<SUBMISSION>
<ACCESSION-NUMBER>0001467809-10-000065
<TYPE>10-K
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20091231
<FILING-DATE>20100331
<DATE-OF-FILING-DATE-CHANGE>20100331
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>HEPALIFE TECHNOLOGIES INC
<CIK>0001054274
<ASSIGNED-SIC>3841
<IRS-NUMBER>582349413
<STATE-OF-INCORPORATION>FL
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-K
<ACT>34
<FILE-NUMBER>000-29819
<FILM-NUMBER>10718697
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>60 STATE STREET
<STREET2>SUITE 700
<CITY>BOSTON
<STATE>MA
<ZIP>02109
<PHONE>800-518-4879
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>60 STATE STREET
<STREET2>SUITE 700
<CITY>BOSTON
<STATE>MA
<ZIP>02109
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ZETA CORP
<DATE-CHANGED>20030219
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ZETA CORP /CA
<DATE-CHANGED>20000303
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>hplf200910-kasof3182010toedg.htm
<TEXT>

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   <TITLE>hplf200910-kasof3182010toedg.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman,serif">UNITED STATES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Washington, D.C. 20549</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-US color=black face="Times New Roman,serif">FORM 10-K</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"><FONT face=Wingdings>x</FONT> ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp; </FONT></B></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif">For the fiscal year ended December 31, 2009 </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif">OR </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"><FONT face=Wingdings>&#168;</FONT> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp; </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif">For the transition period from&nbsp; ____________________&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp; _____________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Commission File Number: 000-29819</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 18pt" lang=EN-US color=black face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">(Exact name of registrant as specified in its charter)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">FLORIDA</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">(State or other jurisdiction of incorporation or organization)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">58-2349413</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">(I.R.S. Employer Identification No.)</FONT></P>
<H6 style="TEXT-ALIGN: center; MARGIN: 12pt 0in 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">60 State Street, Suite 700, Boston, MA 02109</FONT></U></B></H6>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">(Address of principal executive offices)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(800) 518-4879</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif">(Registrant&#146;s telephone number, including area code)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Securities registered pursuant to Section 12(b) of the Act:</FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> None</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Securities registered pursuant to Section 12(g) of the Act:</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp; </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Common Stock, $0.001 par value per share</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(Title of Class)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Over The Counter Bulletin Board (OTCBB)</FONT></U></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif">(Name of exchange on which registered)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes [&nbsp; ] No [X]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes [&nbsp; ] No [X]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark whether the registrant: (1) has filed all reports required 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 for the past 90 days. Yes [X] No [&nbsp; ]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp;&nbsp; Yes [&nbsp; ] No [&nbsp; ] Not Applicable [X]</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) 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. [ ]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; LINE-HEIGHT: 10pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&nbsp; See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act.&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Large accelerated filer</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.15pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;&#61472;&#61551;</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Accelerated filer</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;&#61472;&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Non-accelerated filer (Do not check if a smaller reporting company)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 27.75pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;&#61472;&#61551;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Smaller reporting company</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 27.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;&#61472;</FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>x </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Yes [&nbsp;&nbsp; ] No [X]</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of the last business day of the registrant&#146;s most recently completed second fiscal quarter, based upon the closing sale price of the registrant&#146;s common stock on </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">June 30, 2009: $11,165,989. &nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Number of shares of Common Stock, $0.001 par value, outstanding as of March 22, 2010: 101,494,158.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Documents incorporated by reference:</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">None.</FONT></P>
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     <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">TABLE OF CONTENTS</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ANNUAL REPORT ON FORM 10-K</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PART I</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PAGE</FONT></B>&nbsp;</TD></TR>
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<A href="#page_4"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1.</FONT></A></TD>
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<A href="#page_4"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Business</FONT></A></TD>
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<A href="#page_4"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT></A></TD></TR>
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<A href="#page_10"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2.</FONT></A></TD>
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<A href="#page_10"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Properties</FONT></A></TD>
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<A href="#page_10"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10</FONT></A></TD></TR>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3.</FONT></A></TD>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Legal Proceedings</FONT></A></TD>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1<FONT size=2 face="Times New Roman">1</FONT></FONT></A></TD></TR>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4.</FONT></A></TD>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Submission of Matters to a Vote of Security Holders</FONT></A></TD>
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<A href="#page_11"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1<FONT size=2 face="Times New Roman">1</FONT></FONT></A></TD></TR>
