company on such date, unless certain events occur before such date as provided in the agreement. The Company accounts for this advance as deferred compensation. The agreement provided for the reduction in the exercise price of 514,412 previously granted options to $.001 per share and for the grant of 10,000,000 additional stock options, also at $.001 per share. The agreement also provided for the payment by the Company of health insurance benefits, long-term disability insurance premiums and life insurance premiums.</P>
<P>If there is a change of control, as defined, of the Company during periods prescribed by the agreement, the Company is required to pay to Mr. High an amount equal to 2.99 times his base salary.</P>
<P>Mr. High agreed that he will not compete with the Company or engage in certain other practices relating to the Company's business during his employment and for one year thereafter.</P>
<P>Mr. High entered into a Non-Competition and Non-Solicitation Agreement with TMP as an inducement for TMP to purchase the Company's assets, for which he was not separately compensated.</P>

<P><B>
Item 11.   Security Ownership of Certain Beneficial Owners and Management</B></P>

<P>The following tables set forth certain information regarding the beneficial ownership of the Cytation's voting securities as of March 29, 2002, by (i) each person or entity known to the Company to own beneficially five percent or more of any series of preferred stock and common stock, (ii) each of the Company's directors, (iii) each of the Company's named executive officers, and (iv) all of the Company's directors and executive officers as a group. Except as otherwise noted, each beneficial owner has sole voting and investment power with respect to the shares shown.</P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING=1 CELLPADDING=0 WIDTH=603>
<TR><TD VALIGN="TOP" COLSPAN=3 WIDTH="597">
<B><P ALIGN="CENTER"><U>
COMMON STOCK</U></B></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Name and Address<BR>
<U>of Beneficial Owner</U></FONT></B>
<U><FONT SIZE="2">
 <B>(1)</B></FONT></U></TD>
<TD WIDTH="147" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Number of Shares<BR>
</FONT>
<U><FONT SIZE="2">
Beneficially Owned (2)</FONT></U></B></TD>
<TD WIDTH="134" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Percent of Common<BR>
</FONT>
<U><FONT SIZE="2">
Stock Outstanding</FONT></U></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 WIDTH="597">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<P><FONT SIZE="2">
Kevin J. High</FONT></TD>
<TD WIDTH="147" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,599,476 (3)</FONT></TD>
<TD WIDTH="134" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
31.0%</FONT></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<P><FONT SIZE="2">
Richard A. Fisher</FONT></TD>
<TD WIDTH="147" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,631,164 (4)</FONT></TD>
<TD WIDTH="134" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
31.1%</FONT></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<P><FONT SIZE="2">
John J. Gilece, Jr.</FONT></TD>
<TD WIDTH="147" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,010,000</FONT></TD>
<TD WIDTH="134" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
2.7%</FONT></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<P><FONT SIZE="2">
Christopher Portner</FONT></TD>
<TD WIDTH="147" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000</FONT></TD>
<TD WIDTH="134" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
2.7%</FONT></TD>
</TR>
<TR><TD WIDTH="308" VALIGN="TOP">
<FONT SIZE="2">
All directors and executive officers as a group (4 persons)</FONT></TD>
<TD WIDTH="147" VALIGN="TOP" ALIGN="right">
<P ALIGN="left"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,240,640</FONT></TD>
<TD WIDTH="134" VALIGN="TOP">
<P ALIGN="center"><FONT SIZE="2">67.6%</FONT></P>
</TD>
</TR>
</TABLE>

</CENTER>
</DIV>

<P><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>(1)&nbsp;&nbsp;Each stockholder's address is c/o Cytation Corporation, 251 Thames Street, No. 8, Bristol, Rhode Island 02809.</P>

<P>(2)&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Except as indicated, each person possesses sole voting and investment power with respect to all of the shares of common stock owned by such person, subject to community property laws where applicable. All shares held by persons in this table are issued and outstanding. Percentage ownership is based on 37,361,857 shares of common stock outstanding on March 29, 2002, plus securities deemed to be outstanding with respect to individual stockholders pursuant to Rule 13d-3(d)(1) under the Exchange
Act.
<BR>
<BR>(3)&nbsp;&nbsp;Includes 35,590 shares owned beneficially by children of Mr. High, 464,598 shares owned jointly with Mr. High's spouse and 143,000 shares owned by an entity controlled by Mr. High.</P>

<P>(4)&nbsp;&nbsp;Includes 781,479 shares of common stock held by Mr. Fisher's spouse.
<BR></P>

<DIV ALIGN="center">
<CENTER>
<TABLE BORDER="0" CELLSPACING=1 CELLPADDING=0 WIDTH=597>
<TR><TD VALIGN="TOP" COLSPAN=3 WIDTH="591">
<B><P ALIGN="CENTER"><U>
PREFERRED STOCK</U></B></TD>
</TR>
<TR><TD WIDTH="248" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
<BR>
</FONT>
<U><FONT SIZE="2">
Name of Beneficial Owner (1)</FONT></U></B></TD>
<TD WIDTH="166" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Number of Shares<BR>
</FONT>
<U><FONT SIZE="2">
Beneficially Owned (2)</FONT></U></B></TD>
<TD WIDTH="169" VALIGN="TOP">
<B><P ALIGN="CENTER"><FONT SIZE="2">
Percent of Preferred<BR>
</FONT>
<U><FONT SIZE="2">
Stock Outstanding (3)</FONT></U></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3 WIDTH="591">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="248" VALIGN="TOP">
<P><FONT SIZE="2">
Bristol Harbor Investments, LLC</FONT></TD>
<TD WIDTH="166" VALIGN="TOP">
<P ALIGN="center"><FONT SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp;1,025,000 (3)</FONT></TD>
<TD WIDTH="169" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="2">
89%</FONT></TD>
</TR>
<TR><TD WIDTH="248" VALIGN="TOP">
<P><FONT SIZE="2">
P.O. Box 809</FONT></TD>
<TD WIDTH="166" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="169" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="248" VALIGN="TOP">
<P><FONT SIZE="2">
Bristol, RI&nbsp;&nbsp;02809</FONT></TD>
<TD WIDTH="166" VALIGN="TOP">
<P><FONT SIZE="2">
&nbsp;</FONT></TD>
<TD WIDTH="169" VALIGN="TOP">
<P></TD>
</TR>
</TABLE>

</CENTER>
</DIV>

<P><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>(1)&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Except as indicated, each person possesses sole voting and investment power with respect to all of the shares of preferred stock owned by such person, subject to community property laws where applicable.</P>

<P>(2)&nbsp;&nbsp;Based on 1,140,000 shares of Series A Preferred Stock outstanding as of March 29, 2002.</P>

<P>(3)&nbsp;&nbsp;Bristol Harbor Investments, LLC is owned equally by Richard A. Fisher, the Company's chairman, and Kevin J. High, the Company's president.</P>

<P><B>
Item 12.&nbsp;&nbsp;Certain Relationships and Related Transactions</B></P>

<P>In fiscal year ended December 31, 2001, Bristol Harbor Investments, LLC ("Bristol Harbor"), formerly known as Cytation LLC, acquired 1,025,000 shares of the Company's Series A Convertible Preferred Stock ("Series A Stock") from three holders ("Holders") for an aggregate purchase price of $10,250. Bristol Harbor is owned equally by Richard A. Fisher, the Company's chairman, and Kevin J. High, the Company's president. In connection with this purchase, the Company issued to the Holders two year warrants to purchase 1,025,000 shares of its common stock for $.01 per share, and Bristol Harbor issued to the Company a warrant to purchase 1,025,000 shares of common stock of the Company owned or acquirable by it for $.01 per share. The effect of this transaction is that Messrs. Fisher and High own a majority (approximately 90%) of the Series A Stock.</P>

<P>On October 15, 2001, the Company advanced Mr. Fisher $375,000 and Mr. High $225,000 as an inducement for them to remain with the Company as executive officers.  Each advance will be converted to a continuation bonus on January 2, 2003 should Mr. Fisher or Mr. High, as the case may be, be an employee of the Company on such date, unless certain events occur before such date as provided in each of their employment
agreement</P>

<P><B>Item 13.&nbsp;&nbsp;Exhibits, Financial Statement Schedules, and Reports on Form 8-K</B><BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The following documents are filed as part of the Report.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;Financial Statements (see index to financial statements)<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;Financial Statement Schedule - None<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Reports on Form 8-K - None
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Exhibits:<BR>
<BR>
The following exhibits are filed as part of or incorporated by reference into this Report:</P>

<TABLE BORDER="0" CELLSPACING=0 WIDTH=635>
<TR><TD WIDTH="12%" VALIGN="TOP">
<B><P><FONT SIZE="2">
Exhibit</FONT> </B></TD>
<TD WIDTH="88%" VALIGN="TOP">
<B><P><FONT SIZE="2">
Description</FONT></B></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.1</FONT> </TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Amended and Restated Certificate of Incorporation of the Company(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.2</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Articles of Merger between the Company and Cytation Corporation, dated February 11, 1999(1)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.3</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Articles of Merger between CollegeLink.com Incorporated and ECI, Inc., dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.4</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Certificate of Merger of CollegeLink.com Incorporated and ECI, Inc., dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
3.5</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Certificate of Ownership and Merger between the Company and CollegeLink.com Incorporated, dated November 15, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
3.6</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
By-Laws of the Company(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
4.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Please see Exhibits 3.1 and 3.6 for provisions of the Amended and Restated Certificate of Incorporation and By-Laws of the Company defining the rights of holders of the common stock of the Company</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Consulting Agreement by and among CollegeLink.com Incorporated and Gerald A. Paxton, dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.2</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Amended and Restated Asset Purchase Agreement by and among TMP Worldwide, Inc., CollegeLink.com Incorporated and CollegeLink Corporation, dated May 2, 2001(3)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.3</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Escrow Agreement by and among the Company, TMP Worldwide, Inc, and Eastern Bank and Trust Company, dated June 20, 2001&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.4</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Bill of Sale and Assignment, by and among TMP Worldwide, Inc., CollegeLink.com Incorporated and CollegeLink Corporation, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.5</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Non-Competition and Non-Solicitation Agreement between TMP Worldwide and Richard A. Fisher, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.6</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Non-Competition and Non-Solicitation Agreement between TMP Worldwide and Kevin J. High, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.7</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Employment Agreement, dated October 15, 2001, between the Company and Richard A. Fisher</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.8</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Employment Agreement, dated October 15, 2001, between the Company and Kevin High</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.9</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Lease dated September 22, 1999 between the Company and Midview, LLC</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
24.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Power of Attorney (contained on the signature page of this Form 10-KSB)</FONT></TD>
</TR>
</TABLE>

<P>
<FONT SIZE="2">
<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>(1)&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, Current Report, filed March 18, 1999, and later amended on April 2, 1999.<BR>
<BR>
(2)&nbsp;&nbsp;Filed as Exhibit to the Company's Registration Statement No. 333-85079 on Form SB-2 and incorporated herein by reference.<BR>
<BR>
(3)&nbsp;&nbsp;Filed as an Exhibit to the Company's Proxy Statement filed May 25, 2001 and incorporated herein by reference.</FONT><BR>
<BR>
</P>

<HR ALIGN="left">
<P><B>
SIGNATURES</B><BR>
<BR>
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 10-KSB to be signed on its behalf by the undersigned, thereunto duly authorized.<BR>
</P>
<TABLE BORDER="0" CELLSPACING="0" WIDTH="590">
<TR>
<TD WIDTH="50%" VALIGN="TOP">
<P>Dated&nbsp;&nbsp;&nbsp;April 15, 2002</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>CYTATION CORPORATION</TD>
</TR>
<TR>
<TD WIDTH="50%" VALIGN="TOP"></TD>
<TD WIDTH="50%" VALIGN="TOP"></TD>
</TR>
<TR>
<TD WIDTH="50%" VALIGN="TOP"></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>By:&nbsp;&nbsp;<U>
/s/ RICHARD A. FISHER</U></TD>
</TR>
<TR>
<TD WIDTH="50%" VALIGN="TOP"></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Fisher</TD>
</TR>
<TR>
<TD WIDTH="50%" VALIGN="TOP"></TD>
<TD WIDTH="50%" VALIGN="TOP">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman</TD>
</TR>
</TABLE>

<P>In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:</P>
<TABLE BORDER="0" CELLSPACING=0 WIDTH=641 HEIGHT="287">
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT="19">
<B><U><P ALIGN="CENTER"><FONT SIZE="2">
Signature</FONT></U></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<B><U><P ALIGN="CENTER"><FONT SIZE="2">
Date</FONT></U></B></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<B><U><P ALIGN="CENTER"><FONT SIZE="2">
Title</FONT></U></B></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="middle" HEIGHT=29>
<B><U><P><FONT SIZE="2">
/s/ Richard A. Fisher</FONT></U></B></TD>
<TD WIDTH="144" VALIGN="middle" HEIGHT=29>
<P ALIGN="CENTER"><FONT SIZE="2">
April 15, 2002</FONT></TD>
<TD WIDTH="12" VALIGN="middle" HEIGHT=29><P></P></TD>
<TD WIDTH="281" VALIGN="middle" HEIGHT=29>
<P><FONT SIZE="2">
Chairman of the Board</FONT> </TD>
</TR>
<TR><TD WIDTH="176" VALIGN="middle" HEIGHT=20>
<B><P><FONT SIZE="2">
Richard A. Fisher</FONT></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT=20>
<I><P><FONT SIZE="2">
(Principal Executive)</FONT></I></TD>
</TR>
<TR>
<TD WIDTH="176" VALIGN="TOP" HEIGHT=19>
</TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT=19></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT="19">
<B><U><P><FONT SIZE="2">
/s/ Kevin J. High</FONT></U></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<P ALIGN="CENTER"><FONT SIZE="2">
April 15, 2002</FONT></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<P><FONT SIZE="2">
Director&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT="19">
<B><P><FONT SIZE="2">
Kevin J. High</FONT></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<P><FONT SIZE="2">
 (<I>Principal Financial and Accounting Officer)</I></FONT></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT="19">
<B><U><P><FONT SIZE="2">
/s/ John J. Gilece, Jr.</FONT></U></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<P ALIGN="CENTER"><FONT SIZE="2">
April 15, 2002</FONT></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<P><FONT SIZE="2">
Director</FONT></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT=19>
<B><P><FONT SIZE="2">
John J. Gilece, Jr.</FONT></B></TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT=19>
</TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT=19></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT=19>
<U>
/<B>
<FONT SIZE="2">
s/ Christopher Portner</FONT></B></U>
</TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT="19">
<P ALIGN="CENTER"><FONT SIZE="2">
April 125 2002</FONT></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT="19">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT="19">
<P><FONT SIZE="2">
Director</FONT></TD>
</TR>
<TR><TD WIDTH="176" VALIGN="TOP" HEIGHT=19>
<FONT SIZE="2">
<B>
Christopher Portner</B></FONT>
</TD>
<TD WIDTH="144" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="12" VALIGN="TOP" HEIGHT=19></TD>
<TD WIDTH="281" VALIGN="TOP" HEIGHT=19></TD>
</TR>
</TABLE>


<P ALIGN="center"><U>
<B>
EXHIBIT INDEX</B></U></P>
<TABLE BORDER="0" CELLSPACING=0 WIDTH=635>
<TR><TD WIDTH="12%" VALIGN="TOP">
<B><P><FONT SIZE="2">
Exhibit</FONT> </B></TD>
<TD WIDTH="88%" VALIGN="TOP">
<B><P><FONT SIZE="2">
Description</FONT></B></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.1</FONT> </TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Amended and Restated Certificate of Incorporation of the Company(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.2</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Articles of Merger between the Company and Cytation Corporation, dated February 11, 1999(1)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.3</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Articles of Merger between CollegeLink.com Incorporated and ECI, Inc., dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
3.4</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Certificate of Merger of CollegeLink.com Incorporated and ECI, Inc., dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
3.5</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Certificate of Ownership and Merger between the Company and CollegeLink.com Incorporated, dated November 15, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
3.6</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
By-Laws of the Company(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
4.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Please see Exhibits 3.1 and 3.6 for provisions of the Amended and Restated Certificate of Incorporation and By-Laws of the Company defining the rights of holders of the common stock of the Company</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Consulting Agreement by and among CollegeLink.com Incorporated and Gerald A. Paxton, dated August 10, 1999(2)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.2</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Amended and Restated Asset Purchase Agreement by and among TMP Worldwide, Inc., CollegeLink.com Incorporated and CollegeLink Corporation, dated May 2, 2001(3)</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.3</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Escrow Agreement by and among the Company, TMP Worldwide, Inc, and Eastern Bank and Trust Company, dated June 20, 2001&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.4</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Bill of Sale and Assignment, by and among TMP Worldwide, Inc., CollegeLink.com Incorporated and CollegeLink Corporation, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.5</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Non-Competition and Non-Solicitation Agreement between TMP Worldwide and Richard A. Fisher, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.6</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Non-Competition and Non-Solicitation Agreement between TMP Worldwide and Kevin J. High, dated June 20, 2001</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.7</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Employment Agreement, dated October 15, 2001, between the Company and Richard A. Fisher</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.8</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Employment Agreement, dated October 15, 2001, between the Company and Kevin High</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<P><FONT SIZE="2">
10.9</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<P><FONT SIZE="2">
Lease dated September 22, 1999 between the Company and Midview, LLC</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE="2">
24.1</FONT></TD>
<TD WIDTH="88%" VALIGN="TOP">
<FONT SIZE="2">
Power of Attorney (contained on the signature page of this Form 10-KSB</FONT></TD>
</TR>
</TABLE>

<P><FONT SIZE="2">
___________________________________
<BR>
(1)&nbsp;&nbsp;Incorporated by reference from the Company's Form 8-K, Current Report, filed March 18, 1999, and later amended on April 2, 1999.<BR>
<BR>
(2)&nbsp;&nbsp;Filed as Exhibit to the Company's Registration Statement No. 333-85079 on Form SB-2 and incorporated herein by reference.<BR>
<BR>
(3)&nbsp;&nbsp;Filed as an Exhibit to the Company's Proxy Statement filed May 25, 2001 and incorporated herein by reference.<BR>
</FONT>
<BR>
</P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>escrow.htm
<DESCRIPTION>ESCROW AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>ESCROW AGREEMENT</TITLE>
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<BODY LINK="#0000ff" VLINK="#800080">