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     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PART II</FONT></B>&nbsp;</TD>
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     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
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<A href="#page_12"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5.</FONT></A></TD>
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<A href="#page_12"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Market for Registrant&#146;s Common Equity, Related Stockholder Matters</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Issuer Purchases of Equity Securities</FONT></A></TD>
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<A href="#page_12"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1<FONT size=2 face="Times New Roman">2</FONT></FONT></A></TD></TR>
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<A href="#page_13"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7.</FONT></A></TD>
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<A href="#page_13"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Management's Discussion and Analysis of Financial Condition</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Results of Operations</FONT></A></TD>
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<A href="#page_13"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1<FONT size=2 face="Times New Roman">3</FONT></FONT></A></TD></TR>
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<A href="#page_21"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8.</FONT></A></TD>
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<A href="#page_21"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial Statements and Supplementary Data</FONT></A></TD>
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<A href="#page_21"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">1</FONT></FONT></A></TD></TR>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9.</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Changes in and Disagreements With Accountants on Accounting</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Financial Disclosure</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">39</FONT></FONT></A></TD></TR>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9A(T).</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Controls and Procedures</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3<FONT size=2 face="Times New Roman">9</FONT></FONT></A></TD></TR>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9B.</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other Information</FONT></A></TD>
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<A href="#page_38"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">39</FONT></FONT></A></TD></TR>
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     <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PART III</FONT></B>&nbsp;</TD>
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<A href="#page_39"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10.</FONT></A></TD>
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<A href="#page_39"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Directors, Executive Officers and Corporate Governance</FONT></A></TD>
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<A href="#page_39"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">40</FONT></FONT></A></TD></TR>
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<A href="#page_41"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11.</FONT></A></TD>
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<A href="#page_41"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Executive Compensation</FONT></A></TD>
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<A href="#page_41"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">42</FONT></FONT></A></TD></TR>
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<A href="#page_42"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12.</FONT></A></TD>
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<A href="#page_42"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Security Ownership of Certain Beneficial Owners and Management</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Related Stockholder Matters</FONT></A></TD>
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<A href="#page_42"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4<FONT size=2 face="Times New Roman">5</FONT></FONT></A></TD></TR>
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<A href="#page_44"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 13.</FONT></A></TD>
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<A href="#page_44"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certain Relationships and Related Transactions,</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Director Independence</FONT></A></TD>
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<A href="#page_44"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4<FONT size=2 face="Times New Roman">6</FONT></FONT></A></TD></TR>
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<A href="#page_47"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 14.</FONT></A></TD>
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<A href="#page_47"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Principal Accounting Fees and Services</FONT></A></TD>
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<A href="#page_47"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4<FONT size=2 face="Times New Roman">8</FONT></FONT></A></TD></TR>
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     <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PART IV</FONT></B>&nbsp;</TD>
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<A href="#page_49"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 15.</FONT></A></TD>
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<A href="#page_49"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibits, Financial Statement Schedules</FONT></A></TD>
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<A href="#page_49"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4<FONT size=2 face="Times New Roman">9</FONT></FONT></A></TD></TR>
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<A href="#page_50"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Signatures</FONT>&nbsp;</A></TD>
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<A href="#page_50"><FONT size=2 face="Times New Roman">51&nbsp;</FONT></A></TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART I</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Item 1.&nbsp; Business.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Forward-Looking Statements</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Except for the historical information presented in this document, the matters discussed in this Form 10-K for the fiscal year ending December 31, 2009, contain forward-looking statements. Such forward-looking statements include statements regarding, among other things, (a) our projected sales and profitability, (b) our growth strategies, (c) anticipated trends in our industry, (d) our future financing plans, and (e) our anticipated needs for working capital.&nbsp; Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;could,&#148; &#147;might,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148; or &#147;project&#148; or the negative of these words or other variations on these words or comparable terminology.&nbsp; This information may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements.&nbsp; These statements may be found under &#147;Management's Discussion and Analysis of Financial Condition and Results of Operations,&#148;&nbsp; &#147;Business,&#148; &#147;Properties,&#148; as well as in this report generally.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to forward-looking statements made by the Company. The reader is cautioned that no statements contained in this Form 10-K should be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks described in this report and matters described in this report generally.&nbsp; In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur.&nbsp; These forward-looking statements are based on current expectations, and the Company assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by the Company in this Form 10-K and in the Company's other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect the Company's business.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Company</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We are a Florida corporation, formed in 1997 under the name Zeta Corporation. We changed our name on April 17, 2003, to more accurately reflect our business.&nbsp; We are authorized to issue up to 300,000,000 shares of common stock (of which 101,494,158 were issued and outstanding on March 12, 2010) and 1,000,000 shares of preferred stock (none of which has been issued).</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Our principal executive offices are located at 60 State Street, Suite 700, Boston, MA&nbsp; 02109.&nbsp; Our telephone number is 800-518-4879.&nbsp; The address of our website is www.hepalife.com.&nbsp; Information on our website is not part of this Form 10-K.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Because we are a smaller reporting company, certain disclosures otherwise required to be made in a Form 10-K are not required to be made by the Company. </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Description of Business</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are a development stage biotechnology company.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> We do not have, and may never develop, any commercialized products.&nbsp; We have not generated any revenue from our current operations and do not expect to do so for the foreseeable future. On December 31, 2009, we had an accumulated deficit of $<FONT style="FONT-SIZE: 10pt" face="Times New Roman">20,237,116</FONT>.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are currently focused on the development of HepaMate&#153;, a cell-based bioartificial liver system, as a potential treatment for liver failure patients. HepaMate&#153; is designed to provide whole liver function in patients with the most severe forms of liver failure by combining the process of removing toxins from the patient&#146;s blood (detoxification) with concurrent liver cell therapy. HepaMate&#153; has been successfully tested in a clinical Phase I study and was previously known as &#147;HepatAssist&#148;.</FONT></P>
<P style="TEXT-ALIGN: center">4</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We acquired the HepatAssist technology and related assets from Arbios Systems, Inc. (&#147;Arbios&#148;) in October 2008, as part of our ongoing efforts to enhance and strengthen our bioartificial liver development program.&nbsp; The assets we acquired (collectively, the &#147;HepatAssist Related Assets&#148;) from Arbios, include: over 12 patents and patent licenses; miscellaneous scientific equipment; United States Food and Drug Administration (&#147;FDA&#148;) Investigative New Drug application, including orphan drug and fast track designation; Phase I and Phase II/III clinical protocols and clinical data; and standard operating procedures for manufacturing and quality control.&nbsp; The HepatAssist related Assets relate to the bioartificial liver device formerly known as &#147;HepatAssist,&#148; now referred to as &#147;HepaMate&#153;.&#148;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are currently working towards optimizing our HepaMate&#153; bioartificial liver device for utilization in a new clinical Phase III study followed, if warranted, by commercialization upon final regulatory approval. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Prior to our acquisition of the HepatAssist Related Assets from Arbios, we focused our efforts on the research and development of: a porcine stem cell line, and subclones thereof, which we refer to as the &#147;PICM-19 cell line&#148; for use in a bioartificial liver and in-vitro toxicology testing; and on the development and potential commercialization of a chicken cell line, and subclones thereof, which we refer to as the &#147;PBS-1 cell line.&#148; </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The PICM-19 cell line has been developed for potential use in a bioartificial liver device and in-vitro toxicology platforms, and was exclusively licensed from the U.S. Department of Agriculture, Agricultural Research Service (&#147;USDA, ARS&#148;) in November 2007.&nbsp; In September 2008, the license was amended </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">in order to expand the field-of-use to allow for use of the PICM-19 cell line</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> as in-vitro infection host systems for viral and protozoan agents such as malaria. We are continuing to evaluate the further optimization of our PICM-19 liver stem cell line.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The PBS-1 cell line was developed for potential use in cell-based vaccine production and was exclusively licensed from Michigan State University (&#147;MSU&#148;) in June 2006. In January 2009, we provided written notice to MSU terminating the license agreement effective April 24, 2009.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaMate&#153; Bioartificial Liver System</FONT></B></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are developing HepaMate&#153; for patients with acute or severe liver failure.&nbsp; HepaMate&#153; is the most clinically-studied bioartificial liver with more than 50 scientific papers and book chapters published on the technology.&nbsp;&nbsp; Over 200 patients have participated in two clinical trials in the United States and Europe. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaMate&#153; is an extracorporeal (outside the body), temporary liver support system designed to provide &#145;whole&#146; liver function to patients with acute or severe liver failure. Unlike conventional technologies which use mechanical methods to perform rudimentary filtration of a patient&#146;s blood or partially detoxify blood by using albumin or sorbents, HepaMate&#153; combines the process of removing toxins from the patient&#146;s blood (detoxification) with concurrent biologic liver cell therapy.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During HepaMate&#153; therapy, the patient&#146;s plasma is first separated from whole blood, then exposed to the HepaMate&#153; bioartificial liver, and finally, returned to the patient. HepaMate&#153; is comprised of a blood plasma separation cartridge, a hollow-fiber bioreactor filled with proprietary porcine liver cells, a charcoal column, an oxygenator, and a plasma reservoir. These components are assembled into a patented blood/plasma circulation system, which is placed on our HepaDrive&#153; perfusion platform.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaMate&#153; is designed to provide whole liver function by using liver cells which are expected to remove toxins and produce albumin and other important liver-specific proteins.&nbsp; In order to easily and safely store and distribute our liver cells, we use a patented liver cell cryopreservation process which freezes the cells and allows for their prolonged storage.&nbsp; We believe our patented cryopreservation process provides us with a significant commercial and logistical advantage over technologies reliant upon the delivery of fresh cells which cannot typically be stored for prolonged periods and therefore, have shorter shelf-lifetimes than our cells used in HepaMate&#153;. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaMate&#153;, previously known as &#147;'HepatAssist,&#148; has been clinically evaluated in a successful Phase I clinical trial. Following these results, a pivotal Phase II/III prospective, randomized, controlled trial in 171 patients (with fulminant/subfulminant hepatic failure and primary non-function following a failed liver transplant) was conducted in 11 U.S. and 9 European medical centers. The clinical data was published in 2004 and showed that, based on a </FONT> </P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">retrospective analysis, liver failure patients with fulminant and sub-fulminant hepatic failure who were treated with the bioartificial liver achieved a significant survival advantage when compared against the patient control group receiving standard-of-care treatment without bioartificial liver support.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We believe the inclusion of a subset of 24 patients who had undergone a prior, failed liver transplant negatively impacted the Phase II/III trial&#146;s outcome since such patients are known to have poor survival outcomes.&nbsp; As a consequence, the pivotal Phase II/III trial was unable to achieve its primary 30-day survival endpoint in the overall study population. Based on our retrospective statistical analysis of the clinical trial data, we anticipate, but cannot assure, that a new Phase III clinical trial without the inclusion of such failed liver transplant patients may be successful.</FONT></P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">There is no assurance that we will achieve all or any of our goals.</FONT></I></P>
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<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Due to the pre-revenue, clinical development stage of our business, we expect to incur losses as we continue conducting our ongoing product development program. We will require additional funding to continue our product development program, to conduct a new clinical Phase III trial for HepaMate&#153;, for operating expenses, to pursue regulatory approvals for our product, for the costs involved in filing and prosecuting patent applications and enforcing or defending patent claims, if any, for any possible acquisitions or new technologies, and we may require additional funding to establish manufacturing and marketing capabilities in the future. </FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We currently do not have any arrangements or agreements with any third parties relating to such additional funding. We may seek to access the public or private equity markets whenever conditions are favorable. We may also seek additional funding through strategic alliances and other financing mechanisms. We cannot assure you that funding will be available in amounts and on terms acceptable to us, if at all. If adequate funds are not available, we may be required to curtail significantly our development program or obtain funds through arrangements with collaborators or others. This may require us to relinquish rights to certain of our technologies or product candidates. To the extent that we are unable to obtain third-party funding for such expenses, we expect that increased expenses will result in increased losses from operations. We cannot assure you that we will successfully develop our products under development or that our products, if successfully developed, will generate revenues sufficient to enable us to earn a profit. &nbsp;</FONT></P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">USDA Agricultural Research Service</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In November 2007, we entered into an exclusive license agreement with the USDA, ARS for the use of patented PICM-19 liver cell lines in bioartificial liver devices and in-vitro toxicological testing platforms. In September 2008, we amended our license agreement to expand the field-of-use to allow for use of the PICM-19 cells as &#147;in-vitro infection host systems&#148; for viral and protozoan agents such as malaria. The license agreement gives us exclusive rights to </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">the use of PICM-19 liver cell lines in artificial liver devices and in-vitro toxicological testing platforms</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> patented by two issued and one pending patent. Under the terms of the license agreement, we paid USDA, ARS a one-time license execution fee and are obligated to pay certain maintenance fees, milestone payments and royalties on future sales, if any.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.55in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The exclusive license agreement for the PICM-19 liver cell line with the USDA, ARS for the use of patented liver cell lines in artificial liver devices and in-vitro toxicological testing platforms remains in force and effect; the license was recently expanded for the additional use of PICM-19 as in-vitro infection host system for viral and protozoan agents such as malaria. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We are continuing to evaluate the further optimization of our PICM-19 liver stem cell line for potential use in a future generation of the HepaMate&#153; bioartificial liver system</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">While we are currently maintaining the license agreement for the PICM-19 liver cell line in effect, contemporaneously with our acquisition of the HepatAssist related assets, we, through our subsidiary, HepaLife Biosystems, Inc. (&#147;HepaBio&#148;), have notified the USDA, ARS that HepaBio has elected to terminate the Cooperative Research and Development Agreement (the &#147;CRADA&#148;) between us and the USDA, ARS effective November 30, 2008.</FONT></P>
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<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Michigan State University </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In June 2006, we, through our subsidiary, Phoenix BioSystems, Inc. (&#147;PBS&#148;), entered into an exclusive worldwide license agreement with Michigan&nbsp;State&nbsp;University for the use of the patented PBS-1 chick cell lines for the development of new cell-culture based flu vaccines. In February 2008, PBS amended the license agreement to include use of the PBS-12SF chick cell line for the development of new cell-culture based flu vaccines. The license agreement granted us exclusive rights to five issued patents. Under the terms of the license agreement, we paid MSU a one-time license execution fee and are obligated to pay royalties based on future sales, if any, subject to annual minimum payments. In January 2009, in order to more fully focus our resources on the development of the HepaMate&#153; and related technologies, we provided written notice to MSU to terminating the license agreement relating to the PBS-12SF chick cell line effective April 24, 2009.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Our Strategy</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Currently, we are focusing a significant portion of our financial resources on the continued development of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaMate&#153; and related technologies.&nbsp; We believe that our bioartificial liver development program, due to our existing pivotal clinical trial data, is one of the most advanced development programs of its kind.&nbsp; We expect to conduct a new Phase III clinical trial as soon as possible, subject to the availability of required funding which we estimate will exceed our current working capital. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Although there is no assurance that we will be successful, if we succeed in our efforts to develop our bioartificial liver and in obtaining regulatory approval for commercialization following successful clinical phase III trials of HepaMate&#153;, we will explore a number of commercial opportunities, including, but not limited to: </FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 80pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">the outright sale of our technology,</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 80pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">joint venture partnerships with health care companies, or</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 80pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">direct marketing and selling of our products. &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Ultimately, our commercial success will depend on our ability and the ability of our partners, if any, to compete effectively in product development areas such as, but not limited to, safety, efficacy, ease of use, patient or customer compliance, price, marketing and distribution as well as the efficacy of competing technologies. </FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Competition </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The biotechnology industry is characterized by intense competition, rapid product development and technological change. A number of companies, research institutions and universities are working on technologies and products that may be similar and/or potentially competitive with our cell-based bioartificial liver. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Non&#150;cell-based techniques initially developed for other conditions, have been used to treat severe acute liver failure for more than a decade. Until now, no controlled, multicenter, large, randomized, prospective trials have been carried out using non-cell-based systems; therefore, their effect on survival remains unknown. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">There can be no assurance that competitors will not succeed in developing alternative clinical therapies that are more effective than any that may ultimately be derived from our development efforts or that would render any such product obsolete and non-competitive.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We face competition from a number of companies, some of which are substantially larger than we are and have access to resources far greater than ours. Some companies enjoy numerous competitive advantages over us, including:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">greater brand name recognition;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">established relations with healthcare professionals, customers and third-party payors;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">established distribution networks;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">additional lines of products, and the ability to offer rebates, higher discounts or incentives to gain a competitive advantage;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">greater experience in conducting research and development, manufacturing, clinical trials, obtaining regulatory approval for products, and marketing approved products; and</FONT></P>
<P style="TEXT-ALIGN: center">7</P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">greater financial and human resources for product development, sales and marketing, and patent litigation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As a result, we may not be able to compete effectively against these companies or their products. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The brief description of the products and technologies being developed or marketed by our competitors listed below have been taken from publicly available documents or reports filed by these companies with the United States Securities and Exchange Commission.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Competitors With Artificial Liver Device Technologies In Advanced Clinical Evaluation</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 44pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Arbios Systems, Inc. &#150; developing a non-biologic liver filtration device (&#147;SEPET&#148;) based on </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">selective hemofiltration</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fresenius AG &#150; developed a non-biologic liver filtration system (&#147;PROMETHEUS&#148;) based on a dialysis principle to remove water-soluble and albumin bound toxins from the blood</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Gambro AB &#150; developed a non-biologic liver filtration system (&#147;MARS&#148;) based on a dialysis principle to remove water-soluble and albumin bound toxins from the blood</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 58.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Vital Therapies, Inc. &#150; developing a bioartificial liver device (&#147;ELAD&#148;) that uses a line of human liver cells cultivated from a hepatoblastoma, a type of liver tumor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We believe &nbsp;that in order for us to compete with such companies, both for the acquisition of rights to viable biotechnologies and the financial resources required to ultimately attempt to commercialize such technologies, it is important for us to establish and maintain &#147;brand&#148; name recognition. Accordingly, we have undertaken a program designed to establish &#147;brand&#148; name recognition within the investment and scientific communities; we intend to continue to develop and market our brand name pending commercialization.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our Intended Markets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Liver failure and the Need for an Artificial Liver Device</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><EM><FONT size=2></FONT></EM>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Each year an estimated two million people die of liver disease. The World Health Organization estimates that over 650 million people worldwide are affected by some form of liver disease, including 30 million Americans. China has the world&#146;s largest population of Hepatitis B patients (approx. 120 million) with 500,000 people dying of the liver disease every year. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In the US alone, there are around 500,000 critical episodes of liver problems requiring hospitalization with 80,000 deaths annually. Liver transplantation is currently the only therapy proven to extend survival but the waiting list for liver transplants is extensive and many on the list will not receive an organ due to a dramatic shortage of donors or not being eligible. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In 2007, according to the United Network for Organ Sharing, there were nearly 17,000 individuals on the US waiting list for a liver transplant. Only 30% of those in need were transplanted. The average waiting time was more than 400 days. The same year, about 1,300 people died while waiting for a suitable donor with no medical option for saving their life available. For those patients with fulminant hepatic failure, a severe liver disease with 60-90% mortality, depending on the cause, only 10% received a transplant. Liver transplantation has a relatively high mortality of 30-40% at 5 -8years with 65% of the deaths occurring in the first 6 months. In addition, patients who have undergone transplantation must use lifelong immunosuppressive therapy.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The need for a bioartificial liver device able to remove toxins and improve survival results is more critical today than ever before. Limited treatment options, a low number of donor organs, the high price of transplants and follow up costs, a growing base of hepatitis, alcohol abuse, drug overdoses, liver cancer and other factors, all clearly indicate a strong need for a bioartificial liver device.</FONT></P>