<P ALIGN="CENTER"><B>
ESCROW AGREEMENT</B></P>
<P>This Escrow Agreement dated as of June 20, 2001 (this "<U>Agreement</U>") is made by and among (i) Cytation Corporation, a Delaware corporation formerly named CollegeLink.com Incorporated
(the "<U>CollegeLink Parent</U>"); (ii) TMP Worldwide Inc., a Delaware corporation ("<U>TMP</U>"); and (iii) Eastern Bank and Trust Company, a Massachusetts banking corporation, as escrow agent (the "<U>Escrow Agent</U>"),</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, CollegeLink Parent, Cytation Bristol Corporation, a wholly-owned subsidiary of CollegeLink Parent formerly named CollegeLink Corporation (the "<U>CollegeLink Sub</U>"; together with CollegeLink Parent, the "<U>Companies</U>") and TMP are parties to an Asset Purchase Agreement dated as of February 2, 2001, as amended by an Amended and Restated Asset Purchase Agreement dated as of May 2, 2001 (as amended, the "<U>Purchase Agreement</U>"); </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to the Purchase Agreement, the Companies have agreed to transfer substantially all of their respective assets and liabilities to TMP and TMP has agreed to assume substantially all of the liabilities of the Companies and to pay $4,202,243 to CollegeLink Parent; </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant and subject to the Purchase Agreement, CollegeLink Parent has agreed to indemnify TMP for TMP Claims (as defined below); and </P>
<P>WHEREAS, it is a condition to the closing of the Purchase Agreement that the parties hereto will have entered into this Agreement and delivered the Deposit (as defined below) to the Escrow Agent to be held by the Escrow Agent as security for potential TMP Claims upon the terms and conditions set forth herein;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto agree as follows:</P>
<P>1.&nbsp;&nbsp;<U>Definitions</U>. As used in this Agreement, the following terms shall have the following meanings:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Account"</U> means a book entry account (or subaccounting entry within an omnibus account containing the entire Escrow Fund) maintained by the Escrow Agent for CollegeLink Parent.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Claim Date</U>" has the meaning set forth in <U>Section 6</U>.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Claim Disbursement Amount</U>" has the meaning set forth in <U>Section 6</U>.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Claim Notice</U>" has the meaning set forth in <U>Section 6</U>.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Closing</U>" means the consummation of the transactions contemplated by the Purchase Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Deposit</U>" means an amount of cash equal to the sum of the Firm Escrow Amount and the Lawsuit Escrow Amount. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>ECI Release</U>" has the meaning set forth in Section 7.1(j) of the Purchase Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>ECI Stockholder</U>" has the meaning set forth in Section 7.1(i) of the Purchase Agreement. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Escrow Fund</U>" means the Deposit and any and all income earned thereon while held by the Escrow Agent from time to time pursuant to this Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Final Instruction</U>" has the meaning set forth in <U>Section 7</U>.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Firm Escrow Account Release Date</U>" means December 20, 2002.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Firm Escrow Amount</U>" means an amount of cash equal to $4,202,243.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Lawsuit</U>" has the meaning set forth in Section 3.3 of the Purchase Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Lawsuit Escrow Amount</U>" means an amount of cash equal to $0.0.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Loss</U>" means any liabilities, obligations, damages, losses, fines, penalties, settlements, costs or expenses, including reasonable attorneys' fees and settlement costs, suffered, incurred or paid by any member of the TMP Group in connection with a TMP Claim.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Termination Date</U>" means the later to occur of the Firm Escrow Account Release Date and the Lawsuit Escrow Account Release Date.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Ownership Percentage</U>" has the meaning set forth in Section 12.10 of the Purchase Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>TMP Claim</U>" means a claim for any Loss suffered, incurred or paid by any member of the TMP Group and indemnifiable pursuant to the Purchase Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>TMP Group</U>" means TMP and its affiliates and each of their respective officers, directors, employees, agents, employee benefit plans and fiduciaries, plan administrators or other parties dealing with any such plans.</P>
<P>2.&nbsp;&nbsp;<U>Appointment of Escrow Agent</U>. CollegeLink Parent and TMP hereby appoint the Escrow Agent to serve as agent for the purpose of holding, investing and distributing the Escrow Fund upon the terms and conditions herein set forth, and the Escrow Agent accepts such appointment subject to the terms and conditions hereof.</P>
<P>3.&nbsp;&nbsp;<U>Initial Deposit</U>. Simultaneously with the execution of this Agreement, TMP has deposited the Deposit with the Escrow Agent and the Escrow Agent hereby acknowledges receipt of the Deposit. A portion of the Deposit equal to the Firm Escrow Amount shall be credited to an Account titled "<U>Firm Escrow Account</U>" and a portion of the Deposit equal to the Lawsuit Escrow Amount shall be credited to an Account titled "<U>Lawsuit Escrow Account</U>".</P>
<P>4.&nbsp;&nbsp;<U>Maintenance of Escrow</U>. The Escrow Agent shall hold the Escrow Fund in escrow and shall invest and disburse the Escrow Fund pursuant to this Agreement. The Escrow Agent shall maintain updated records of the Accounts for CollegeLink Parent, reflecting increases or decreases in the balance of the Escrow Fund.</P>
<P>5.&nbsp;&nbsp;<U>Investment of Escrow Fund</U>. Pending disbursement under this Agreement, monies in the Escrow Fund shall be invested in Qualified Investments by the Escrow Agent. Any interest, accretion in principal or other income or gain realized upon any such investment shall be made a part of the Escrow Fund. For purposes hereof, unless otherwise consented to in writing by TMP and CollegeLink Parent, the term "<U>Qualified Investments</U>" shall mean (a) obligations issued or unconditionally guaranteed by the United States of America or money market funds invested solely in such obligations, or (b) one or more fully federally-insured interest-bearing deposit accounts in one or more banks or trust companies, each having a principal office in the United States and having capital, surplus and undivided profits in excess of $100,000,000. </P>
<P>6.&nbsp;&nbsp;<U>Assertion of TMP Claim.</U> TMP may assert one or more TMP Claims for which it seeks recovery hereunder on or prior to the Termination Date. TMP shall assert such TMP Claims by delivering a written notice (a "<U>Claim Notice</U>") to the Escrow Agent and CollegeLink Parent which includes (i) the date of the TMP Claim Notice (the "<U>Claim Date</U>"), (ii) TMP's estimate of the Loss incurred by the TMP Group in connection with such TMP Claim ("<U>Claim Disbursement Amount</U>"), (iii) a reasonably detailed summary of the basis for such TMP Claim, and (iv) a determination as to whether or not such TMP Claim relates to the Lawsuit. TMP may assert one or more TMP Claims in a single Claim Notice. If TMP desires to change a Claim Disbursement Amount of a Claim Notice, then it shall submit a new Claim Notice amending and restating the original Claim Notice. A Claim Notice shall indicate whether the Claim Disbursement Amount exceeds the balance of the Escrow Fund.</P>
<P>7.&nbsp;&nbsp;<U>Final Instruction</U>. For the purposes of this Agreement, a "<U>Final Instruction"</U> shall mean a written notice delivered to the Escrow Agent directing the disbursement of the Claim Disbursement Amount relating to a particular TMP Claim, and which expressly states that it is a "Final Instruction" pursuant to this <U>Section 7</U>. Except as provided in <U>Subsections (b) and (d)</U> below, a Final Instruction shall be signed by TMP and CollegeLink Parent. A Final Instruction shall be delivered to the Escrow Agent only under the following circumstances, and accompanied by the indicated documentation:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;If CollegeLink Parent disputes any aspect of a Claim Notice, the CollegeLink Parent shall give written notice of such dispute to TMP, with a copy to the Escrow Agent, within 30 calendar days after receipt by CollegeLink Parent of such Claim Notice. In such event, no Final Instruction may be given to the Escrow Agent except as provided in (c) or (d) below.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;If CollegeLink Parent fails to respond to a Claim Notice within 30 calendar days after receipt by CollegeLink Parent of such Claim Notice, or if CollegeLink Parent notifies TMP and the Escrow Agent in writing that there is no dispute with respect to a Claim Notice, TMP shall have the right to deliver to the Escrow Agent a Final Instruction, signed only by TMP, with respect to the TMP Claims described in such Claim Notice. Upon receipt of a Final Instruction pursuant to this <U>Section 7(b)</U>, the Escrow Agent may (unless it has actual notice to the contrary) presume receipt by CollegeLink Parent of the related Claim Notice on the date of receipt thereof by the Escrow Agent (without any duty on its part to confirm the actual date of receipt by CollegeLink Parent).</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In the case of a TMP Claim Notice which CollegeLink Parent has disputed (as provided in <U>Subsection 7(a)</U> above), if TMP and CollegeLink Parent reach an agreement with respect to the TMP Claims described in a Claim Notice, TMP and CollegeLink Parent shall give the Escrow Agent a Final Instruction, signed by both TMP and CollegeLink Parent, with respect to such TMP Claims. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;In the case of a Claim Notice which CollegeLink Parent has disputed (as provided in <U>Subsection 7(a)</U> above), if an arbitrator or a court of competent jurisdiction issues a final, non-appealable order specifying the amount of TMP's recovery (if any) with respect to a TMP Claim, either TMP or CollegeLink Parent shall have the right to deliver to the Escrow Agent a Final Instruction with respect to such TMP Claim based on and in compliance with such order, signed only by TMP or CollegeLink Parent, as the case may be, and accompanied by a copy of such order.</P>
<P>8.&nbsp;&nbsp;<U>Distribution of Escrow Fund.</P>
</U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<U>Disbursements to TMP</U>. Upon receipt of a Final Instruction, the Escrow Agent shall promptly deliver to TMP cash from the Firm Escrow Account or the Lawsuit Escrow Account, as the case may be, in an amount equal to the sum of the Claim Disbursement Amount set forth in such Final Instruction. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<U>Disbursements to CollegeLink Parent</U>. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;If no TMP Claim is "asserted and unresolved" (as defined below) on the Firm Escrow Account Release Date, then the Escrow Agent shall promptly deliver to CollegeLink Parent all of the cash, if any, in the Firm Escrow Account. If any TMP Claims are asserted and unresolved on the Firm Escrow Account Release Date, then the Escrow Agent shall promptly deliver to CollegeLink Parent cash from the Firm Escrow Account in an amount equal to the positive difference, if any, between (A) the Claim Disbursement Amounts relating to such TMP Claims and (B) the amount of cash in the Firm Escrow Account as of immediately prior to the Firm Escrow Account Release Date. Upon receipt of Final Instructions after the Firm Escrow Account Release Date relating to TMP Claims that were asserted and unresolved on the Firm Escrow Account Release Date, the Escrow Agent shall promptly deliver to CollegeLink Parent all of the cash, if any, that remains in the Firm Escrow Account after payment to TMP of the Claim Disbursement Amounts relating to such Final Instructions. For the purposes of this <U>Section 8(b)</U>, the phrase "<U>asserted and unresolved</U>" means, with respect to any TMP Claim, the Escrow Agent has received a Claim Notice but no Final Instruction with respect to such TMP Claim.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;If TMP obtains after the Closing an executed ECI Release from any ECI Stockholder who had not delivered an ECI Release to TMP at the Closing, then TMP promptly shall send a notice (a "<U>Notice of ECI Release</U>") to CollegeLink Parent and the Escrow Agent notifying them of the name and Ownership Percentage of the ECI Stockholder who delivered such ECI Release. Immediately after receiving a Notice of ECI Release, the Escrow Agent shall promptly deliver to CollegeLink Parent cash from the Lawsuit Escrow Account of the Escrow Fund in an amount equal to the product of $3,500,000 and the Ownership Percentage stated in such Notice of ECI Release.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;If no TMP Claim is asserted and unresolved on the Lawsuit Escrow Account Release Date (as defined below), then the Escrow Agent shall promptly deliver to CollegeLink Parent all of the cash, if any, in the Lawsuit Escrow Account. If any TMP Claims are asserted and unresolved on the Lawsuit Escrow Account Release Date, then the Escrow Agent shall promptly deliver to CollegeLink Parent cash from the Lawsuit Escrow Account in an amount equal to the positive difference, if any, between (A) the Claim Disbursement Amounts relating to such TMP Claims and (B) the amount of cash in the Lawsuit Escrow Account as of immediately prior to the Lawsuit Escrow Account Release Date. Upon receipt of Final Instructions after the Lawsuit Escrow Account Release Date relating to all TMP Claims that were asserted and unresolved on the Lawsuit Escrow Account Release Date, the Escrow Agent shall promptly deliver to CollegeLink Parent all of the cash that remains in the Lawsuit Escrow Account after payment to TMP of the Claim Disbursement Amounts relating to such Final Instructions. </P>
<P>For the purposes of this <U>Section 8(b)</U>, the term "<U>Lawsuit Escrow Account Release Date</U>" means, the earlier to occur of: (A) the date that the Escrow Agent receives a notice from both of CollegeLink Parent and TMP stating that the applicable statutes of limitations have expired for any and all claims which may arise out of, relate to, be connected with, or arise out of similar facts and circumstances as, the Lawsuit (including but not limited to those claims raised in or that could have been raised in the Lawsuit), the ownership by the ECI Stockholders of shares or other equity interests in CollegeLink Parent, or that certain registration agreement among CollegeLink Parent and the ECI Stockholders dated as of August 10, 1999; and (B) the date that the Escrow Agent receives a notice from both of CollegeLink Parent and TMP stating that the Companies and any other parties to the Lawsuit have obtained a full settlement of, or a non-appealable final judgment relating to, the Lawsuit and paid in full all amounts due, if any, from the Companies and any other parties to the Lawsuit to the ECI Stockholders or others, including counsel, with respect to the Lawsuit. TMP agrees to sign either of the notices described in the foregoing sentence if the statements therein are true.</P>
<P>9.&nbsp;&nbsp;<U>Limitation of Liability of Escrow Agent; Etc.</P>
</U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<U>Nature of Duties; Liability; Indemnification</U>. It is understood and agreed that the duties of the Escrow Agent hereunder are purely ministerial in nature and that the Escrow Agent shall not be liable for any error of judgment, fact or law, or any act done or omitted to be done, except for its own willful misconduct or gross negligence or that of its employees and agents. The Escrow Agent's determination as to whether an event or condition has occurred, or been met or satisfied, or as to whether a provision of this Agreement has been complied with, or as to whether sufficient evidence of the event or condition or compliance with the provision has been furnished to it, shall not subject the Escrow Agent to any claim, liability or obligation whatsoever, even if it shall be found that such determination was improper and incorrect; <U>provided</U>, that the Escrow Agent and its employees and agents shall not have been guilty of willful misconduct or gross negligence in making such determination. TMP and CollegeLink Parent jointly and severally agree to indemnify the Escrow Agent for, and to hold it harmless against, any loss, liability, or reasonable expense ("<U>Cost</U>") incurred without gross negligence or willful misconduct on the part of the Escrow Agent, arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including costs and expenses of defending itself against any claim of liability in connection herewith or therewith. The right to indemnification set forth in the preceding sentence shall include the right to be paid by TMP and CollegeLink Parent in respect of Costs as they are incurred (including Costs incurred in connection with defending itself against any claim of liability in connection herewith). The Escrow Agent shall promptly repay any amounts so advanced if it shall ultimately be determined by a final order of a court of competent jurisdiction from which no appeal is or can be taken that the Escrow Agent is not entitled to such indemnification.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<U>Documents and Instructions</U>. The Escrow Agent acts hereunder as a depository only and shall not be responsible or liable in any manner whatsoever for the genuineness, sufficiency, correctness or validity of any agreement, document, certificate, instrument or item deposited with it or any notice, consent, approval direction or instruction given to it, and the Escrow Agent shall be fully protected, under <U>Section 9(a)</U> above, for all acts taken in accordance with any written instruction or instrument given to it hereunder in accordance with the provisions of this Agreement, and reasonably believed by the Escrow Agent to be genuine and what it purports to be.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<U>Conflicting Notices, TMP Claims, Demands or Instructions</U>. If at any time the Escrow Agent shall receive conflicting notices, claims, demands or instructions with respect to the Escrow Fund, or if for any other reason it shall in good faith be unable to determine the party or parties entitled to receive monies from the Escrow Fund, the Escrow Agent may refuse to make any distribution or payment and may retain the Escrow Fund in its possession until it shall have received instructions in writing concurred in by all parties in interest, or until directed by a final order or judgment of an arbitrator or a court of competent jurisdiction from which no appeal is or can be taken, whereupon the Escrow Agent shall make such disposition in accordance with such instructions or such order.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;<U>Advice of Counsel</U>. The Escrow Agent may consult with, and obtain advice from, legal counsel and employees in the event of any dispute or question as to the construction of any of the provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected and indemnified under <U>Section 9(a)</U> above for all acts taken, in the absence of gross negligence or willful misconduct, in accordance with the opinion and instructions of such counsel, and the reasonable costs of such counsel shall be subject to reimbursement under <U>Section 9(a)</U> above.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;<U>Compensation and Expenses</U>. TMP and CollegeLink Parent, jointly and severally, agree to pay, and shall be solely responsible for, all fees, disbursements and other expenses charged by the Escrow Agent for the performance of the Escrow Agent's services hereunder. The Escrow Agent's fee for services for the first 18 months of this Agreement is $2,000. The Escrow Agent shall be entitled to reimbursement on demand for all reasonable expenses incurred in connection with the administration of this Agreement or the escrow created hereby which are in excess of its compensation for normal services hereunder, including without limitation, payment of any reasonable legal fees and expenses incurred by the Escrow Agent in connection with resolution of any TMP Claim by any party hereunder. Cash in the Escrow Fund shall not be used to pay any such fees, disbursements or other expenses. As between TMP and CollegeLink Parent, TMP shall pay half of any amounts payable to the Escrow Agent hereunder and CollegeLink Parent shall pay half of any amounts payable to the Escrow Agent hereunder. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;<U>Resignation of Escrow Agent</U>. The Escrow Agent may resign at any time upon giving the other parties hereto thirty (30) days' notice to that effect. In such event the successor Escrow Agent shall be such person, firm or corporation as shall be mutually selected by TMP and CollegeLink Parent. It is understood and agreed that the Escrow Agent's resignation shall not be effective until a successor Escrow Agent agrees to act hereunder; <U>provided</U>, that in the event no successor Escrow Agent is appointed and acting hereunder within thirty (30) days of such notice, the Escrow Agent may pay and deliver the Escrow Fund into a court of competent jurisdiction; and <U>provided</U>, <U>further</U>, that TMP and CollegeLink Parent may appoint a successor escrow agent hereunder at any time so long as such successor shall accept and agree to be bound by the terms of this Agreement (except that any such successor escrow agent shall be entitled to customary fees payable by TMP and CollegeLink Parent as provided in <U>Section 9(e)</U>) and shall be a bank or trust company with a minimum net capital of $100 million as evidenced on their most recently filed audited financial statements, insured by the Federal Deposit Insurance Corporation, authorized to do business in the Commonwealth of Massachusetts and located in Boston, Massachusetts.</P>
<P>10.&nbsp;&nbsp;<U>Notices</U>. All notices, consents, approvals, directions and instructions required or permitted under this Agreement shall be effective when received and shall be given in writing and delivered either by hand or by registered or certified mail, postage prepaid, or by telecopier, and addressed as follows:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to CollegeLink Parent:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytation Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 Thames Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol, RI 02809<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Richard A. Fisher<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:&nbsp;&nbsp;(401) 254-8800<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to TMP:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMP Worldwide Inc.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 Third Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10017<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:&nbsp;&nbsp;Myron Olesnyckyj, Esq.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:&nbsp;&nbsp;(917) 256-8526<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Escrow Agent:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Bank and Trust Company<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 Essex Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salem, MA 01920<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:&nbsp;&nbsp;William Crivello<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:&nbsp;&nbsp;(781) 388-3068</P>
<P>11.&nbsp;&nbsp;<U>Miscellaneous.</P>
</U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<U>Entire Agreement, etc.</U> This Agreement and the Purchase Agreement contain the entire agreement among the parties with respect to the subject matter hereof and supercede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. In the event of a conflict between the terms and provisions hereof and of the Purchase Agreement, the terms and provisions hereof shall govern the rights, obligations and liabilities of the Escrow Agent.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<U>Amendments and Supplements</U>. This Agreement may not be amended, supplemented or discharged, and no provision hereof may be modified or waived, except by an instrument in writing signed by all of the parties hereto.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<U>No Waiver</U>. No provision hereof may be waived, except by an instrument in writing signed by the party waiving compliance. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;<U>Successors and Assigns</U>. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, and their respective heirs, successors, assigns, distributees and legal Agents.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed and enforced in accordance with the substantive law of the Commonwealth of Massachusetts without regard to its principles of conflicts of laws. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;<U>Construction of Agreement</U>. A reference to a Section shall mean a Section in this Agreement unless otherwise expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. The words "include," "includes" and "including" when used herein shall be deemed in each case to be followed by the words "without limitation".</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.</P>
<P ALIGN="CENTER">* * * * *</P>
<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have executed or caused this Escrow Agreement to be duly executed as a sealed instrument as of the day and year first above written.</P>
<P ALIGN="JUSTIFY">TMP WORLDWIDE INC.</P>
<P>By:&nbsp;&nbsp;<U>/s/ Thomas G. Collison<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Thomas G. Collison<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman</P>
<P ALIGN="JUSTIFY"><BR>
CYTATION CORPORATION</P>
<P>By:&nbsp;&nbsp;<U>/s/ Richard A. Fisher<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Richard A. Fisher<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Chairman</P>
<P ALIGN="JUSTIFY"><BR>
EASTERN BANK AND TRUST COMPANY</P>
<P>By:&nbsp;&nbsp;<U>/s/ William P. Crivello</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;William P. Crivello<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President</P></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>4
<FILENAME>billofsl.htm
<DESCRIPTION>BILL OF SALE
<TEXT>
<HTML>
<HEAD>
<TITLE>Bill of Sale</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<P ALIGN="CENTER">BILL OF SALE AND ASSIGNMENT</P>
<P>FOR VALUE RECEIVED, and pursuant to that certain Amended and Restated Asset Purchase Agreement, dated as of May 2, 2001 (hereinafter referred to as the ("Agreement") among TMP Worldwide Inc., a Delaware corporation ("<U>Assignee</U>"), Collegelink.com Incorporated, a Delaware corporation (the "<U>CollegeLink Parent</U>"), and CollegeLink Corporation, a Delaware corporation and wholly-owned subsidiary of the CollegeLink Parent (the "<U>CollegeLink Sub</U>"; together with the CollegeLink Parent, the "<U>Assignors</U>&quot;
and each an "<U>Assignor</U>"), the Assignors do hereby grant, bargain, sell, assign, transfer, convey and deliver, free and clear of any lien, encumbrance, claim, charge or liability (except as otherwise expressly provided in the Agreement) all of its right, title and interest in the following (with all capitalized terms used herein and not otherwise defined herein having the respective meanings ascribed thereto in the Agreement):</P>
<P>All those personal, tangible and intangible properties of each Assignor used in connection with the operation of the Business, other than the Excluded Assets, wherever located and whether or not any or all of said property and assets appear or are reflected upon the
Assignors' books, records, or financial statements, including without limitation, those set forth below, as more particularly described in the Schedules to Section 1.1 of the Agreement or attached hereto, as the case may be:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;subject to Section 7.1(g) of the Agreement, all the rights and benefits accruing to each Company under all agreements, contracts, arrangements, leases, guarantees, commitments and orders, whether written or oral, between either Company and any third party, which contracts are listed on <U>Schedule&nbsp;1.1(a)</U> hereto;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;all equipment, computers, computer hardware and software, tools, supplies, furniture, and other tangible personal property and assets of each Assignor related to the Business, and listed on <U>Schedule 1.1(b)</U> hereto;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;all the interest of and the rights and benefits accruing to each Assignor as lessee under (i)&nbsp;any leases and subleases relating to real property as described on <U>Schedule 1.1(c)</U> hereto, and (ii)&nbsp;the leases or rental agreements covering equipment, computers, computer hardware and software, vehicles and other tangible personal property as described in <U>Schedule 1.1(c)</U> hereto;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;all accounts and notes receivable (including without limitation, any claims, remedies and other rights related thereto) evidencing rights to payment for services rendered and/or goods leased or sold by each Assignor and relating to the Business through the Closing Date as described in <U>Schedule 1.1(d)</U> hereto, but excluding the accounts receivable listed on <U>Schedule 1.1(d)(i)</U> hereto;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;all operating data and records of each Assignor relating to the Business, including, without limitation, customer lists and, records, customer/customer service databases, referral sources, production reports and records, equipment logs, operating guides and manuals, projections, copies of financial, accounting and personnel records, correspondence and other similar documents and records;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;all claims, warranty rights, causes of action and other similar rights granted or owing to each Assignor arising out of the Business, except tax refunds, to the extent the same are assignable;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;all of each Assignor's right, title and interest in and to the name "CollegeLink.com" and the other names and internet domain names set forth on <U>Schedule 1.1(g)</U> hereto, and any and all variations thereof for any and all purposes;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;all the intangible and intellectual property of each Assignor relating to the Business, including, without limitation, all software and software libraries, processes, methods, plans, research data, marketing plans and strategies, forecasts, patents and patent applications, inventions, discoveries, know-how, trade secrets and ideas (including those in the possession of third parties, but which are the property of the Assignors), and all records, books or other indicia of the foregoing, trademarks, trademark applications, service-marks, trade names, licenses, copyrights, operating rights, permits and other similar intangible property and rights hereto or under development, including, without limitation, all of those set forth on <U>Schedule 1.1(h)</U> hereto and those proprietary, industrial or intellectual property rights found at the web sites operated by the Assignors at the web site addresses listed on <U>Schedule 1.1(h)</U> hereto;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;all licenses, permits, approvals, qualifications, consents and other authorizations necessary for the lawful conduct, ownership and operation of the Business to the extent the same are transferable;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;all prepaid expenses of the Assignors relating to or in support of the Assigned Contracts;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;all goodwill and going-concern value of the Business; </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;the other receivables attached hereto as <U>Schedule 1.1(l)</U>; and </P>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(m)&nbsp;&nbsp;all other assets and properties of any nature whatsoever held by either Assignor, either directly or indirectly, and used in, allocated to, or required for the conduct of the Business, but excluding the Excluded Assets (as defined in Section&nbsp;1.2 of the Agreement).</P>
<P>TO HAVE AND TO HOLD said Assets, with all appurtenances thereto, unto Assignee, its successors and assigns, and for its and their own use forever.</P>
<P>Each Assignor, for itself and its successors and assigns, has covenanted and agreed, and by this Bill of Sale and Assignment does hereby covenant and agree, to and for the benefit of Assignee, its successors and assigns, that Assignor and its successors and assigns will do, execute and deliver or will cause to be done, executed and delivered, all such further acts, transfers, assignments, conveyances, powers of attorney and assurances, for the better assuring, conveying and confirming unto Assignee, its successors and assigns, all and singular, the Assets, all as Assignee shall reasonably require.</P>
<P>IN WITNESS WHEREOF, Assignor has caused this Bill of Sale and Assignment to be duly executed and delivered as of the ___ day of June, 2001.</P>
<P><BR>
COLLEGELINK CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLLEGELINK.COM INCORPORATED<BR>
<BR>
By:&nbsp;&nbsp;<U>/s/ Richard A. Fisher</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;<U>/s/ Richard A. Fisher<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Fisher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Fisher
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman<BR>
<BR>
<BR>
STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;: SS<BR>
COUNTY OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:</P>
<P>On this 20th day of June, 2001, before me, a Notary Public in and for the State and County aforesaid, the undersigned officer, personally appeared Richard A. Fisher, who acknowledged himself to be the Chairman of the Board of CollegeLink.com Incorporated, a Delaware corporation, and that he, as the Chairman of the Board of such corporation, being authorized to do so, executed the foregoing instrument for the purposes therein contained.</P>
<P><BR>
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.</P>
<P>[NOTARY SEAL]</P>
<U><P>/s/ Cherie Tanika Harris<BR>
</U>Notary Public</P>
<P><BR>
STATE OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;: SS<BR>
COUNTY OF NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:</P>
<P>On this 20th day of June, 2001, before me, a Notary Public in and for the State and County aforesaid, the undersigned officer, personally appeared Richard A. Fisher, who acknowledged himself to be the President of CollegeLink Corporation, a Delaware corporation, and that he, as the President of such corporation, being authorized to do so, executed the foregoing instrument for the purposes therein contained.</P>
<P><BR>
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.</P>
<P>[NOTARY SEAL]</P>
<U><P>/s/ Cherie Tanika Harris<BR>
</U>Notary Public</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>5
<FILENAME>rafnoncm.htm
<DESCRIPTION>FISHER NON-COMPETE AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Fisher NonCompete</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><U><P ALIGN="CENTER">NON-COMPETITION AND NON-SOLICITATION AGREEMENT</P>
</B></U><P>NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this "Agreement") made as of June __, 2001, between TMP Worldwide Inc., a Delaware corporation (the "<U>Company</U>"), and Richard A. Fisher ("<U>Fisher</U>").</P>
<U><P ALIGN="CENTER">W I T N E S S E T H</U> :</P>
<P>WHEREAS, Fisher is an employee and a director of Cytation Corporation, a Delaware corporation, formerly CollegeLink.com Incorporated ("<U>Collegelink</U>");</P>
<P>WHEREAS, pursuant to an Amended and Restated Asset Purchase Agreement dated as of May 2, 2001, by and among the Company, Collegelink and Collegelink Bristol Corporation, Collegelink's wholly-owned subsidiary (Collegelink and Collegelink Bristol Corporation hereinafter collectively referred to as the "<U>Sellers</U>"), the Company is acquiring substantially all of the assets and liabilities of the Sellers (the "<U>Acquisition</U>");</P>
<P>WHEREAS, immediately prior to the closing of the Acquisition, the Sellers are engaged in the business of (i) marketing services to corporations, colleges, universities, the military and financial aid providers and advisors targeted and/or related to teens and Fisher school, college, university and/or other students, and related and ancillary services and technology; (ii) providing general services to teens and Fisher school, college, university and/or other students in the form of education, seminars, presentation and similar forms, and related and ancillary services and technology; and (iii) providing general services to guidance counselors, financial aid officers and career and employment counselers, and related and ancillary services and technology (collectively, the "Business").</P>
<P>WHEREAS, Fisher has extensive knowledge and a unique understanding of the Business, has been directly involved with the establishment and continued development of the Business and its customer relations and has had access to all of the proprietary and confidential information used in the Business;</P>
<P>WHEREAS, immediately prior to the closing of the Acquisition, Fisher owns shares of capital stock of Collegelink and is directly benefitting from the Acquisition, and it is a condition to the consummation of the Acquisition that the Company and Fisher enter into this Agreement and that Fisher agree to the Restrictive Covenants (as defined in Section 3 below).</P>
<P>WHEREAS, in order to protect the goodwill and intellectual property rights of the Company, the Company is requiring that Fisher agree not to compete with the Company or its affiliates with respect to the Business, the observance and enforcement of which Fisher acknowledges are essential to the protection of the Company's goodwill and intellectual property rights.</P>
<P>NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations and covenants herein contained, the parties hereto agree as follows:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;<U>Covenant Not to Compete; Nonsolicitation. <BR>
<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Fisher acknowledges that: <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;upon consummation of the Acquisition, the Company and its affiliates will be engaged in the Business; <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Fisher is one of a limited number of persons who helped develop the Business of Collegelink; <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Fisher has occupied a position of trust and confidence with the Sellers prior to the date of this Agreement and, during such period, Fisher has become familiar with the proprietary and confidential information of the Company and the Company's other affiliates; <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the agreements and covenants contained in this Section 1 are essential to protect the Company, its affiliates and the goodwill of the Business and are a condition precedent to the willingness of the Company to consummate the transactions contemplated by the Merger Agreement; <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;the Company and its affiliates would be irreparably damaged if Fisher were to provide services to any person or entity in violation of the provisions of this Agreement; <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;the scope and duration of the Restrictive Covenants (as defined in Section&nbsp;3) are reasonably designed to protect a protectable interest of the Company and its affiliates and are not excessive in light of the circumstances; and <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;Fisher has a means to support Fisher and Fisher's dependents, if any, other than by engaging in activities prohibited by this Section 1. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Fisher hereby agrees that for a period of two years after the date of the Closing of the Acquisition (the "<U>Restricted Period</U>"), Fisher shall not, directly or indirectly, as employee, agent, consultant, stockholder, director, partner or in any other individual or representative capacity, own, operate, manage, control, engage in, invest in or participate in any manner in, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or entity), or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly or indirectly engages or proposes to engage in the Business anywhere in or into the United States or Canada and in or into any other country in which the Company or any of its affiliates may from time to time prior to the expiration of the Restricted Period engage in the Business (collectively the "<U>Territory</U>"). Notwithstanding the foregoing, nothing contained herein shall be construed to prevent Fisher from owning not more than one percent (1%) of any class of stock of any competing company which is listed on a national securities exchange or traded in the over-the-counter market, but only if Fisher is not involved in managing the affairs of said corporation and if Fisher, Fisher's associates (as such term is defined in Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended), and Fisher's affiliates collectively do not own more than an aggregate of two percent of the stock of such corporation ("<U>Permitted Investments</U>"). As used in this Agreement, the term "affiliate" shall have the meaning ascribed to that term in Rule 405 of the Securities Act of 1933, as amended, and shall include each past and present affiliate of such person or entity. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Without limiting the provisions of paragraph (b) above, Fisher agrees that, for a period of three years after the closing of the Acquisition, Fisher will not directly or indirectly, as employee, agent, consultant, stockholder, director, partner or in any other individual or representative capacity (i) solicit any Business from or in any way transact or seek to transact any Business with or otherwise seek to influence or alter the relationship between the Company or any of its affiliates with any person or entity to whom either the Sellers or any of their affiliates provided services or to whom Fisher or any of their affiliates made a presentation at any time during the one-year period preceding the closing of the Acquisition, or (ii) employ or solicit for employment or other services or otherwise seek to influence or alter the relationship between the Company or any of its affiliates and any person who is or was an employee of either of the Sellers or any of their affiliates at any time during the one-year period preceding the Closing. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;If any portion of the restrictions set forth in this Section&nbsp;1 should, for any reason whatsoever, be declared invalid by a court of competent jurisdiction, the validity or enforceability of the remainder of such restrictions shall not thereby be adversely affected. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Fisher acknowledges that the provisions of this Section&nbsp;1 are a material inducement to the Company to enter into and consummate the Acquisition and the Company would not enter into such agreements but for the agreements and covenants contained herein. Fisher further acknowledges that the territorial and time limitations set forth in this Section&nbsp;1 are reasonable and properly required for the adequate protection of the business and goodwill of the Company and its subsidiaries and affiliates. Fisher hereby waives, to the extent permitted by law, any and all right to contest the validity of this Section&nbsp;1 on the ground of the breadth of its geographic or product and service coverage or length of term. In the event any territorial or time limitation is deemed to be unreasonable by a court of competent jurisdiction, Fisher agrees to the reduction of the territorial or time limitation to the area or period which such court shall deem reasonable. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;<U>Non-Disclosure of Confidential Information</U>. Fisher shall not, during the Restricted Period or thereafter, directly or indirectly, disclose (other than as is required by law (in which case Fisher shall give the Company prior written notice of such required disclosure and the opportunity to request confidential treatment)) to any person, firm or corporation any confidential information relating to the Business acquired by him in his capacity as a stockholder, officer, director, employee or consultant of the Company or any of its affiliates. Such confidential information shall include, but shall not be limited to, proprietary technology, trade secrets, patents, research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies, employee lists, personnel policies, the substance of agreements with customers, suppliers and others, marketing or distribution arrangements, customer lists and any other documents embodying such confidential information. This confidentiality obligation shall not apply to any information which (i) is or becomes publicly available other than pursuant to a breach of this Section&nbsp;2 by Fisher, or (ii) becomes known to Fisher after the date of this Agreement through disclosure by sources other than the Company having the legal right to disclose such information. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;<U>Specific Performance</U>. Fisher agrees that if he breaches, or threatens to commit a breach of, any of the provisions of Sections&nbsp;1 or 2 (the "<U>Restrictive Covenants</U>"), the Company shall have, in addition to, and not in lieu of, any other rights and remedies available to the Company under law and in equity, the right to injunctive relief and/or to have the Restrictive Covenants specifically enforced by a court of competent jurisdiction, without the posting of any bond or other security, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;<U>Amendment or Alteration</U>. No amendment or alteration of the terms of this Agreement shall be valid unless made in writing and signed by both of the parties hereto. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed therein. The parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of any state or federal court sitting in the State of New York in connection with any claim, action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby and agree not to assert, by way of motion, as a defense or otherwise that any such claim, action or proceeding is brought in an inconvenient forum, that the venue thereof is improper or that this Agreement or the subject matter hereof may not be enforced by such court. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;<U>Severability</U>. The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision of this Agreement, which shall remain in full force and effect. If any court determines that any Restrictive Covenant, or any provision thereof, is unenforceable because of the duration or area covered thereby, such court shall have the power, and the parties intend and desire that such court exercise the power, to reduce the duration or area covered by such provision to the minimum extent necessary to render such provision enforceable, and in its reduced form, such provision shall then be enforceable and shall be enforced. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;<U>Notices</U>. Any notices required or permitted to be given hereunder shall be sufficient if in writing, and if delivered by hand or courier, or sent by certified mail, return receipt requested, to the following addresses or such other address as either party may from time to time designate in writing to the other, and shall be deemed given as of the date of the delivery or at the expiration of five days in the event of a mailing <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;If to Fisher:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard
A.Fisher<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Cytation Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 Thames Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 809<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol, Rhode Island 02809 </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;If to the Company:&nbsp;&nbsp;622 Third Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10017<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Myron Olesnyckyj, Esq. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;<U>Counterparts and Signatures</U>. This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;<U>Waiver or Breach</U>. It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent breach by that same party. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;<U>Entire Agreement and Binding Effect</U>. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, both written and oral, between the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, heirs, distributors, successors and assigns, provided, however, that Fisher shall not be entitled to assign or delegate any of his rights or obligations hereunder without the prior written consent of the Company. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;<U>Further Assurances</U>. The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;<U>Construction of Agreement</U>. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such provision. <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;<U>Headings</U>. The Section headings appearing in this Agreement are for the purposes of easy reference and shall not be considered a part of this Agreement or in any way modify, demand or affect its provisions.</P>
<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have executed this Noncompetition and Nonsolicitation Agreement as of the date and year first above written.</P>
<U><P>/s/ Richard A. Fisher</U><BR>
Richard A. Fisher</P>
<P ALIGN="JUSTIFY"><BR>
TMP WORLDWIDE INC.</P>
<P>By:&nbsp;&nbsp;<U>/s/ Thomas G. Collison<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Thomas G. Collison<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman</P></BODY>
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<DESCRIPTION>HIGH NON-COMPETE AGREEMENT
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<META NAME="xB" CONTENT="TMP COLLEGELINK -- KEVIN HIGH NON-COMPETE AGMT (#710923) (2).DOC">
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<B><U><P ALIGN="center">NON-COMPETITION AND NON-SOLICITATION AGREEMENT</P>
</B></U><P ALIGN="left">NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this "Agreement") made as of June __, 2001, between TMP Worldwide Inc., a Delaware corporation (the "<U>Company</U>"), and Kevin J. High ("<U>High</U>").</P>
<U><P ALIGN="CENTER">W I T N E S S E T H</U> :</P>
<P ALIGN="left">WHEREAS, High is an employee and a director of Cytation Corporation, a Delaware corporation, formerly CollegeLink.com Incorporated ("<U>Collegelink</U>");</P>
<P ALIGN="left">WHEREAS, pursuant to an Amended and Restated Asset Purchase Agreement dated as of May 2, 2001, by and among the Company, Collegelink and Collegelink Bristol Corporation, Collegelink's wholly-owned subsidiary (Collegelink and Collegelink Bristol Corporation hereinafter collectively referred to as the "<U>Sellers</U>"), the Company is acquiring substantially all of the assets and liabilities of the Sellers (the "<U>Acquisition</U>");</P>
<P ALIGN="left">WHEREAS, immediately prior to the closing of the Acquisition, the Sellers are engaged in the business of (i) marketing services to corporations, colleges, universities, the military and financial aid providers and advisors targeted and/or related to teens and high school, college, university and/or other students, and related and ancillary services and technology; (ii) providing general services to teens and high school, college, university and/or other students in the form of education, seminars, presentation and similar forms, and related and ancillary services and technology; and (iii) providing general services to guidance counselors, financial aid officers and career and employment counselers, and related and ancillary services and technology (collectively, the "Business").</P>
<P ALIGN="left">WHEREAS, High has extensive knowledge and a unique understanding of the Business, has been directly involved with the establishment and continued development of the Business and its customer relations and has had access to all of the proprietary and confidential information used in the Business;</P>
<P ALIGN="left">WHEREAS, immediately prior to the closing of the Acquisition, High owns shares of capital stock of Collegelink and is directly benefitting from the Acquisition, and it is a condition to the consummation of the Acquisition that the Company and High enter into this Agreement and that High agree to the Restrictive Covenants (as defined in Section 3 below).</P>
<P ALIGN="left">WHEREAS, in order to protect the goodwill and intellectual property rights of the Company, the Company is requiring that High agree not to compete with the Company or its affiliates with respect to the Business, the observance and enforcement of which High acknowledges are essential to the protection of the Company's goodwill and intellectual property rights.</P>
<P ALIGN="left">NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations and covenants herein contained, the parties hereto agree as follows:</P>
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;<U>Covenant Not to Compete; Nonsolicitation.
<BR>
<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;High acknowledges that:
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;upon consummation of the Acquisition, the Company and its affiliates will be engaged in the Business;
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;High is one of a limited number of persons who helped develop the Business of Collegelink;
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;High has occupied a position of trust and confidence with the Sellers prior to the date of this Agreement and, during such period, High has become familiar with the proprietary and confidential information of the Company and the Company's other affiliates;
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the agreements and covenants contained in this Section 1 are essential to protect the Company, its affiliates and the goodwill of the Business and are a condition precedent to the willingness of the Company to consummate the transactions contemplated by the Merger Agreement;
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;the Company and its affiliates would be irreparably damaged if High were to provide services to any person or entity in violation of the provisions of this Agreement;
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;the scope and duration of the Restrictive Covenants (as defined in Section&nbsp;3) are reasonably designed to protect a protectable interest of the Company and its affiliates and are not excessive in light of the circumstances; and
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;High has a means to support High and High's dependents, if any, other than by engaging in activities prohibited by this Section 1.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;High hereby agrees that for a period of two years after the date of the Closing of the Acquisition (the "<U>Restricted Period</U>"), High shall not, directly or indirectly, as employee, agent, consultant, stockholder, director, partner or in any other individual or representative capacity, own, operate, manage, control, engage in, invest in or participate in any manner in, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or entity), or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly or indirectly engages or proposes to engage in the Business anywhere in or into the United States or Canada and in or into any other country in which the Company or any of its affiliates may from time to time prior to the expiration of the Restricted Period engage in the Business (collectively the "<U>Territory</U>"). Notwithstanding the foregoing, nothing contained herein shall be construed to prevent High from owning not more than one percent (1%) of any class of stock of any competing company which is listed on a national securities exchange or traded in the over-the-counter market, but only if High is not involved in managing the affairs of said corporation and if High, High's associates (as such term is defined in Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended), and High's affiliates collectively do not own more than an aggregate of two percent of the stock of such corporation ("<U>Permitted Investments</U>"). As used in this Agreement, the term "affiliate" shall have the meaning ascribed to that term in Rule 405 of the Securities Act of 1933, as amended, and shall include each past and present affiliate of such person or entity.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Without limiting the provisions of paragraph (b) above, High agrees that, for a period of three years after the closing of the Acquisition, High will not directly or indirectly, as employee, agent, consultant, stockholder, director, partner or in any other individual or representative capacity (i) solicit any Business from or in any way transact or seek to transact any Business with or otherwise seek to influence or alter the relationship between the Company or any of its affiliates with any person or entity to whom either the Sellers or any of their affiliates provided services or to whom High or any of their affiliates made a presentation at any time during the one-year period preceding the closing of the Acquisition, or (ii) employ or solicit for employment or other services or otherwise seek to influence or alter the relationship between the Company or any of its affiliates and any person who is or was an employee of either of the Sellers or any of their affiliates at any time during the one-year period preceding the Closing.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;If any portion of the restrictions set forth in this Section&nbsp;1 should, for any reason whatsoever, be declared invalid by a court of competent jurisdiction, the validity or enforceability of the remainder of such restrictions shall not thereby be adversely affected.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;High acknowledges that the provisions of this Section&nbsp;1 are a material inducement to the Company to enter into and consummate the Acquisition and the Company would not enter into such agreements but for the agreements and covenants contained herein. High further acknowledges that the territorial and time limitations set forth in this Section&nbsp;1 are reasonable and properly required for the adequate protection of the business and goodwill of the Company and its subsidiaries and affiliates. High hereby waives, to the extent permitted by law, any and all right to contest the validity of this Section&nbsp;1 on the ground of the breadth of its geographic or product and service coverage or length of term. In the event any territorial or time limitation is deemed to be unreasonable by a court of competent jurisdiction, High agrees to the reduction of the territorial or time limitation to the area or period which such court shall deem reasonable.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;<U>Non-Disclosure of Confidential Information</U>. High shall not, during the Restricted Period or thereafter, directly or indirectly, disclose (other than as is required by law (in which case High shall give the Company prior written notice of such required disclosure and the opportunity to request confidential treatment)) to any person, firm or corporation any confidential information relating to the Business acquired by him in his capacity as a stockholder, officer, director, employee or consultant of the Company or any of its affiliates. Such confidential information shall include, but shall not be limited to, proprietary technology, trade secrets, patents, research and development data, know-how, market studies and forecasts, competitive analyses, pricing policies, employee lists, personnel policies, the substance of agreements with customers, suppliers and others, marketing or distribution arrangements, customer lists and any other documents embodying such confidential information. This confidentiality obligation shall not apply to any information which (i) is or becomes publicly available other than pursuant to a breach of this Section&nbsp;2 by High, or (ii) becomes known to High after the date of this Agreement through disclosure by sources other than the Company having the legal right to disclose such information.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;<U>Specific Performance</U>. High agrees that if he breaches, or threatens to commit a breach of, any of the provisions of Sections&nbsp;1 or 2 (the "<U>Restrictive Covenants</U>"), the Company shall have, in addition to, and not in lieu of, any other rights and remedies available to the Company under law and in equity, the right to injunctive relief and/or to have the Restrictive Covenants specifically enforced by a court of competent jurisdiction, without the posting of any bond or other security, it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;<U>Amendment or Alteration</U>. No amendment or alteration of the terms of this Agreement shall be valid unless made in writing and signed by both of the parties hereto.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed therein. The parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of any state or federal court sitting in the State of New York in connection with any claim, action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby and agree not to assert, by way of motion, as a defense or otherwise that any such claim, action or proceeding is brought in an inconvenient forum, that the venue thereof is improper or that this Agreement or the subject matter hereof may not be enforced by such court.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;<U>Severability</U>. The holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision of this Agreement, which shall remain in full force and effect. If any court determines that any Restrictive Covenant, or any provision thereof, is unenforceable because of the duration or area covered thereby, such court shall have the power, and the parties intend and desire that such court exercise the power, to reduce the duration or area covered by such provision to the minimum extent necessary to render such provision enforceable, and in its reduced form, such provision shall then be enforceable and shall be enforced.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;<U>Notices</U>. Any notices required or permitted to be given hereunder shall be sufficient if in writing, and if delivered by hand or courier, or sent by certified mail, return receipt requested, to the following addresses or such other address as either party may from time to time designate in writing to the other, and shall be deemed given as of the date of the delivery or at the expiration of five days in the event of a
mailing
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;If to High:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin J. High<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Cytation Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 Thames Street<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 809<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol, Rhode Island 02809
<P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;If to the Company:&nbsp;&nbsp;622 Third Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10017<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Myron Olesnyckyj, Esq.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;<U>Counterparts and Signatures</U>. This Agreement may be signed in counterparts with the same effect as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;<U>Waiver or Breach</U>. It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent breach by that same party.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;<U>Entire Agreement and Binding Effect</U>. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, both written and oral, between the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, heirs, distributors, successors and assigns, provided, however, that High shall not be entitled to assign or delegate any of his rights or obligations hereunder without the prior written consent of the Company.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;<U>Further Assurances</U>. The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;<U>Construction of Agreement</U>. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such provision.
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;<U>Headings</U>. The Section headings appearing in this Agreement are for the purposes of easy reference and shall not be considered a part of this Agreement or in any way modify, demand or affect its provisions.</P>