<P style="TEXT-ALIGN: center">8</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Liver Failure Treatment</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">For 30 years the medical world has tried to create a life-saving bioartificial liver device. Hepatocytes, or liver cells, are the key to a functioning bioartificial liver. However, the liver is a complex organ to functionally replicate: it takes in oxygen and nutrients, and returns metabolic byproducts to the plasma; it must regulate the balance of fluids, electrolytes, and glucoses. The liver synthesizes albumin, globulins, and heparin, and filters out ammonia and toxins. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Currently, the standard treatment for acute liver failure involves supportive care that focuses on bridging patients to either transplantation or spontaneous recovery. Orthotopic liver transplantation is the only current therapy shown to improve patient survival. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Several extracorporeal liver support systems have been used to treat acute</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> liver failure, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">attempting to bridge patients to either recovery or to transplantation. These include cell-based and non&#150;cell-based systems. In the absence of treatment alternatives, non&#150;cell-based techniques (eg, high-volume plasma exchange and albumin dialysis) initially developed for other conditions, have been used to treat severe acute liver failure for more than a decade. However, the clinical effect on patient survival in severe acute liver failure was limited. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Extracorporeal liver perfusion using whole human and pig livers rather than cells has been shown to effectively support patients with </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">acute liver failure </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">for several days, but it is impractical for wider use because of limited availability of human livers and lack of quality control and consistency for animal livers. As a result, several extracorporeal cell-based devices were developed. Early Phase I studies have been performed using whole blood or plasma perfusion through cartridges (mostly hollow-fiber bioreactors) containing either human hepatoblastoma (tumor) cells or freshly isolated porcine hepatocytes. While such devices appeared to be well tolerated by patients, the studies did not demonstrate a survival advantage over standard care in appropriately controlled settings. </FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Market Segments</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Assuming the results from our development efforts and anticipated clinical trials prove successful, and subject to receiving regulatory approvals, we believe that we will have the potential to address two important clinical needs and market segments:</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Acute Liver Failure</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: normal; MARGIN: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Acute liver failure (ALF) can develop from several distinct disease processes that are associated with the rapid loss of liver function, including fulminant hepatic failure (FHF), subfulminant hepatic failure, and primary nonfunction of a transplanted liver. FHF is usually used as a generic term encompassing a range of definitions that are based on the time of onset of hepatic encephalopathy (coma).&nbsp; </FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">FHF is the final common pathway for a variety of liver injuries. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In FHF, the need for a liver replacement is urgent because of rapid deterioration in the patient&#146;s condition, often associated with irreversible brain damage. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In severe FHF, the mortality rate without liver transplantation approaches up to 90% and individuals diagnosed with FHF are placed at the top of the transplant waiting list (Status I).</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> We anticipate that our HepaMate&#153; bioartificial liver may help keep patients alive and maintain their neurological state until their own liver potentially recovers and regenerates to normal function (bridge to recovery), or until a donor liver becomes available for transplantation to the patient (bridge to transplantation).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In FHF patients, we anticipate that our HepaMate&#153; bioartificial liver therapy will:</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Allow survival without a transplant (a bridge to liver regeneration)</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Reduce the risk of pre-transplant death</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Help keep liver failure patients alive and neurologically intact before, during and immediately after transplantation</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Improve survival in individuals with drug-induced liver </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">toxicity</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 2pt 1.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Improve survival with drug-induced liver toxicity</FONT></P>
<P style="TEXT-ALIGN: center">9</P>
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<P style="MARGIN: 0in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Acute-on-Chronic and Chronic Liver Failure</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">These patients experience recurrent acute episodes of liver failure which are very difficult and costly to treat. The large majority of these patients do not become eligible for liver transplantation until very late in their disease course, if ever, by which time they may be contraindicated for such an invasive surgical procedure.&nbsp; Thus, we anticipate that the principal objective for use of our HepaMate&#153; bioartificial liver will be to bridge these patients to regeneration and recovery of their own liver.&nbsp; Over several years, we anticipate that such patients may be repeatedly treated with our HepaMate&#153; bioartificial liver in response to recurring, acute episodes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">For acute-on-chronic and chronic liver failure patients, we anticipate that potential indications for the HepaMate&#153; bioartificial liver may include its use in: (a) treatment of acute episodes (or flares) of chronic liver disease, or acute-on-chronic liver failure arising from specific viral hepatitis strains; (b) prevention of acute-on-chronic episodes of liver failure; (c) treatment of acute alcoholic hepatitis, and; (d) use in conjunction with multi-drug anti-viral therapy in refractory viral hepatitis patients, where liver injury may impede immune response to conventional administration of antiviral drugs. </FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Marketing of Commercialized Products</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We do not have any commercialized products, nor is there any assurance that we will have any such products; accordingly, we have no sales organization or agreements with third parties regarding the sale and marketing of any products which we may eventually commercialize. To the extent that we may enter into distribution, co-marketing, co-promotion or sublicensing arrangements for the marketing and sale of any such products, any revenues received by us will be dependent on the efforts of third parties. If any of such parties were to breach or terminate their agreement with us or otherwise fail to conduct marketing activities successfully, and in a timely manner, the commercialization of products, if any, derived from our development efforts would be delayed or terminated.