<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, the parties hereto have executed this Noncompetition and Nonsolicitation Agreement as of the date and year first above written.</P>
<U><P>/s/ Kevin J. High</U><BR>
Kevin J. High</P>
<P ALIGN="JUSTIFY"><BR>
TMP WORLDWIDE INC.</P>
<P>By:&nbsp;&nbsp;<U>/s/ Thomas G. Collison<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;Thomas G. Collison<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman</P></BODY>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>rafemagt.htm
<DESCRIPTION>FISHER EMPLOYMENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Fisher Employment Agmt</TITLE>
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<BODY LINK="#0000ff" VLINK="#800080">

<B><P ALIGN="CENTER">EMPLOYMENT AGREEMENT</P>
</B><P>This Employment Agreement (the "Agreement"), entered into as of this 15<SUP>th</SUP> day of October, 2001, is by and between Cytation Corporation, a Delaware corporation with its principal office at 251 Thames Street, Bristol, Rhode Island (together with its predecessors, the "Company"), and Richard A. Fisher ("Fisher").</P>
<B><U><P ALIGN="CENTER">W I T N E S S E T H :</P>
</U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> the Company is engaged in business in Rhode Island; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, </B>Fisher is currently employed by the Company as president; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Fisher assisted in negotiating and selling the Company's assets to TMP Worldwide, Inc.; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Fisher voluntary reduced the amount of compensation paid to him by the Company notwithstanding that he was entitled to substantially greater payments under his employment agreement with the Company and, from time to time, deferred receipt of such reduced compensation amounts; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, TMP required, as a condition to the purchase transaction, that Fisher execute a Non-Competition and Non-Solicitation Agreement for which Fisher received no compensation, which agreement effectively precludes Fisher for three years from participating in the market in which he has been principally employed for the preceding two years; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Fisher has experience in entrepreneurial environments, which is useful given the Company's status after the sale of substantially all of its assets to TMP; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> Fisher has experience with small-cap public companies and with companies that file reports under the Securities Exchange Act of 1934; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> Fisher has extensive experience in the use of "shell" corporations, which is one route that the Company may take to enhance stockholder value; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, </B>the Company no longer can offer officers and directors the protection of an officers' and directors' liability insurance policy; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> the Company desires that Fisher continue in the employment of the Company, and Fisher has agreed to continue to be employed by the Company provided that the Company and Fisher enter into this Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE,</B> in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the parties do hereby agree as follows:</P>
<B><P>1.&nbsp;&nbsp;<U>Definitions.</B></U> For purposes of this Agreement, the following terms shall have the meanings set forth below:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Base Salary"</B> means the aggregate annual amount paid by the Company for base salary as provided in Section 3(a) hereof. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Board"</B> means the Board of Directors of the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Cause"</B> means, and shall be limited to, Fisher's: (a) commission of fraudulent or felony criminal acts; (b) participating actively in businesses which are in direct competition to the Company without the Board's prior written consent; or (c) willful and repeated failure or refusal in material respects to perform the provisions of this Agreement or the duties of Fisher's position, provided written notice of such breaches have been given to Fisher by the Board ("Notice"), and such breaches continue for a period of thirty (30) days after such Notice.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Change in Control"</B> means (i) a reorganization, merger or consolidation of the Company with one or more other persons in which the Company is not the surviving corporation and the members of the Board immediately prior to such transaction do not constitute a majority of the board of directors of the surviving entity, (ii) the sale of substantially all of the Company's assets if immediately subsequent to such sale, the members of the Board immediately prior to such transaction do not constitute a majority of the board of directors of the acquiring entity, (iii) the acquisition by a person or persons acting as a group or otherwise in concert (excluding any officer or director of the Company as of the date hereof) of equity securities of the Company that represent thirty-three percent (33%) or more of the aggregate voting power of all outstanding equity securities of the Company, (iv) a change in the composition of the Board during any period of two consecutive years such that individuals who at the beginning of the period were members of the Board cease for any reason to constitute at least a majority thereof, unless the election or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period, or (v) the decision of the Board to liquidate and dissolve the Company, provided that all members of the Board who are not also employees vote for such a resolution. For purposes of clauses (i), (ii), and (iii), the execution by the Company of a letter of intent or term sheet for a reorganization, merger, consolidation, sale of assets, or acquisition (to the extent that such acquisition is of shares newly issued by the Company), as the case may be, shall be deemed to constitute the occurrence of such event, and for purposes of clause (v), a resolution of the Board to liquidate and dissolve shall constitute the occurrence of such event.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Complete Disability"</B> means Fisher's qualification for benefits under the long-term disability insurance policy described in Section 3(f) hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Designated Beneficiary"</B> means the person(s) designated by Fisher to the Board to be his beneficiary under this Agreement in the event of his death. If no beneficiary has been designated, or the designated beneficiary has predeceased Fisher, the Designated Beneficiary shall be Fisher's estate.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Employment Continuation Date"</B> means July 1, 2001.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Good Reason"</B> means (i) a material and adverse change in Fisher's title, status, authority, duties, function or benefits; (ii) any reduction in Fisher's Base Salary or the failure to pay Fisher's Base Salary when due; (iii) the relocation of Fisher's principal place of employment to a location outside of the State of Rhode Island; or (iv) a material breach by the Company of its obligations hereunder.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Severance"</B> means (i) Base Salary at the rate in effect at the time of the event triggering the Company's obligation to pay Severance, (ii) the acceleration of vesting of all options held by Fisher to purchase Company stock (or the elimination of any cancellation rights the Company may have with respect to all options, if applicable), the reduction in the per share exercise price thereof to $.001, and the extension of the exercise period of all such options until the second anniversary of the date of termination, and (iii) while Fisher shall be living until the end of the Term and for one year thereafter, the continuation of the benefits described in Sections 3(d)-(g) hereof. In the event that Fisher is not eligible for continued participation in the health insurance plan in which Fisher was participating at the time of termination, the Company shall pay the full cost of comparable coverage (determined without regard to cost). </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Takeover Period"</B> means (i) twelve (12) months after a Change in Control, or (ii) prior to a Change in Control, anytime subsequent to when the Company commences substantive negotiations with respect to a proposed Change in Control if the Company enters into a definitive agreement for such Change of Control within twelve (12) months thereafter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<B>Term"</B> means the three (3) year period beginning on the Employment Continuation Date and ending on the third anniversary thereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Territory"</B> means the United States of America.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trade Secret, Proprietary or Confidential Information"</B> means any and all confidential, trade secret and/or proprietary information of the Company or its clients, including without limitation financial information, projected budgets, marketing strategies, past performances, client lists, pricing policies, operational methods, marketing plans or strategies, product development techniques or plans, flowcharts, software programs, data, systems, techniques, business acquisition plans, inventions and research projects and other business affairs or any other documents or materials, whether or not reduced to tangible form, pertaining to the business of Company.</P>
<B><P>2.&nbsp;&nbsp;<U>Employment and Duties</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Effective as of the Employment Continuation Date, the Company hereby agrees to employ Fisher as President of the Company. As such, Fisher shall have the responsibilities, duties and authority reasonably accorded to and expected of such positions in the context of the Company's present business. Fisher will report directly to the Board and carry out its directives to him.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Fisher hereby agrees to accept the employment, directorship, responsibilities and duties described in subparagraph (a) above as of the Employment Continuation Date upon the terms and conditions herein contained. Fisher agrees to devote such of his business and productive time, skill, attention and efforts to promote and further the business of the Company as he solely shall determine in good faith is necessary. The Company acknowledges and agrees that Fisher's services may not be required for extended periods of time. Fisher shall not be required to relocate and shall perform his services hereunder at such location or locations as he considers appropriate in his sole discretion.</P>
<B><P>3.&nbsp;&nbsp;<U>Compensation</U>.</B> For all services rendered by Fisher, the Company shall compensate Fisher as follows:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<B>Base Salary.</B><I> </I>Effective as of the Employment Continuation Date, Base Salary payable to Fisher shall be $300,000 per annum, of which $200,000 shall be paid currently and of which $100,000 shall be earned currently but paid (to the extent earned) at such time as the escrow established in connection with TMP transaction pursuant to the Escrow Agreement by and among the Company, TMP and Eastern Bank ("Escrow") is terminated or expires. The Company acknowledges and agrees that the Escrow shall constitute security for the payment of such deferred compensation and that Fisher is relying expressly on this security in consideration of his agreement to defer one-third of his base compensation. Base Salary shall be paid in accordance with the Company's standard payroll procedures.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<B>Loan, Continuation Bonus and/or Performance Compensation. </B>As an inducement for Fisher to continue his employment with the Company, the Company shall (i) loan Fisher $225,000, without interest, which loan shall be converted to a Continuation Bonus on January 2, 2003 should Fisher be an employee of the Company on such date (unless Fisher shall have died, become disabled, <I>or</I> been terminated by the Company without Cause (as defined herein) <I>or</I> unless Fisher shall have terminated his employment with the Company for Good Reason (as defined herein) before such date, <I>or</I> unless there has been a Change of Control (as defined herein) before such date, in which event Fisher shall be deemed to be an employee of the Company on January 2, 2003), (ii) reduce the exercise price of all stock options granted to him before July 1, 2001 to $.001 per share, and (iii) grant additional stock options as set forth in Section 3(c) hereof. Additional bonus and/or other performance compensation may be payable to Fisher at the discretion of the Board. The Company acknowledges that the reduction in the exercise price of stock option granted before July 1, 2001 is a material inducement to Fisher to continue his employment with the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<B>Stock Options.</B><I> </I>Effective as of the Employment Continuation Date, the Company agrees to award to Fisher an option to purchase shares of the Company's common stock as provided in the Option Grant Agreement of even date herewith. ("Option Grant"). The Company acknowledges that the award of the Option Grant is a material inducement to Fisher to continue his employment with the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;<B>Welfare and Retirement Benefits. </B>During the term of Fisher's employment with the Company, at no cost to Fisher, the Company shall provide Fisher with family coverage under the health insurance plan chosen by Fisher from the plans offered to the Company's regular full-time employees. Fisher may participate in such additional employee benefit plans, including but not limited to 401(k), pension, and dental insurance plans, as the Company makes available generally to executives of the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;<B>Life Insurance. </B>During the term of Fisher's employment with the Company, the Company will continue to pay the premiums with respect to that certain Northwestern Mutual whole life insurance policy owned by Fisher as of the date hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;<B>Long-Term Disability Insurance.</B> During the term of Fisher's employment with the Company, the Company will secure and maintain a long-term disability insurance policy with respect to Fisher providing for benefits of not less than $5,000 per month for 60 months.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;<B>Vacation.</B> During the term of the Fisher's employment with the Company, Fisher will be allowed up to six (6) weeks of paid vacation during each calendar year. Unused vacation during any calendar year may not be carried over into a succeeding calendar year.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;<B>Business Expenses. </B>During the term of Fisher's employment with the Company, the Company will reimburse Fisher for the costs of cell phone and home fax use and an internet telephone line. The Company will reimburse Fisher for the ordinary and necessary business travel, lodging, meal and entertainment expenses he reasonably incurs in furtherance of the business activities of the Company. The Company's agreement under this subparagraph (h) is subject to Fisher's substantiation and reporting of such expenses in accordance with Company policy and applicable federal and state income tax laws.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;<B>Auto allowance</B>. There shall be no auto allowance. Fisher expressly acknowledges that this represents a reduction of $12,000 per annum relative to the auto allowance provided for in the Employment Agreement which is superseded hereby</P>
<B><P>4.&nbsp;&nbsp;<U>Non-Competition Agreement</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Fisher will not, during the period of Fisher's employment by or with the Company, and for a period of one (1) year immediately following the termination of Fisher's employment under this Agreement, for any reason whatsoever, directly or indirectly, for Fisher or on behalf of or in conjunction with any other person, persons, company, partnership, corporation or business of whatever nature:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;engage, as an officer, director, stockholder, owner, partner, joint venturer, or in a managerial, consulting or advisory capacity, whether as an employee, independent contractor, consultant or advisor, or as a sales representative, in any business which offers any services or products in direct competition with Company within the Territory; </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;call upon any person who is, at that time, within the Territory, an employee of the Company in a managerial capacity for the purpose or with the intent of enticing such employee away from or out of the employ of Company;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;call upon any person or entity which is, at that time, or which has been, within one (1) year prior to that time, a client of Company within the Territory for the purpose of soliciting or selling products or services in direct competition with Company within the Territory;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;call upon any prospective acquisition candidate, on Fisher's own behalf or on behalf of any competitor, which candidate was, to Fisher's actual knowledge after due inquiry, either called upon by Company or for which Company made an acquisition analysis, for the purpose of acquiring such entity; or</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;induce or attempt to induce any person known by Fisher to be a customer, supplier, or business relation of the Company to cease doing business with the Company or in any way interfere with the relationship between the Company and any person known by Fisher to be a customer, supplier, licensee, or business relation of the Company.</P>
<P>Notwithstanding the above, the foregoing covenants shall not be deemed to prohibit Fisher from acquiring as an investment not more than five percent (5%) of the capital stock of a competing business, whose stock is traded on a national securities exchange or over-the-counter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Because of the difficulty of measuring economic losses to Company as a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that could be caused to Company for which Company would have no other adequate remedy, Fisher agrees that the foregoing covenants may be enforced by Company in the event of breach by Fisher, by injunctions and restraining orders.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;The covenants in this Section 4 are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which the court deems reasonable, and this Agreement shall thereby be reformed.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;Fisher acknowledges that the covenants in this Section 4 (i) are agreed to by Fisher as an inducement for and in consideration of the Company's entering into this Agreement, and (ii) contain limitations as to time, geographic area and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other business interests of Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Fisher agrees that all of the covenants in this Section 4 shall be construed as an agreement independent of any other provision in this Agreement, that Company shall be the beneficiary of and have the right to enforce such covenants, and that the existence of any claim or cause of action of Fisher against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of such covenants. It is specifically agreed that the period of one (1) year following termination of employment stated at the beginning of this Section 4, during which the agreements and covenants of Fisher made in this Section 4 shall be effective, shall be computed by excluding from such computation any time during which Fisher is in violation of any provision of this Section 4.</P>
<B><P>5.&nbsp;&nbsp;<U>Term and Termination</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<B>Term.</B> Fisher's employment pursuant to this Agreement shall begin on the Employment Continuation Date and shall terminate upon the expiration of the Term. Notwithstanding the foregoing, this Agreement shall immediately terminate upon the occurrence of the following events: (i) Fisher's death; (ii) Fisher's Complete Disability; (iii) Fisher's resignation with or without Good Reason; or (iv) termination of Fisher's employment by the Company with or without Cause.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<B>Death.</B> If Fisher dies while in the employ of the Company, the Company will pay to Fisher's Designated Beneficiary Base Salary accrued through the date of death and for one year thereafter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<B>Complete&nbsp;Disability.</B> In the event of Fisher's Complete Disability, the Company will pay Fisher Base Salary accrued through the date of Complete Disability and for one year thereafter.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>(d)&nbsp;&nbsp;<B>Executive Resignation; Company Termination Without Cause.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Either Fisher or the Company may terminate this Agreement for any reason without Cause by providing the other party at least five (5) business days advance written notice of termination.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Upon termination of this Agreement by Fisher other than for Good Reason, Fisher shall be entitled to receive Base Salary accrued through the date of termination.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Upon termination of this Agreement by Fisher for Good Reason, or by the Company without Cause, Fisher will receive Severance until the later of (i) the expiration of the Term or (ii) one (1) year after the date of termination. That portion of Severance attributable to Base Salary shall be paid in a single lump sum payment not more than thirty (30) days after termination of this Agreement. Fisher shall have no obligation to seek or obtain other employment and the failure to seek or obtain other employment shall not reduce in any way the Company's obligations under this Section 5(e)(iii).</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<B>&nbsp;&nbsp;Termination for Cause.</B> In the event the Company terminates Fisher's employment for Cause, Fisher shall be entitled to Base Salary accrued through the date of termination, but shall be entitled to no further rights or benefits hereunder.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>(f)&nbsp;&nbsp;<B>Change in Control. </B>If during the Takeover Period, Fisher's employment is terminated by the Company for reasons other than death, Complete Disability or Cause, or Fisher terminates employment for Good Reason, or if there is a Change in Control as defined in Section 1 hereof, the Company shall pay to Fisher in full, at the time of such termination (or the consummation of the Change in Control if earlier), (i) Base Salary accrued through the date of termination, and (ii) an amount equal to 2.99 times Fisher's "base amount" within the meaning of Internal Revenue Code Section 280G. Fisher may elect, in his sole discretion, to have the Company cause any options to purchase Company stock held by Fisher to become fully exercisable and/or to continue participation in the health insurance plan in which Fisher was participating at the time of termination. In the event Fisher makes any such election, cash payments due to Fisher pursuant to clause (ii) above shall be reduced to the extent necessary to avoid the imposition of the excise tax provided for in Section 280G.</P>
<B><P>6.&nbsp;&nbsp;<U>Return of Company Property</U>.</B> All records, files, business plans, financial statements, manuals, memoranda, lists, designs, patents, and other property delivered to or compiled by Fisher by or on behalf of Company or any of its representatives, vendors or clients which pertain to the business of Company shall be and remain the property of Company and be subject at all times to its discretion and control. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities or future plans of Company which is collected by Fisher shall be delivered promptly to the Company without request by it upon termination of Fisher's employment.</P>
<B><P>7.&nbsp;&nbsp;<U>Inventions and Works</U>.</B> Fisher shall disclose promptly to the Company any and all significant conceptions and ideas for inventions, improvements and valuable discoveries, whether patentable or not, and any and all works of authorship (including computer software), whether copyrightable or not, which are conceived or made by Fisher, solely or jointly with another, during the period of employment or within one (1) year thereafter, and which are directly related to the business or activities of Company and which Fisher conceives as a result of Fisher's employment by the Company. Fisher hereby assigns and agrees to assign all Fisher's interests therein to the Company or its nominee. Whenever requested to do so by the Company, Fisher shall execute any and all applications, assignments or other instruments that the Company shall deem necessary to apply for and obtain copyright registration or Letters Patent of the United States or any foreign country or to otherwise protect the Company's interest therein.</P>
<B><P>8.&nbsp;&nbsp;<U>Trade Secret, Proprietary and Confidential Information</U>. </B>Fisher acknowledges and agrees that during the course of Fisher's employment with the Company, Fisher may learn about, develop or be entrusted with Trade Secret, Proprietary and Confidential Information. The Company has in the past and will in the future use reasonable efforts to keep secret the Trade Secret, Proprietary and Confidential Information. Fisher expressly acknowledges and agrees that unless the Trade Secret, Proprietary and Confidential Information becomes publicly known through legitimate means not involving an act or omission by Fisher: (i) the Trade Secret, Proprietary and Confidential Information is, and at all times shall remain, the sole and exclusive property of the Company unless it shall become publicly known in the Company's business without any involvement on Fisher's part; (ii) Fisher shall use the utmost diligence to guard and protect the Trade Secret, Proprietary and Confidential Information from disclosure to any other person or entity except in the scope of the discharge of his duties to the Company; (iii) Fisher shall not use for his own benefit, or for the benefit of any other person or entity other than the Company, and shall not disclose, directly or indirectly, to any other person or entity, any of the Trade Secret, Proprietary and Confidential Information except in the scope of the discharge of his duties to the Company; and (iv) except in the scope of the discharge of his duties to the Company, Fisher shall not seek or accept any of the Trade Secret, Proprietary and Confidential Information from any former, present, or future employee of the Company.</P>
<B><P>9.&nbsp;&nbsp;<U>No Prior Agreements</U>.</B> Fisher hereby represents and warrants to the Company that the execution of this Agreement by Fisher and Fisher's employment by the Company and the performance of Fisher's duties hereunder will not violate or be a breach of any agreement with a former employer, client or any other person or entity. Further, Fisher agrees to indemnify the Company for any claim, including, but not limited to, attorneys' fees and expenses of investigation, by any such third party that such third party may now have or may hereafter come to have against the Company based upon or arising out of any non-competition agreement, invention or secrecy agreement between Fisher and such third party which was in existence as of the date of this Agreement.</P>
<B><P>10.&nbsp;&nbsp;<U>Assignment; Binding Effect</U>.</B> Fisher understands that Fisher has been selected for employment by the Company on the basis of Fisher's personal qualifications, experience and skills. Fisher agrees, therefore, that Fisher cannot assign all or any portion of Fisher's performance under this Agreement. Subject to the preceding two (2) sentences, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective heirs, legal representatives, successors and assigns.</P>
<B><P>11.&nbsp;&nbsp;<U>Complete Agreement</U>.</B> This Agreement supersedes all prior written agreements and oral understandings between the Company and Fisher relating to his employment by the Company. This written Agreement is the final, complete and exclusive statement and expression of the agreement between the Company and Fisher and of all the terms of this Agreement, and it cannot be varied, contradicted or supplemented by evidence of any prior or contemporaneous oral or written agreements. This written Agreement may not be later modified except by a further writing signed by a duly authorized officer of the Company and Fisher, and no term of this Agreement may be waived except by writing signed by the party waiving the benefit of such term.</P>
<B><P>12.&nbsp;&nbsp;<U>Notice</U>.</B> Whenever any notice is required hereunder, it shall be given in writing addressed as follows:</P>
<P><DIV ALIGN="center"></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=309>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>To the Company:</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>Cytation Corporation</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>P.O. Box 809</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>Bristol, RI 02809</TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></DIV></P>
<DIV ALIGN="center">
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=309>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>To Fisher:</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>Richard A.Fisher</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>251 Thames Street</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>Bristol, RI 02809</TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></DIV></P>
<P>Notice shall be deemed given and effective three (3) days after the deposit in the U.S. mail of a writing addressed as above and sent first class mail, certified, return receipt requested, or when actually received if earlier. Either party may change the address for notice by notifying the other party of such change in accordance with this Section 13.</P>
<B><P>13.&nbsp;&nbsp;<U>Severability; Headings</U>.</B> If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative and, so far as is reasonable and possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The paragraph headings herein are for reference purposes only and are not intended in any way to describe, interpret, define or limit the extent or intent of this Agreement or of any part hereof.</P>
<B><P>14.&nbsp;&nbsp;<U>Arbitration</U>.</B> Any dispute, controversy or claim arising out of or relating to this Agreement or the breach or performance hereof will be settled by arbitration in accordance with the laws of the State of Rhode Island by an arbitrator mutually agreed upon by the Company and Fisher. Such arbitration will be conducted in the City of Providence in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall include an award of attorney's fees and costs to the prevailing party. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.</P>
<B><P>15.&nbsp;&nbsp;<U>Governing Law</U>.</B> This Agreement shall in all respects be construed according to the laws of the State of Delaware.</P>
<B><P>16.&nbsp;&nbsp;<U>Counterparts</U>.</B> This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.</P>
<B><P>IN WITNESS WHEREOF,</B> the parties hereto have executed this Agreement as of the day and year first above written.</P>
<P><DIV ALIGN="right"></P>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=352>
<TR><TD VALIGN="MIDDLE">
<P>CYTATION CORPORATION</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>By:&nbsp;&nbsp;&nbsp;&nbsp;<U> /s/ Kevin J. High</U></TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>Title:&nbsp;&nbsp;President</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>RICHARD A. FISHER</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<U><P>/s/ Richard A. Fisher</U></TD>
</TR>
</TABLE>

<P></DIV></P>
<P>For the Compensation Committee: <BR>
<BR>
<U>/s/ John J. Gilece, Jr. <BR>
</U>John J. Gilece, Jr. <BR>
<BR>
<BR>
<U>/s/ Christopher Portner <BR>
</U>Christopher Portner</P></BODY>
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<TYPE>EX-6
<SEQUENCE>8
<FILENAME>kjhemagt.htm
<DESCRIPTION>HIGH EMPLOYMENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>High Employment Agreement</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><P ALIGN="CENTER">EMPLOYMENT AGREEMENT</P>
</B><P>This Employment Agreement (the "Agreement"), entered into as of this 15<SUP>th</SUP> day of October, 2001, is by and between Cytation Corporation, a Delaware corporation with its principal office at 251 Thames Street, Bristol, Rhode Island (together with its predecessors, the "Company"), and Kevin J. High ("High").</P>
<B><U><P ALIGN="CENTER">W I T N E S S E T H :</P>
</U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> the Company is engaged in business in Rhode Island; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, </B>High is currently employed by the Company as president; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, High assisted in negotiating and selling the Company's assets to TMP Worldwide, Inc.; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, High voluntary reduced the amount of compensation paid to him by the Company notwithstanding that he was entitled to substantially greater payments under his employment agreement with the Company and, from time to time, deferred receipt of such reduced compensation amounts; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, TMP required, as a condition to the purchase transaction, that High execute a Non-Competition and Non-Solicitation Agreement for which High received no compensation, which agreement effectively precludes High for three years from participating in the market in which he has been principally employed for the preceding two years; and </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, High has experience in entrepreneurial environments, which is useful given the Company's status after the sale of substantially all of its assets to TMP; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> High has experience with small-cap public companies and with companies that file reports under the Securities Exchange Act of 1934; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> High has extensive experience in the use of "shell" corporations, which is one route that the Company may take to enhance stockholder value; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, </B>the Company no longer can offer officers and directors the protection of an officers' and directors' liability insurance policy; and</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</B> the Company desires that High continue in the employment of the Company, and High has agreed to continue to be employed by the Company provided that the Company and High enter into this Agreement.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE,</B> in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the parties do hereby agree as follows:</P>
<B><P>1.&nbsp;&nbsp;<U>Definitions.</B></U> For purposes of this Agreement, the following terms shall have the meanings set forth below:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Base Salary"</B> means the aggregate annual amount paid by the Company for base salary as provided in Section 3(a) hereof. </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Board"</B> means the Board of Directors of the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Cause"</B> means, and shall be limited to, High's: (a) commission of fraudulent or felony criminal acts; (b) participating actively in businesses which are in direct competition to the Company without the Board's prior written consent; or (c) willful and repeated failure or refusal in material respects to perform the provisions of this Agreement or the duties of High's position, provided written notice of such breaches have been given to High by the Board ("Notice"), and such breaches continue for a period of thirty (30) days after such Notice.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Change in Control"</B> means (i) a reorganization, merger or consolidation of the Company with one or more other persons in which the Company is not the surviving corporation and the members of the Board immediately prior to such transaction do not constitute a majority of the board of directors of the surviving entity, (ii) the sale of substantially all of the Company's assets if immediately subsequent to such sale, the members of the Board immediately prior to such transaction do not constitute a majority of the board of directors of the acquiring entity, (iii) the acquisition by a person or persons acting as a group or otherwise in concert (excluding any officer or director of the Company as of the date hereof) of equity securities of the Company that represent thirty-three percent (33%) or more of the aggregate voting power of all outstanding equity securities of the Company, (iv) a change in the composition of the Board during any period of two consecutive years such that individuals who at the beginning of the period were members of the Board cease for any reason to constitute at least a majority thereof, unless the election or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period, or (v) the decision of the Board to liquidate and dissolve the Company, provided that all members of the Board who are not also employees vote for such a resolution. For purposes of clauses (i), (ii), and (iii), the execution by the Company of a letter of intent or term sheet for a reorganization, merger, consolidation, sale of assets, or acquisition (to the extent that such acquisition is of shares newly issued by the Company), as the case may be, shall be deemed to constitute the occurrence of such event, and for purposes of clause (v), a resolution of the Board to liquidate and dissolve shall constitute the occurrence of such event.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Complete Disability"</B> means High's qualification for benefits under the long-term disability insurance policy described in Section 3(f) hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Designated Beneficiary"</B> means the person(s) designated by High to the Board to be his beneficiary under this Agreement in the event of his death. If no beneficiary has been designated, or the designated beneficiary has predeceased High, the Designated Beneficiary shall be High's estate.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Employment Continuation Date"</B> means July 1, 2001.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Good Reason"</B> means (i) a material and adverse change in High's title, status, authority, duties, function or benefits; (ii) any reduction in High's Base Salary or the failure to pay High's Base Salary when due; (iii) the relocation of High's principal place of employment to a location outside of the State of Rhode Island; or (iv) a material breach by the Company of its obligations hereunder.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Severance"</B> means (i) Base Salary at the rate in effect at the time of the event triggering the Company's obligation to pay Severance, (ii) the acceleration of vesting of all options held by High to purchase Company stock (or the elimination of any cancellation rights the Company may have with respect to all options, if applicable), the reduction in the per share exercise price thereof to $.001, and the extension of the exercise period of all such options until the second anniversary of the date of termination, and (iii) while High shall be living until the end of the Term and for one year thereafter, the continuation of the benefits described in Sections 3(d)-(g) hereof. In the event that High is not eligible for continued participation in the health insurance plan in which High was participating at the time of termination, the Company shall pay the full cost of comparable coverage (determined without regard to cost). </P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Takeover Period"</B> means (i) twelve (12) months after a Change in Control, or (ii) prior to a Change in Control, anytime subsequent to when the Company commences substantive negotiations with respect to a proposed Change in Control if the Company enters into a definitive agreement for such Change of Control within twelve (12) months thereafter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<B>Term"</B> means the three (3) year period beginning on the Employment Continuation Date and ending on the third anniversary thereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"Territory"</B> means the United States of America.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Trade Secret, Proprietary or Confidential Information"</B> means any and all confidential, trade secret and/or proprietary information of the Company or its clients, including without limitation financial information, projected budgets, marketing strategies, past performances, client lists, pricing policies, operational methods, marketing plans or strategies, product development techniques or plans, flowcharts, software programs, data, systems, techniques, business acquisition plans, inventions and research projects and other business affairs or any other documents or materials, whether or not reduced to tangible form, pertaining to the business of Company.</P>
<B><P>2.&nbsp;&nbsp;<U>Employment and Duties</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Effective as of the Employment Continuation Date, the Company hereby agrees to employ High as President of the Company. As such, High shall have the responsibilities, duties and authority reasonably accorded to and expected of such positions in the context of the Company's present business. High will report directly to the Board and carry out its directives to him.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;High hereby agrees to accept the employment, directorship, responsibilities and duties described in subparagraph (a) above as of the Employment Continuation Date upon the terms and conditions herein contained. High agrees to devote such of his business and productive time, skill, attention and efforts to promote and further the business of the Company as he solely shall determine in good faith is necessary. The Company acknowledges and agrees that High's services may not be required for extended periods of time. High shall not be required to relocate and shall perform his services hereunder at such location or locations as he considers appropriate in his sole discretion.</P>
<B><P>3.&nbsp;&nbsp;<U>Compensation</U>.</B> For all services rendered by High, the Company shall compensate High as follows:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<B>Base Salary.</B><I> </I>Effective as of the Employment Continuation Date, Base Salary payable to High shall be $300,000 per annum, of which $200,000 shall be paid currently and of which $100,000 shall be earned currently but paid (to the extent earned) at such time as the escrow established in connection with TMP transaction pursuant to the Escrow Agreement by and among the Company, TMP and Eastern Bank ("Escrow") is terminated or expires. The Company acknowledges and agrees that the Escrow shall constitute security for the payment of such deferred compensation and that High is relying expressly on this security in consideration of his agreement to defer one-third of his base compensation. Base Salary shall be paid in accordance with the Company's standard payroll procedures.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<B>Loan, Continuation Bonus and/or Performance Compensation. </B>As an inducement for High to continue his employment with the Company, the Company shall (i) loan High $225,000, without interest, which loan shall be converted to a Continuation Bonus on January 2, 2003 should High be an employee of the Company on such date (unless High shall have died, become disabled, <I>or</I> been terminated by the Company without Cause (as defined herein) <I>or</I> unless High shall have terminated his employment with the Company for Good Reason (as defined herein) before such date, <I>or</I> unless there has been a Change of Control (as defined herein) before such date, in which event High shall be deemed to be an employee of the Company on January 2, 2003), (ii) reduce the exercise price of all stock options granted to him before July 1, 2001 to $.001 per share, and (iii) grant additional stock options as set forth in Section 3(c) hereof. Additional bonus and/or other performance compensation may be payable to High at the discretion of the Board. The Company acknowledges that the reduction in the exercise price of stock option granted before July 1, 2001 is a material inducement to High to continue his employment with the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<B>Stock Options.</B><I> </I>Effective as of the Employment Continuation Date, the Company agrees to award to High an option to purchase shares of the Company's common stock as provided in the Option Grant Agreement of even date herewith. ("Option Grant"). The Company acknowledges that the award of the Option Grant is a material inducement to High to continue his employment with the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;<B>Welfare and Retirement Benefits. </B>During the term of High's employment with the Company, at no cost to High, the Company shall provide High with family coverage under the health insurance plan chosen by High from the plans offered to the Company's regular full-time employees. High may participate in such additional employee benefit plans, including but not limited to 401(k), pension, and dental insurance plans, as the Company makes available generally to executives of the Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;<B>Life Insurance. </B>During the term of High's employment with the Company, the Company will continue to pay the premiums with respect to that certain Northwestern Mutual whole life insurance policy owned by High as of the date hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;<B>Long-Term Disability Insurance.</B> During the term of High's employment with the Company, the Company will secure and maintain a long-term disability insurance policy with respect to High providing for benefits of not less than $5,000 per month for 60 months.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;<B>Vacation.</B> During the term of the High's employment with the Company, High will be allowed up to six (6) weeks of paid vacation during each calendar year. Unused vacation during any calendar year may not be carried over into a succeeding calendar year.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;<B>Business Expenses. </B>During the term of High's employment with the Company, the Company will reimburse High for the costs of cell phone and home fax use and an internet telephone line. The Company will reimburse High for the ordinary and necessary business travel, lodging, meal and entertainment expenses he reasonably incurs in furtherance of the business activities of the Company. The Company's agreement under this subparagraph (h) is subject to High's substantiation and reporting of such expenses in accordance with Company policy and applicable federal and state income tax laws.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;<B>Auto allowance</B>. There shall be no auto allowance. High expressly acknowledges that this represents a reduction of $12,000 per annum relative to the auto allowance provided for in the Employment Agreement which is superseded hereby</P>
<B><P>4.&nbsp;&nbsp;<U>Non-Competition Agreement</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;High will not, during the period of High's employment by or with the Company, and for a period of one (1) year immediately following the termination of High's employment under this Agreement, for any reason whatsoever, directly or indirectly, for High or on behalf of or in conjunction with any other person, persons, company, partnership, corporation or business of whatever nature:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;engage, as an officer, director, stockholder, owner, partner, joint venturer, or in a managerial, consulting or advisory capacity, whether as an employee, independent contractor, consultant or advisor, or as a sales representative, in any business which offers any services or products in direct competition with Company within the Territory; </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;call upon any person who is, at that time, within the Territory, an employee of the Company in a managerial capacity for the purpose or with the intent of enticing such employee away from or out of the employ of Company;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;call upon any person or entity which is, at that time, or which has been, within one (1) year prior to that time, a client of Company within the Territory for the purpose of soliciting or selling products or services in direct competition with Company within the Territory;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;call upon any prospective acquisition candidate, on High's own behalf or on behalf of any competitor, which candidate was, to High's actual knowledge after due inquiry, either called upon by Company or for which Company made an acquisition analysis, for the purpose of acquiring such entity; or</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;induce or attempt to induce any person known by High to be a customer, supplier, or business relation of the Company to cease doing business with the Company or in any way interfere with the relationship between the Company and any person known by High to be a customer, supplier, licensee, or business relation of the Company.</P>
<P>Notwithstanding the above, the foregoing covenants shall not be deemed to prohibit High from acquiring as an investment not more than five percent (5%) of the capital stock of a competing business, whose stock is traded on a national securities exchange or over-the-counter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Because of the difficulty of measuring economic losses to Company as a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that could be caused to Company for which Company would have no other adequate remedy, High agrees that the foregoing covenants may be enforced by Company in the event of breach by High, by injunctions and restraining orders.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;The covenants in this Section 4 are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which the court deems reasonable, and this Agreement shall thereby be reformed.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;High acknowledges that the covenants in this Section 4 (i) are agreed to by High as an inducement for and in consideration of the Company's entering into this Agreement, and (ii) contain limitations as to time, geographic area and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other business interests of Company.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;High agrees that all of the covenants in this Section 4 shall be construed as an agreement independent of any other provision in this Agreement, that Company shall be the beneficiary of and have the right to enforce such covenants, and that the existence of any claim or cause of action of High against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of such covenants. It is specifically agreed that the period of one (1) year following termination of employment stated at the beginning of this Section 4, during which the agreements and covenants of High made in this Section 4 shall be effective, shall be computed by excluding from such computation any time during which High is in violation of any provision of this Section 4.</P>
<B><P>5.&nbsp;&nbsp;<U>Term and Termination</U>.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;<B>Term.</B> High's employment pursuant to this Agreement shall begin on the Employment Continuation Date and shall terminate upon the expiration of the Term. Notwithstanding the foregoing, this Agreement shall immediately terminate upon the occurrence of the following events: (i) High's death; (ii) High's Complete Disability; (iii) High's resignation with or without Good Reason; or (iv) termination of High's employment by the Company with or without Cause.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;<B>Death.</B> If High dies while in the employ of the Company, the Company will pay to High's Designated Beneficiary Base Salary accrued through the date of death and for one year thereafter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;<B>Complete&nbsp;Disability.</B> In the event of High's Complete Disability, the Company will pay High Base Salary accrued through the date of Complete Disability and for one year thereafter.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>(d)&nbsp;&nbsp;<B>Executive Resignation; Company Termination Without Cause.</P>
</B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Either High or the Company may terminate this Agreement for any reason without Cause by providing the other party at least five (5) business days advance written notice of termination.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Upon termination of this Agreement by High other than for Good Reason, High shall be entitled to receive Base Salary accrued through the date of termination.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Upon termination of this Agreement by High for Good Reason, or by the Company without Cause, High will receive Severance until the later of (i) the expiration of the Term or (ii) one (1) year after the date of termination. That portion of Severance attributable to Base Salary shall be paid in a single lump sum payment not more than thirty (30) days after termination of this Agreement. High shall have no obligation to seek or obtain other employment and the failure to seek or obtain other employment shall not reduce in any way the Company's obligations under this Section 5(e)(iii).</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<B>&nbsp;&nbsp;Termination for Cause.</B> In the event the Company terminates High's employment for Cause, High shall be entitled to Base Salary accrued through the date of termination, but shall be entitled to no further rights or benefits hereunder.</P>
<B><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>(f)&nbsp;&nbsp;<B>Change in Control. </B>If during the Takeover Period, High's employment is terminated by the Company for reasons other than death, Complete Disability or Cause, or High terminates employment for Good Reason, or if there is a Change in Control as defined in Section 1 hereof, the Company shall pay to High in full, at the time of such termination (or the consummation of the Change in Control if earlier), (i) Base Salary accrued through the date of termination, and (ii) an amount equal to 2.99 times High's "base amount" within the meaning of Internal Revenue Code Section 280G. High may elect, in his sole discretion, to have the Company cause any options to purchase Company stock held by High to become fully exercisable and/or to continue participation in the health insurance plan in which High was participating at the time of termination. In the event High makes any such election, cash payments due to High pursuant to clause (ii) above shall be reduced to the extent necessary to avoid the imposition of the excise tax provided for in Section 280G.</P>
<B><P>6.&nbsp;&nbsp;<U>Return of Company Property</U>.</B> All records, files, business plans, financial statements, manuals, memoranda, lists, designs, patents, and other property delivered to or compiled by High by or on behalf of Company or any of its representatives, vendors or clients which pertain to the business of Company shall be and remain the property of Company and be subject at all times to its discretion and control. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities or future plans of Company which is collected by High shall be delivered promptly to the Company without request by it upon termination of High's employment.</P>
<B><P>7.&nbsp;&nbsp;<U>Inventions and Works</U>.</B> High shall disclose promptly to the Company any and all significant conceptions and ideas for inventions, improvements and valuable discoveries, whether patentable or not, and any and all works of authorship (including computer software), whether copyrightable or not, which are conceived or made by High, solely or jointly with another, during the period of employment or within one (1) year thereafter, and which are directly related to the business or activities of Company and which High conceives as a result of High's employment by the Company. High hereby assigns and agrees to assign all High's interests therein to the Company or its nominee. Whenever requested to do so by the Company, High shall execute any and all applications, assignments or other instruments that the Company shall deem necessary to apply for and obtain copyright registration or Letters Patent of the United States or any foreign country or to otherwise protect the Company's interest therein.</P>
<B><P>8.&nbsp;&nbsp;<U>Trade Secret, Proprietary and Confidential Information</U>. </B>High acknowledges and agrees that during the course of High's employment with the Company, High may learn about, develop or be entrusted with Trade Secret, Proprietary and Confidential Information. The Company has in the past and will in the future use reasonable efforts to keep secret the Trade Secret, Proprietary and Confidential Information. High expressly acknowledges and agrees that unless the Trade Secret, Proprietary and Confidential Information becomes publicly known through legitimate means not involving an act or omission by High: (i) the Trade Secret, Proprietary and Confidential Information is, and at all times shall remain, the sole and exclusive property of the Company unless it shall become publicly known in the Company's business without any involvement on High's part; (ii) High shall use the utmost diligence to guard and protect the Trade Secret, Proprietary and Confidential Information from disclosure to any other person or entity except in the scope of the discharge of his duties to the Company; (iii) High shall not use for his own benefit, or for the benefit of any other person or entity other than the Company, and shall not disclose, directly or indirectly, to any other person or entity, any of the Trade Secret, Proprietary and Confidential Information except in the scope of the discharge of his duties to the Company; and (iv) except in the scope of the discharge of his duties to the Company, High shall not seek or accept any of the Trade Secret, Proprietary and Confidential Information from any former, present, or future employee of the Company.</P>
<B><P>9.&nbsp;&nbsp;<U>No Prior Agreements</U>.</B> High hereby represents and warrants to the Company that the execution of this Agreement by High and High's employment by the Company and the performance of High's duties hereunder will not violate or be a breach of any agreement with a former employer, client or any other person or entity. Further, High agrees to indemnify the Company for any claim, including, but not limited to, attorneys' fees and expenses of investigation, by any such third party that such third party may now have or may hereafter come to have against the Company based upon or arising out of any non-competition agreement, invention or secrecy agreement between High and such third party which was in existence as of the date of this Agreement.</P>
<B><P>10.&nbsp;&nbsp;<U>Assignment; Binding Effect</U>.</B> High understands that High has been selected for employment by the Company on the basis of High's personal qualifications, experience and skills. High agrees, therefore, that High cannot assign all or any portion of High's performance under this Agreement. Subject to the preceding two (2) sentences, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective heirs, legal representatives, successors and assigns.</P>
<B><P>11.&nbsp;&nbsp;<U>Complete Agreement</U>.</B> This Agreement supersedes all prior written agreements and oral understandings between the Company and High relating to his employment by the Company. This written Agreement is the final, complete and exclusive statement and expression of the agreement between the Company and High and of all the terms of this Agreement, and it cannot be varied, contradicted or supplemented by evidence of any prior or contemporaneous oral or written agreements. This written Agreement may not be later modified except by a further writing signed by a duly authorized officer of the Company and High, and no term of this Agreement may be waived except by writing signed by the party waiving the benefit of such term.</P>
<B><P>12.&nbsp;&nbsp;<U>Notice</U>.</B> Whenever any notice is required hereunder, it shall be given in writing addressed as follows:</P>
<P><DIV ALIGN="center"></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=309>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>To the Company:</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>Cytation Corporation</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>P.O. Box 809</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>Bristol, RI 02809</TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></DIV></P>
<DIV ALIGN="center">
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=309>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>To High:</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>Kevin J. High</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>251 Thames Street</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP">
<P>Bristol, RI 02809</TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></DIV></P>
<P>Notice shall be deemed given and effective three (3) days after the deposit in the U.S. mail of a writing addressed as above and sent first class mail, certified, return receipt requested, or when actually received if earlier. Either party may change the address for notice by notifying the other party of such change in accordance with this Section 13.</P>
<B><P>13.&nbsp;&nbsp;<U>Severability; Headings</U>.</B> If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative and, so far as is reasonable and possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The paragraph headings herein are for reference purposes only and are not intended in any way to describe, interpret, define or limit the extent or intent of this Agreement or of any part hereof.</P>
<B><P>14.&nbsp;&nbsp;<U>Arbitration</U>.</B> Any dispute, controversy or claim arising out of or relating to this Agreement or the breach or performance hereof will be settled by arbitration in accordance with the laws of the State of Rhode Island by an arbitrator mutually agreed upon by the Company and High. Such arbitration will be conducted in the City of Providence in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall include an award of attorney's fees and costs to the prevailing party. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.</P>
<B><P>15.&nbsp;&nbsp;<U>Governing Law</U>.</B> This Agreement shall in all respects be construed according to the laws of the State of Delaware.</P>
<B><P>16.&nbsp;&nbsp;<U>Counterparts</U>.</B> This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.</P>
<B><P>IN WITNESS WHEREOF,</B> the parties hereto have executed this Agreement as of the day and year first above written.</P>
<P><DIV ALIGN="right"></P>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=352>
<TR><TD VALIGN="MIDDLE">
<P>CYTATION CORPORATION</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>By:&nbsp;&nbsp;&nbsp;&nbsp;<U> /s/ Richard A. Fisher</U></TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>Title:&nbsp;&nbsp;Chairman and General Counsel</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<P>KEVIN J. HIGH</TD>
</TR>
<TR><TD VALIGN="MIDDLE">
<U><P>/s/ Kevin J. High</U></TD>
</TR>
</TABLE>