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our ability to achieve profitability is dependent in part on ultimately obtaining regulatory approvals for products, if any, which are derived from our development efforts, and then commercialize either through our own sales force or by entering into sales/marketing agreements for the commercialization of any such products with third parties or strategic partners. There can be no assurance that such regulatory approvals will be obtained or such agreements will be entered into. The failure to obtain any such necessary regulatory approvals or to enter into any such necessary agreements could delay or prevent us from achieving profitability and would have a material adverse effect on the business, financial position and results of our operations. Further, there can be no assurance that our operations will become profitable even if products, if any, which are derived from our development efforts, are commercialized.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">If FDA and other approvals are ultimately obtained with respect to any product submitted by us in the future for approval, we expect to market and sell any such product ourselves, through distribution, co-marketing, co-promotion or sublicensing arrangements with third parties.</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Employees</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">At December 31, 2009 we had&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">one</FONT> full-time employee. We do not have any part-time employees. Our employee is not represented by a labor union or other collective bargaining groups. We consider relations with our employee to be good. To the best of our knowledge, none of our employees, officers or directors are bound by restrictive covenants from prior employers which would preclude them from providing services to <FONT style="FONT-SIZE: 10pt" face="Times New Roman">us</FONT>. We currently plan to retain and utilize the services of outside consultants for additional research, testing, regulatory, accounting, legal compliance and other services on an as needed basis.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Item 2. &nbsp;PROPERTIES.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our current corporate office is located at 60 State Street, Suite 700, Boston, MA&nbsp; 02109.&nbsp; </FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">10</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_11"></A>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Item 3.&nbsp; LEGAL PROCEEDINGS.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">We are</FONT>&nbsp;not a&nbsp;party to any current legal proceedings.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Item 4.&nbsp; SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our</FONT>&nbsp;Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;)&nbsp;was held on December 21, 2009, at which time the stockholders voted on the following proposals:</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp;&nbsp; The election of a board of directors to serve until the next Annual Meeting or until their respective successors are duly elected and have qualified.&nbsp; </FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<TABLE style="WIDTH: 469.2pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.5in" border=0 cellSpacing=0 cellPadding=0 width=568>
<TR style="HEIGHT: 18.75pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes For</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes Against</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes Abstaining</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Javier Jimenez</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">53,074,383</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">585,332</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">118,803</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Joseph Sierchio</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">53,074,365</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">577,330</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">126,821</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Jatinder Bhogal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">53,069,437</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">583,088</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">124,991</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">2.&nbsp;&nbsp;&nbsp;&nbsp; Ratifying the appointment of Peterson Sullivan LLP as our auditors for the fiscal year ending December 31, 2009.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 452.7pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 40.5pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 18.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes For</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes Against</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Votes Abstaining</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">53,356,738</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">253,594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">168,185</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">11</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_12"></A>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART II</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -40.5pt; MARGIN: 0in 0in 0pt 40.5pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 5. &nbsp;MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Market Information</FONT></U></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our</FONT>&nbsp;Company's Common Stock is&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">traded</FONT> on the Over the Counter Bulletin Board (&#147;OTCBB&#148;) under the symbol "HPLF." </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We are engaged in a highly dynamic industry, which often results in significant volatility of our common stock price.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table sets forth the high and low sale prices for the periods indicated:</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: 1.5in; MARGIN: 0in 1.25in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">High</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Low</FONT></U></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">First Quarter 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.31</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Second Quarter 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.73&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.45</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Third Quarter 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.18</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fourth Quarter 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.14</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">First Quarter 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.15</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Second Quarter 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Third Quarter 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fourth Quarter 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.13</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">As of March 22, 2010, there were approximately 76 stockholders of record. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Dividend Policy</FONT></U></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 12pt 0in" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman,serif">We have never paid cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future, but intend to retain our capital resources for reinvestment in our business. Any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, results of operations, capital requirements and other factors as the board of directors deems relevant. Our board of directors has the right to authorize the issuance of preferred stock, without further shareholder approval, the holders of which may have preferences over the holders of the Common Stock as to payment of dividends.