<P></DIV></P>
<P>For the Compensation Committee: <BR>
<BR>
<U>/s/ John J. Gilece, Jr. <BR>
</U>John J. Gilece, Jr. <BR>
<BR>
<BR>
<U>/s/ Christopher Portner <BR>
</U>Christopher Portner</P></BODY>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-7
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<DESCRIPTION>BRISTOL OFFICE LEASE
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<TITLE>OFFICE LEASE</TITLE>
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<P ALIGN="CENTER">OFFICE LEASE</P>
<P>&nbsp;</P>
<P>This LEASE is made <I> </I>and entered <I> </I>into as of the 4th of December, 2000, by and between Miles Ave. Property, Co., LLC., a Rhode island Limited Liability Company, with its principal office at Four-Seven-Four Hope Street, Bristol, Rhode Island 02809 ("Lessor"), and Cytation Corporation, a Rhode Island Corporation with its principal office at Two Fifty One Thames Street, Bristol, Rhode Island 02809 ("Lessee").</P>
<U><P ALIGN="CENTER">ARTICLE 1. GRANT, TERM, RENT, CONDITION AND USE</P>
</U><P>1.1&nbsp;&nbsp;<U>Demised Premises</U>. In consideration of the rents, covenants and agreements herein after reserved and contained on the part of Lessee to be observed and performed, Lessor leases to Lessee, and Lessee leases from Lessor, that certain building, located on that certain real property described on the schedule attached hereto (the "Premises<SUP>"</SUP>).</P>
<P>1.2&nbsp;&nbsp;<U> Term</U>.<I> </I>The term of this Lease (the "Term") shall be for Two (2) years, commencing on December 15, 2000 (the "Commencement Date"), and ending on midnight December 14, 2002, unless sooner terminated as hereinafter provided.</P>
<P>1.3&nbsp;&nbsp;<U>Early Occupancy</U>. After the execution of this lease and prior to the Commencement Date of this lease, Lessee may with the permission of Lessor, enter the demised premises to inspect the same, to make such repairs, improvements or alternations thereto as it shall have the right to make and to install therein its fixtures or personal property. In the event of such entry by Lessee prior to the Commencement Date of this lease, all the terms and conditions of this lease shall apply except that Lessee shall not be responsible to pay any base rent or additional rent until the Commencement Date of this lease.&nbsp;</P>
<P>1.4&nbsp;&nbsp;Rent. Lessee agrees to pay to Lessor, at the office of Lessor in Bristol, Rhode Island, or at such other place designated by Lessor in writing to Lessee, without any prior demand therefor and without deduction or set-off whatsoever, a minimum annual rent (the "Base Rent"), payable in equal monthly installments, in advance, on the first day of each calendar month during the Term of this Lease, as follows: Base Rent. <U>See Attached Exhibit A</P>
</U><P>1.5&nbsp;&nbsp;<U>Percentage Rent.</U>&nbsp; <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</P>
<P>1.6&nbsp;&nbsp;<U> Site Advertising and Promotions Fee&nbsp; <BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</P>
<P>1.7&nbsp;&nbsp;<U>Option Terms.</U> Lessee will have the option to extend the Term of this Lease for two (2) additional terms of two (2) years (the "Option Term"). The option term shall commence on the first day immediately following the expiration of the initial two (2) year term. In the event that Lessee elects to exercise such option to extend the term of this lease, Lessee shall give Lessor written notice (the "Notice of Intent") not less than six (6) months before the start of the Option Term of Lessee's intention to renew this Lease. Time shall be of the essence in this regard. If lessee fails to notify lessor of lessee's intent to exercise such option terms, the lessor shall notify lessee of such failure by certified return receipt U.S. Mail. Lessee will then have seven (7) days to notify lessor of intent to renew. Except as otherwise specifically provided in this Lease, all of the covenants, agreements, terms, provisions and conditions in this Lease shall apply during the Option Term, except (i) the right during the Option Term to extend the term of this Lease further. The amount of rent to be paid by Lessee for option term is as listed in attached Exhibit A.</P>
<P>This option to extend as to the Option Term shall terminate automatically and be null and void in the event that: <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;this Lease shall have been terminated; or <BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Lessee shall be in material default in the performance or observance of any of the covenants, agreements, terms, provisions and conditions contained in this Lease at the time of the Notice of Intent or the Exercise Notice for such Option Term or on the Commencement Date of such Option Term.</P>
<P>Upon commencement of the Option Term, all references in this Lease to the initial term shall be construed as the Option Term.</P>
<P>In any event, not withstanding anything to the contrary herein contained, the rent for the option Term shall not be less than the rent for the final year of the previous term.</P>
<P>1.8&nbsp;&nbsp;<U>Past Due Rent</U>. If Lessee shall fail to pay within fifteen (15) days after they become due and payable any base rent or additional rent or other charges payable to Lessor under this Lease, Lessee shall pay a late charge equal to twelve (12%) percent per annum with respect to such unpaid amounts, calculated on a daily basis.</P>
<P>1.9&nbsp;&nbsp;<U>Condition</U> <U>of</U> <U>the Premises</U>. Lessor has made no representations or warranties with respect to the demised premises, except as expressly set forth herein, and Lessee agrees that it has inspected the demised premises and takes the same in their present condition and state of repair unless otherwise provided herein. The taking of possession of the demised premises other than pursuant to Article 1.3 by Lessee shall be conclusive evidence that the demised premises were in satisfactory condition at the time such possession was so taken.</P>
<P>1.10&nbsp;&nbsp;<U>Use of</U> <U>Premises</U> The demised premises shall be used for the purpose of Office Work Space and related items, and for no other purpose. Lessee shall restrict its use to such purposes, and shall not use or permit the use of the premises for any other purpose without the written consent of Lessor. Such consent will not unreasonably be withheld if Lessee's proposed purpose does not significantly affect other tenants of Thames Street Landing.</P>
<P>In accordance with the Bristol Zoning Board of Review approval for the premises, the following uses for the building in which the demised Unit is located is prohibited: The sale or storage of stoves, refrigerators, heavy appliances, or similar items which may become a projectile during a severe storm or hurricane is prohibited on the demised Unit.</P>
<P>1.11&nbsp;&nbsp;<U>Quiet Enjoyment</U>. Lessee on paying the base rent and any additional rent herein specified and observing Lessee's agreements hereof shall and may peaceably and quietly have, hold and enjoy the demised premises during the Term of this Lease.</P>
<P>1.12&nbsp;&nbsp;<U>Parking</U>. Lessor shall provide two (2) reserved parking spaces located in the parking lot at 251 Thames Street ('Main Lot") and two (2) reserved parking spaces in the secondary Thames Street Landing Parking Lot located to the east of Thames Street ("East Lot"). Such reserved parking spaces shall be designated with a sign which includes the hours of reservation and the name of the Lessee. These spaces shall be reserved for the 1essee's use throughout the term of this lease and all Option Terms. These spaces will he reserved Monday through Saturday 7am until 6pm. In the event the middle 2nd floor office is leased by Cytation Corporation, one (1) additional reserved parking space shall be provided in the Main Lot and one (1) reserved parking space in the East Lot shall be deleted. All non-designated parking spaces shall be shared in common by all of the tenants and customers on the premises. Lessee agrees not to unreasonably interfere with the use of non-designated parking facilities by the other tenants within reason. Lessor shall establish, from time to time, rules and regulations for the use of the parking facilities by all of the tenants on the premises which shall be consistent with this Article 1.12. Employees of Lessee shall be allowed to park in the Main Lot.</P>
<P>1.13&nbsp;&nbsp;<U>Security Deposit</U>. Lessee shall pay the equivalent of one (1) month's rent to Lessor as a security deposit upon signing of this lease. In the event the Lessee chooses not to take possession of the premises on the Commencement Date, <FONT SIZE=1>, </FONT>the security deposit of Eighteen Hundred Dollars ($1,800) shall be forfeited and Lessee shall have no further obligations under this Lease. In addition, the cost of all work completed and corresponding expenses related to work completed as outlined in Exhibit A shall be reimbursed within 30 days.</P>
<P>1.14&nbsp;&nbsp;<U> First Month's Rent</U>. The first month's rent per Exhibit A shall be due on the Commencement Date.</P>
<P>1.15&nbsp;&nbsp;<U>Flood Disclosure</U>. The Lessor hereby discloses to Lessee that the premises are located on the Bristol Harbor in a high velocity flood zone and that the Lessee shall be required to take certain action during a severe storm or hurricane in order to prevent loss, damage, or injury, to people or property. Lessor shall not be required to give notice to, or inform lessee of severe storm or hurricane weather forecasts. The Lessor reserves the right to establish, from time to time, reasonable rules and regulations in regards to the action Lessee shall be required to take in the event of a severe storm or hurricane.</P>
<P>The demised Unit does not include additional storage space above the flood level in the building or on site in a different building, for the purpose of storing merchandise arid equipment during a severe storm or hurricane.</P>
<U><P ALIGN="CENTER">ARTICLE 2. TAXES</P>
</U><P>2.1&nbsp;&nbsp;<U>Lessor's and Lessee's Obligation.</U> Lessor shall pay all base year real estate taxes, assessments and other governmental charges that would become a lien on the demised premises if not paid when due.</P>
<P>2.2&nbsp;&nbsp;<U>Lessee's Taxes.</U> Lessee shall pay when due all taxes, assessments and other governmental charges levied on the personal property or business of Lessee located on the demised premises. Lessee shall pay to Lessor increases over base year real estate taxes, as follows: Lessee shall pay to Lessor a pro rata share of any increase in real estate taxes above the amount of such taxes levied upon the Thames Street Landing complex of which the premises forms a part for the Tax Base Year (as used in this provision "Tax Base Year" shall be deemed to mean the first tax year following the commencement of the term of this Lease for which the building complex is fully assessed as a completed building complex). Payment shall be made within thirty (30) days after receipt of a written statement from Lessor setting forth the amount of such tax showing in reasonable detail the manner in which it has been computed together with proof that said amount had been paid by Lessor, and also including reasonable proof of the establishment of the Tax Base Year as above defined.</P>
<P>The pro rata share shall mean a fractional portion of said taxes and assessments, the numerator of which shall be the floor area of the premises and the denominator of which shall be the floor area of all the areas of the building complex, whether or not actually occupied and open for business, provided that an equitable adjustment shall be made for buildings which are only partially completed on the date such taxes and assessments become a lien.</P>
<P>Lessor agrees to pay all taxes and assessments over the longest available installment period, and Lessee's obligation hereunder shall be only as to such installments due and payable during the term hereof.</P>
<U><P ALIGN="CENTER">ARTICLE 3. INSURANCE AND INDEMNITY</P>
</U><P>3.1&nbsp;&nbsp;<U>Lessees insurance</U>. Lessee shall, during the Term of this Lease, keep in full force and effect, at Lessee's expense, a policy or policies of all risk property insurance insuring the Lessee's personal property to their full replacement cost, and comprehensive general liability with respect to the demised premises in which the limits of comprehensive general liability shall not be less than $1 million ($1,000,000) and in which property damage coverage shall not be less than the full replacement value of Lessee's property at the demised premises. The policy or policies shall name Lessor and Lessee, as insured, as their interests may appear, and shall contain a provisions that the insurer will not cancel or change the insurance without first giving the Lessor twenty (20) days' prior written notice. The insurance coverage required under this Section shall be by insurers satisfactory to Lessor, and a copy of the policy or policies or a certificate of insurance shall be delivered to Lessor.</P>
<P>3.2&nbsp;&nbsp;<U>Indemnification of Lessor</U>. Lessee shall indemnify and hold harmless Lessor from and against all loss, cost or damage (including reasonable attorneys' fees) sustained or incurred by Lessor on account of: (i) damage to property or injury to persons resulting from any accident or other occurrence on the demised premises (ii) damage to property or injury to persons resulting from activities of Lessee or of Lessee's customers, patrons, invitees, employees or agents on the demised premises, and/or (iii) Lessee's failure to perform or fulfill any term, condition or agreement contained or referred to herein on the part of Lessee to be performed or fulfilled.</P>
<P>3.3&nbsp;&nbsp;<U>Lessor's Insurance</U>. Lessor shall, during the term of this lease, keep in full force and effect, at lessor's expense, a policy or policies of property insurance and flood insurance for the demised premises. The policy or policies shall contain a provision that the insurer will not cancel or change the insurance without first giving the Lessee twenty (20) days prior written notice.</P>
<U><P ALIGN="CENTER">ARTICLE 4. UTILITIES</P>
</U><P>It is hereby further mutually understood and agreed that during the term of this Lease or its renewal or renewals, if any, either the Lessor will pay the following utilities or Lessee as indicated below:</P>
<P>Water Paid By:&nbsp;&nbsp;Lessee<BR>
Electricity Paid By:&nbsp;&nbsp;Lessee<BR>
Natural gas Paid By:&nbsp;&nbsp;Lessee<BR>
Heat (Gas <FONT SIZE=1>- </FONT>Above) Paid By:&nbsp;&nbsp;Lessee<BR>
Sewer Paid By:&nbsp;&nbsp;Lessor<BR>
Trash Removal Provided By:&nbsp;&nbsp;Lessor<BR>
Dumpster Location Provided By:&nbsp;&nbsp;Lessor</P>
<U><P ALIGN="CENTER">ARTICLE 5. MAINTENANCE AND USE OF PREMISES BY LESSEE</P>
</U><P>5.1&nbsp;&nbsp;<U>Lessee's Maintenance.</U> Lessee will keep the interior and area around the demised premises neat and clean and will maintain the demised premises in as good order, condition and repair as the same are in at the commencement of the Term, or may be put in during the continuance thereof, including, without limitation, replacement of all glass in doors and windows, replacement of light bulbs, keeping in good order or proper repair, lighting fixtures, interior walls, floors, ceilings and all fixtures, piping, equipment and apparatus of every kind, nature and description, reasonable use and wear thereof, and damage by fire or other casualty only excepted. Lessee shall not permit or commit any damage or waste in the demised premises. Unit Lessee is responsible for area around building (i.e. paper, trash), created by lessee.</P>
<P>5.2&nbsp;<I> </I><U>Lessor's</U> <U>Maintenance.</U> Lessor will provide site maintenance, snow removal and common area lighting for Thames Street Landing. Lessor will keep the exterior of the demised building, premise parking lot, and all common areas of premise (including boardwalk and docks) neat and clean and in as good order, condition and repair as the same are in at the commencement of the Term. Lessor shall maintain the building envelope at Lessor's cost and expense.</P>
<P>5.3&nbsp;&nbsp;<U> Site Maintenance Fee</U> Lessee will pay to Lessor a yearly site maintenance fee of 7% of the yearly rent to cover lessee's portion of site maintenance such as trash removal, snow removal, general upkeep and repair of all common areas including site walkways, boardwalk, restrooms, site lighting and security. The yearly Site Maintenance Fee shall be waived for the first year of the lease.</P>
<P>5.4&nbsp; <U>Conformance to Law and Offensive or Unlawful Use</U>. Lessee shall not injure or deface any portion of the demised premises nor cause or permit any waste thereof, or permit on the demised premises any nuisance or the emission therefrom of any objectionable noise, rubbish, debris or odor, nor permit any use of such demised premises, nor take nor permit to be taken any action whatsoever, whether physical or otherwise, with respect to the leasehold hereby created, which is improper, offensive, harmful, contrary to any regulation of any public authority, or contrary to any federal, state or municipal permit, ordinance, statute, regulation or law, or which invalidates, causes the cancellation of or causes an increase in the cost of any insurance on the demised premises beyond the cost of insuring the demised premises on any contents of such demised premises or on any use of such leased premises beyond the hazard and risk usually incident to its purpose, or in any way makes the demised premises unsafe, unsightly, or less suitable for use as an office, or detracts from their tenantability. Lessee shall procure and maintain in full force and effect during the term of this Lease any licenses or permits required by any use of the demised premises or for any equipment, material or items, of whatever nature, located, consumed and/or sold thereon. Lessee shall, at all times, comply with all applicable federal, state and municipal statutes, ordinances, regulations, permits and laws regulating use of the demised premises and the operation of its business thereon. Lessee will save Lessor harmless and indemnified from and against any and all penalties or damages charged to or imposed upon Lessor for violation by Lessee of such federal, state or municipal statutes, ordinances, regulations, permits or laws.</P>
<P>Lessee hereby acknowledges that the demised premise is part of a mixed-use development (the "Thames Street Landing") of apartments, retail shops, offices, restaurants and an Inn. Thames Street Landing by its public nature and going concerns will experience vehicle traffic and related activity. This activity is not grounds for breaking this lease.</P>
<P>5.5 <U>Lessee's Property and Signs</U>. Lessee shall have the right, as limited below, to install in the demised premises, equipment reasonably necessary for carrying on Lessee's business. All such property shall be deemed to remain movable property and may be removed by Lessee at any time, and, at the option of Lessor, shall be removed by Lessee at the termination of this Lease.</P>
<P>Lessee shall not place any signs on the premises without obtaining prior written consent of the Lessor, such consent will not be unreasonably withheld. Lessee hereby acknowledges that the demised premises is located in the Bristol Historic District and any proposed sign, both size and location, must not only be approved by the lessor, but also by the Bristol Historic District Commission. It is the Lessee's responsibility to apply to the Bristol Historic District Commission for sign approvals. Lessee's signage must conform to rules of the Bristol Historic District Commission. Lessor will support Lessee in Bristol Historic District Commission meetings regarding signage approval, providing Lessee's signage requests conform to Bristol Historic District Commission guidelines. Lessor shall provide lessee with the names of two lessor-approved professional sign makers. Lessee shall engage the services of one of these approved sign makers to make lessee's sign. Signs shall follow a style guide for signage Thames Street Landing.</P>
<P>5.6&nbsp;&nbsp;<U>Lessee's improvements</U>. (a) Lessee shall effect no leasehold improvements (which term as used in this Lease shall be deemed to mean improvements in any form, accepting approved Newport Collaborative building plans, including alterations, additions and constructions), without Lessee first obtaining the consent of Lessor in writing thereto. Such alterations shall be made (without limitation to Lessor's right otherwise to condition its consent) in accordance with and subject to the following conditions:</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;No change or alterations shall be undertaken until Lessee shall have procured and paid for, so far as the same may be required from time to time, all permits and authorizations of all municipal and governmental departments, agencies or divisions having jurisdiction thereof;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;No structural change or alteration shall be made unless conducted under the supervision of an architect and/or professional engineer and approved in writing by Lessor.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;No change or alteration shall when completed be of such a character as to reduce the value of the demised premises below the value thereof immediately before such change or alteration;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Any change or alteration shall be made promptly and in a good workmanlike manner and in compliance with all applicable permits and authorizations and building and zoning laws and with all other laws, ordinances, orders, rules, regulations and requirements of all federal, state and municipal governments, departments, commissions, boards, and officers, any national or local board of fire underwriters or any other body hereafter exercising functions similar to those of any of the foregoing;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;The cost of any such change or alteration shall be paid in cash or its equivalent or in accordance with the terms of any contract for such change or alteration so that the demised premises and the Property shall at all times be free of liens for labor and materials supplied or claimed to have been supplied to the demised premises. Lessee shall not permit any such liens or other encumbrances to stand against the demised premises, and the Property but shall proceed immediately to remove the same, provided, however, that Lessee shall have the right to contest the validity or amount of any such claim.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Leasehold improvements that are permanent fixtures under applicable law may not be removed at the expiration or earlier termination of the terms of this Lease.</P>
<P>5.7&nbsp;&nbsp;<U> Removal Upon Termination: Condition of Premises</U>. At the expiration or earlier termination of this Lease, Lessee shall remove Lessee's goods and effects together with all property which Lessee is required to remove under the terms of this Lease and peaceably yield up the demised premises and all leasehold improvements clean and in as good order, repair and condition as the same were at Lessee's commencement of occupancy of the demised premises or had been put in thereafter, damage by fire, unavoidable casualty and reasonable wear and tear excepted. Lessee authorizes Lessor to store in <FONT SIZE=2>any </FONT>public warehouse or elsewhere in the name and at the risk and expense of Lessee any goods, effects or property not removed pursuant to the provision of this Section, or to sell at public or private sale any or all of the goods, effects or property not so removed and to apply the net proceeds of such sale to the payment of any sum due hereunder or to destroy such goods, effects or property; provided, however, (i) that Lessor shall give Lessee five (5) days' prior written notice of its intent to remove and store any or all goods, effects or property pursuant to this Section, and (ii) that Lessor shall give Lessee five <I>(5) </I>days' prior notice of its intent to sell or destroy any or all goods, effects or property pursuant to (i) above. The notices required by clause (i) or (ii) may be given prior to the expiration or earlier termination of this Lease. Lessee may remove the goods, effects or property which are the subject of the above notices within the time specified after such notice. None of the above is intended to be in conflict with the General Laws of the State of Rhode Island.</P>
<P>5.8&nbsp;&nbsp;<U>Damage to Lessee's Property</U>. All merchandise, furniture and property of any kind, nature and description, belonging to Lessee or any person claiming by, through or under it, which may be in, on or about the demised premises during the term of this Lease, or any renewal term thereof, is to be at the sole risk and hazard of Lessee, and if the whole or any part thereof shall be destroyed or damaged by fire, explosion, water, steam, smoke, electricity, gas, rain, ice, snow, sewer overflow, falling plaster or otherwise, or by the leakage of bursting of water pipes, sprinkler pipes, steam pipes, sewer pipes, roofs or roof drains, or in any other way or manner, no part of such loss or damage is to be charged to or to be borne by Lessor in any case whatsoever unless such damage results from the negligence or lack of maintenance of Lessor, or its employees or agents.</P>
<P>5.9<I>
&nbsp;&nbsp;</I>
<U>
Pest Control</U>. Lessee shall make a good faith effort to keep the demised premises free from all vermin, rodents, pests and other infestation. To that end, Lessee agrees, at Lessee's expense, to engage the services of an exterminator to treat the demised premises at sufficiently frequent regular intervals necessary to keep the demised premises free from such infestation. Lessor shall, at Lessor expense, engage the service of an exterminator to treat all common areas (between buildings, boardwalks and docks)
in a good faith attempt to keep the premises free of pests.</P>
<P>5.10&nbsp; <U>Misuse of</U> <U>Fixtures</U>. Lessee will make good any damage caused by misuse of the water fixtures, plumbing, wiring or of any equipment contained in the demised premises.</P>
<P>5.11 &nbsp;<U>Sidewalks and Rubbish</U>. Lessee shall not place, maintain or permit any obstruction upon the sidewalk in front of the demised premises. Lessor shall make a reasonable effort to keep the sidewalks of the demised premises free of snow, ice, leaves, rubbish and debris and otherwise care for the same in every manner required by law and save Lessee harmless on account of any loss, cost or damage arising from their failure to do so.</P>
<P ALIGN="CENTER"><U>
ARTICLE 6. LESSOR'S ACCESS TO THE LEASE PREMISES</U></P>
<P>Lessee agrees to allow Lessor, its employees, contractors, and agents at all reasonable times and without unreasonably interfering with Lessee's business, to enter the demised premises in order to: (a) make repairs and alterations if Lessor shall so elect to do to the demised premises; (b) view the demised premises and to show the same to prospective purchasers; and (c) show the demised premises to prospective lessees during the last six months of the Term or any Option Term, with reasonable notice to Lessee.</P>
<P ALIGN="CENTER"><U>
ARTICLE 7. ASSIGNMENT AND SUBLETTING</U></P>
<P>Lessee will not assign its interest in this Lease or in the demised premises, or sublease all or any part of the demised premises, or allow any other person, firm or corporation (except Lessee's authorized representatives) to occupy or use all or any part of the demised premises, without first obtaining Lessor's written consent. Such consent will not be unreasonably withheld or delayed.</P>
<P ALIGN="CENTER"><U>
ARTICLE 8. CONDEMNATION AND DESTRUCTION</U></P>
<P>8.1&nbsp; <U>Condemnation.</U> If during the Term of this Lease, twenty (20%) percent or more of the demised premises shall be taken by any public or other authority by the exercise of any power of eminent domain or condemnation, then this Lease shall terminate at the election of Lessee. In the event that such taking is not sufficient to entitle lessee to terminate, a just proportion of the rent according to the extent of the demised area taken shall be abated for the remainder of the Term or any extension hereof.</P>
<P>8.2&nbsp; <U>Destruction</U>. (a) In the event that any substantial damage occurs to the demised premises during the Term of this Lease, then this Lease may be terminated in the sole election of Lessee by Lessee giving within sixty (60) days of the occurrence of such damage notice in writing to Lessor to terminate and vacate ninety (90) days after the giving of such notice. If such notice to terminate is not given by Lessee, Lessor shall forthwith replace, restore or rebuild the destroyed portions thereof to substantially the same condition as existing immediately prior to such destruction, and if such restoration cannot reasonably by completed within ninety (90) days of the event of such damage, except for matters beyond the control of Lessor, Lessee shall be entitled to terminate this Lease. The design and location of such replacement, restoration or rebuilding shall be selected by Lessor after consultation with Lessee, and, so far as Lessor shall deem practicable, in compliance with Lessee's wishes. It is understood that in no event shall any obligation of Lessor to replace, restore or rebuild exceed in amount the sum of the insurance proceeds received by it. Lessor shall carry replacement cost coverage on the premises and Lessor's improvements. Lessor's obligation with respect to replacement, restoration and rebuilding shall not include any property, which Lessee was entitled to remove pursuant to Article <I>5 </I>hereof.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any event of destruction by fire or other casualty with respect to which Lessor is entitled to receive compensation by insurance or otherwise, a just proportion of
the rent according to the extent of the floor space rendered wholly untenantable and unfit for occupancy or business operations shall be abated unless and until such space shall have been restored to a tenantable condition.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lessor reserves all rights to insurance proceeds or other compensation payable by reason of such destruction, and by way of confirmation Lessee hereby grants Lessor all Lessee's rights to such proceeds and other compensation and covenants to execute and deliver such further instruments of assignment thereof as Lessor from time to time may request. All property installed on the demised premises by Lessee pursuant to the provisions of Article <I>5 </I>hereof and all removable property of any nature whatsoever at any time located on the demised premises shall be at Lessee's sole risk and hazard; provided, however, that Lessee is entitled to obtain its own insurance on such property.</P>
<P ALIGN="CENTER"><U>
ARTICLE 9. YIELDING UP THE PREMISES</U></P>
<P>At the expiration of this Term or any Option Term or any other termination of this Lease, Lessee will (a) remove its goods and effects, and those of all persons claiming under Lessee; (b) peaceably yield up to Lessor the demised premises, the personal property and all erections and additions made to the same, including without limitation lighting fixtures, transformers, plumbing, heating, air conditioning and electrical equipment, partitions and other constructions of a permanent character, now on the demised premises or which were added by Lessor or Lessee, but excluding any inventories of Lessee; provided however, Lessor, at its election, may require Lessee to remove any such equipment or property installed by Lessee and in such event, Lessee agrees, at its cost and expense, to remove such equipment or property and to repair any and all damage to the demised premises caused by such removal; and (c) leave the premises broom clean and in good repair, order, and condition in all respects, ordinary wear and tear, damage by fire or other casualty as excepted.</P>
<P ALIGN="CENTER"><U>
ARTICLE 10. HOLDOVER LESSEE</U></P>
<P>Should Lessee continue to occupy the demised premises after the expiration of the Term hereof or of any renewal or extension hereof, Lessee shall, in the absence of a written agreement between the parties, be deemed a lessee from month to month upon all of the terms and conditions of this Lease which are not inconsistent with such tenancy, except that the rentals shall be one hundred fifty (150%) percent of what they were at the expiration of the Term.</P>
<P ALIGN="CENTER"><U>
ARTICLE 11. LESSEE'S DEFAULT AND LESSOR'S REMEDIES</U></P>
<P>If, in any of the following instances: (a) Lessee shall fail to pay an installment of the rent or additional rent within fifteen (15) <I> </I>days subsequent to the time above specified (and it shall not be required that any demand be made for the same); or (b) Lessee shall neglect or fail to perform and observe any of the other covenants contained in this Lease on Lessee's part to be performed and observed within fifteen (15) days of receipt of written notice of such default; or (c) Lessee shall be declared bankrupt or insolvent according to law; or (d) if a voluntary or involuntary petition shall be filed for the reorganization or bankruptcy of Lessee under any provision of the Bankruptcy Code now or hereafter enacted; or (e) a receiver of Lessee shall be appointed and not removed within thirty (30) days; (f) the demised premises shall be deserted or vacant without Lessor's consent for more than thirty (30) consecutive days; (g) Lessee shall not, during the continuance of this lease or any extension or renewal hereof, suffer said demised premises or liquor license to be attached or levied upon in any legal proceedings whatsoever; then and in any of such cases, notwithstanding any license or waiver of any former breach of covenant or consent in a former instance, Lessor or its duly authorized agent may, thereupon, or at any time thereafter while such default, neglect or condition continues, notify Lessee of such default. Upon such notice, this Lease shall terminate, and Lessor may enter upon the demised premises and repossess the same and may expel Lessee and those claiming through or wider Lessee and remove their effects without being deemed guilty of any manner of trespass or tort, and without prejudice to any
remedies which might be used for arrears of rent or breach of covenant. In addition, the Lessor shall have the right to accelerate the rent herein. The General Laws of the State of Rhode Island governing Lessor and Lessee rights will apply.</P>
<P>In the event of such termination, Lessee will indemnify Lessor against all loss of base and additional rent and other payments which it may incur during the residue of the Term or such renewal term, if applicable; Lessor shall have an obligation to mitigate its damages by advertising the premises for rent at its then current fair and reasonable rental value and by otherwise actively seeking to find a tenant for the premises.</P>
<P>At the time of the termination under this Article 11 or at any time thereafter, Lessor may rent the demised premises, and for a term which may expire after the expiration of the Term, or such renewal term of this Lease if applicable, without releasing Lessee from any liability whatsoever, and Lessee shall be liable for any expenses incurred by Lessor in connection with obtaining possession of the demised premises, with removing from the demised premises property of Lessee and persons claiming under it (including warehouse charges), with putting the demised premises into good condition for reletting, and with any reletting, including, but without limitation, reasonable attorneys' fees and brokers' fees, and any monies collected from any reletting shall be applied first to the foregoing expenses and then to the payment of rent and all other payments due from Lessee to Lessor. Any rent received by Lessor shall be deducted from Lessee's liability hereunder.</P>
<P ALIGN="CENTER"><U>
ARTICLE 12. MISCELLANEOUS</U></P>
<P>12.1 <U>
Sales Reports</U>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N.A.</P>
<P>12.2&nbsp; <U>Subordination</U>. The rights and interest of Lessee under this Lease shall be subject and subordinate to any mortgages that may be placed upon the demised premises, if the mortgagee shall elect, by written notice delivered to Lessee, to subject and subordinate the rights and interest of Lessee under this Lease to the lien of its mortgage
provided such mortgagee shall agree to recognize this Lease and not to disturb the possession of Lessee hereunder in the event of foreclosure if Lessee is not in default. In the event of such election, and upon notification by such mortgagee to Lessee to that effect, the rights and interest of Lessee under this Lease shall be deemed to be subordinate to the lien of the mortgage, whether this Lease is dated prior to or subsequent to the date of the mortgage. Lessee shall execute and deliver whatever instruments may be required for such purposes.</P>
<P>12.3&nbsp; <U>No Broker</U>. Lessor and Lessee represents to each other that neither has engaged any broker or entered into any agreement for the payment of commission, finder's fee, or similar charge to any person, firm, or corporation in connection with the transactions provided for in this Lease. Each of the parties hereto covenants and agrees to indemnify and hold the other harmless from and against all loss, damage, and expense arising out of or connected with any and all claims for brokerage commissions, finder's fees, and claims of a similar nature on account of the Lease provided for herein.</P>
<P>12.4 <U>No Waiver</U>. The failure of Lessor and Lessee to insist in any one or more instances upon the performances of the covenants or terms of this Lease shall not be construed as waiver or relinquishment in the future of the covenants or terms, but the same shall continue and remain in full force and effect.</P>
<P>12.5&nbsp; <U>Successors and Assigns</U>. The expression "Lessor" and the expression "'Lessee" wherever used in this Lease shall be construed as including and referring to their respective heirs, legal representatives, successors and assigns, including by merger, sale of assets, sale of stock or otherwise, wherever such construction is required or permitted by the provisions of this Lease and the covenants, agreements, conditions, rights, powers and privileges in this Lease contained or applicable to the respective parties hereunder shall extend to and be binding upon their respective parties hereunder shall extend to and be binding upon their respective successors and assigns.</P>

<P>12.6&nbsp; <U>
Applicable Law</U>. This Lease shall be governed by, construed, and enforced in accordance with the laws of the State of Rhode Island. If any clause herein contained shall be declared void as in violation of any law or statute or decision, the same shall be deemed stricken, the remainder of the Lease to be in full force and effect.</P>
<P>12.7&nbsp; <U>Notices</U>. Any notices that either party hereto may be required to give hereunder to the other party shall be delivered by hand delivering or by depositing the same in the United Sates mail, registered or certified, postage prepaid, addressed to Lessor at 474 Hope Street, Bristol, Rhode Island 02809 and to Lessee at 251 Thames Street, Bristol, Rhode Island 02809; provided either party may in writing, delivered in accordance with these provisions to the other party, fix some other address to which such written notice may be delivered.</P>
<P>12.8&nbsp; <U>Recording</U>. Lessee agrees not to record the within Lease, but may execute a short form lease in recordable form. In no event shall such document set forth the rental or other charges payable by Lessee under this Lease; and any such document shall expressly state that it is executed pursuant to the provisions contained in this Lease, and is not intended to vary the terms and conditions of this Lease.</P>
<P>12.9&nbsp; <U>Independent Covenants</U>. Each and every one of the covenants and agreements contained in this Lease shall be for all purposes construed to be separated and independent covenants and the waiver of the breach of any covenant contained herein by Lessor shall in no wise or manner discharge or relieve Lessee from Lessee's obligation to perform each and every one of the covenants contained herein.</P>
<P>12.10&nbsp; <U>Headings</U>. The headings or captions of Articles, sections, paragraphs and subparagraphs herein are inserted merely for convenience, are not a part of this agreement, and shall not be construed to add to, modify or limit the Articles, sections, paragraphs and subparagraphs which they describe.</P>

<P>12.11&nbsp; <U>
Entire Agreement</U>. This document contains the entire agreement of the parties hereto and supersedes any other agreement of the parties whether written or oral. Amendments to this agreement shall be in writing.</P>
<P ALIGN="CENTER"><U>
ARTICLE 13. ADDITIONAL PROVISIONS</U></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. See attached Exhibit A</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. See attached Exhibit B</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. See attached Schedule 1</P>

<P>IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease on the date first above set forth.</P>
<P><BR>
Signed and Sealed in the presence of:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miles Avenue Property Co., LLC<BR>
<BR>
<FONT SIZE="3">
____________________________</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<U>/s/ Lloyd B. Adams</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyd B. Adams, Manager<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessor<BR>
<BR>
____________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<U>/s/ Kevin J. High</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kevin J. High, Director<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessee<BR>
<BR>
<BR>
STATE OF RHODE ISLAND<BR>
COUNTY OF BRISTOL<BR>
<BR>
In the Town of Bristol on the <FONT SIZE=1>______ </FONT>day of December<FONT SIZE=1>, </FONT>2000 before me personally appeared Lloyd B. Adams, Manager of Miles Ave. Property Co., LLC, to me known and known by me to be the party executing the foregoing instrument for and on behalf of Miles Ave. Property Co., LLC, and be acknowledged said instrument, by him executed, to be his free act and deed, in his said capacity, and the free act and deed of said Miles Ave. Property Co., LLC.</P>
<U><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Notary Public</P>
<P>STATE OF RHODE ISLAND<BR>
COUNTY OF NEWPORT</P>
<P>In Middletown on the 4<SUP>th</SUP> day of December 2000, before me personally appeared Kevin J. High, of Cytation Corporation, to me known and known by me to be the party executing the foregoing instrument and be acknowledged said instrument by him executed in his said capacity to be his free act and deed in his said capacity and the free act and deed of said corporation.<BR>
<BR>
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<P ALIGN="JUSTIFY">21</P></DIR>
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<P ALIGN="CENTER"><U>
EXHIBIT A</U></P>
<P>1.&nbsp;&nbsp;<U>Base Rent</U> Lessee shall pay to Lessor the following rent for the demised premises located in the Arch Building at 251 Thames Street 2nd Floor Office Space, Suites 1 and 3, as set forth in Article 1.4 of this lease. The rent for these two spaces shall be:
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="1" WIDTH="94%">
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Year</U></TD>
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Rental Rate</U></TD>
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7% Maintenance</U></TD>
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Total</U></TD>
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<P ALIGN="center"><U>
Monthly Payment</U></TD>
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<P ALIGN="center">1</TD>
<TD WIDTH="19%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="20%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived</TD>
<TD WIDTH="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="22%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,800</TD>
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<P ALIGN="center">2</TD>
<TD WIDTH="19%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="20%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,588</TD>
<TD WIDTH="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23,188</TD>
<TD WIDTH="22%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,900</TD>
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<FONT SIZE=2><P>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="1" WIDTH="94%">
<TR>
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<P ALIGN="center"><U>
Year</U></TD>
<TD WIDTH="19%">
<P ALIGN="center"><U>
Rental Rate</U></TD>
<TD WIDTH="20%">
<P ALIGN="center"><U>
7% Maintenance</U></TD>
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Total</U></TD>
<TD WIDTH="22%">
<P ALIGN="center"><U>
Monthly Payment</U></TD>
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<TD WIDTH="21%">
<P ALIGN="center">1</TD>
<TD WIDTH="19%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="20%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived</TD>
<TD WIDTH="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="22%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,800</TD>
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<TD WIDTH="21%">
<P ALIGN="center">2</TD>
<TD WIDTH="19%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21,600</TD>
<TD WIDTH="20%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,588</TD>
<TD WIDTH="18%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23,188</TD>
<TD WIDTH="22%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,900</TD>
</TR>
</TABLE>
</CENTER>
</DIV>
</FONT><P>2. Lessor shall complete the air conditioning ductwork in both suites. Lessor shall pay for the ductwork.</P>
<P>&nbsp;</P>
<P>3. Lessor shall create 2 partition walls with 1 door each wall per Lessee's specifications. One wall will be located in Suite 1 and the other in Suite 3. Lessor shall also install coaxial and CatS wiring between Suites I and 3. Lessee shall pay for the labor and materials for this work. Lessee shall be entitled to review estimates for this working advance of construction.</P>
<P>&nbsp;</P>
<P>4. Lessee will have the Rights of First Refusal if or when the middle office space on the</P>
<SUB><FONT SIZE=1><P>2</SUB>T~d </FONT>floor becomes available on the same terms and conditions set forth in this lease. The</P>
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<U><P>Year</P><DIR>

</U><P>I</P>
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<I><FONT SIZE=6><P>cLi~~'</P>
</I></FONT><P>rent rate for this middle office space will match the "per square foot rate" calculation method of office suites 1 and 3 at the time the middle office lease is signed by Cytation Corporation.</P>
<I><P>5.&#9;</I><U>Facility Wide Events.</U> Lessor reserves the right to hold facility wide,</P>
<P>special events including, but not limited to the area of the events deck.</P>
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<P ALIGN="CENTER">EXHIBIT B</P>
<P>&nbsp;</P>
<P>1. BENEFITS OF ENTERPRISE ZONE: The Lessee may find that there are substantial financial benefits to Lessee because of the fact that the premises are located in an Enterprise Zone. The Lessee, at its sole cost and expense, is responsible for obtaining the benefits, if any, under the Enterprise Zone,</P>
<P>&nbsp;</P>
<P>Miles Ave. Property Co., LLC</P>
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<P>SCHEDULE I</P>
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<P>a.&#9;"Premises"</P>
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