</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Securities Authorized for Issuance Under Equity Compensation Plans</FONT></U></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 2in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of securities</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining available for</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Securities to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted-average exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; future issuance under</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be issued upon exercise of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price of outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equity compensation plans</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding options,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; options, warrants and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (excluding securities</FONT></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; warrants and rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reflected in column (a))</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">Plan Category&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">_____________________________________________________________________________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">Equity compensation plans</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">approved by security holders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,548,000</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">Equity compensation plans not</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">approved by security holders&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">_____________________________________________________________________________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,548,000</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 1.25in 0pt 0in"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=black face="Courier New"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">12</P>
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<A name="page_13"></A>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">item 7.&nbsp; management&#146;s discussion and analysis of financial condition and results of operations.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Discussion and Analysis</FONT></B></P>
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following discussion and analysis is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States, and should be read in conjunction with our financial statements and related notes. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. In addition, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, including, but not limited to, those discussed in &#147;</FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Forward Looking Statements</FONT></I></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">,&#148; and elsewhere in this Form 10-K.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Overview</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are a development stage biotechnology company focusing on the development of a cell-based bioartificial liver system, HepaMate&#153;, as a potentially lifesaving treatment for liver failure patients. The technology has previously been successfully tested in a clinical phase I study. As an extracorporeal cell-based bioartificial liver system, HepaMate&#153; is designed to combine blood detoxification with liver cell therapy to provide whole liver function in patients with the most severe forms of liver failure.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 3, 2008,&nbsp;we acquired HepatAssist Related Assets from Arbios, which included over 12 patents and patent licenses; miscellaneous scientific equipment; FDA Investigative New Drug (IND) application, including orphan drug and fast track designation; phase I and phase II/III clinical protocols and clinical data; and standard operating procedures for manufacturing and quality control.&nbsp;The acquired assets relate to a bioartificial liver device formerly known as &#147;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepatAssist. &#148; HepatAssist passed clinical phase I studies was evaluated in the largest-ever phase II/III clinical study (prospective, randomized, multicenter, controlled trial involving over 170 patients) to test the safety and efficacy of a bioartificial liver assist device. The clinical data was published in 2004 and showed for bioartificial liver device treated patients in fulminant and sub-fulminant hepatic failure a significant survival advantage compared with the patient control group receiving standard-of-care treatment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are working towards optimizing the former HepatAssist bioartificial liver device for utilization in a new clinical phase II/III study followed, if warranted, by commercialization upon final regulatory approval.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6.6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Previously we focused our research, development and commercialization efforts on the development of a porcine stem cell line, and subclones thereof, which we refer to as the &#147; PICM-19 cell line &#148; for use in a bioartificial liver and in-vitro toxicology testing, and on the commercialization of a chicken cell line, and subclones thereof, which we refer to as the &#147; PBS-1 cell line .&#148; The PBS-1 cell line was developed for potential use in cell-based vaccine production and was exclusively licensed from Michigan&nbsp;State&nbsp;University (&#147;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">MSU &#148;) in June 2006.&nbsp; &nbsp; In January 2009, we provided written notice to MSU terminating the license agreement effective April 24, 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The PICM-19 cell line was developed for potential use in a bioartificial liver device and in-vitro toxicology platforms and was exclusively licensed from USDA Agricultural Research Service on November 2007. In September 2008 the license was amended for the expanded field-of-use as in-vitro infection host systems for viral and protozoan agents such as malaria.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On May 23, 2008, we completed a private placement of securities for an aggregate purchase price of $4,530,800.&nbsp; Simultaneously with the completion of the private placement, n satisfaction of the $877,800 outstanding principal amount of the promissory note which we previously issued, we issued 2,065,412 Units consisting of 2,065,412 shares and 2,065,412 Series C Warrants; the note holder agreed to accept $150,000 in full payment and satisfaction of the accrued and unpaid interest on the note payable in the amount of $249,945.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Asset Purchase Agreement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 3, 2008, we entered into and consummated the transactions contemplated by a purchase agreement with Arbios pursuant to which, we purchased certain specified assets of Arbios relating to the pig cell based liver device technology that was being developed by Arbios.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The purchase price of the acquired assets consisted of: $450,000 in cash, of which $250,000 was paid at the closing and $200,000 has been deferred for up to 18 months; a Series D Stock Purchase Warrant to purchase up to 750,000 shares of the Company&#146;s common stock at an exercise price of $0.35 per share for a period of 5 years.&nbsp; The Deferred Cash Purchase Price of $200,000 was due and payable on the earlier of (i) the date on which we consummate one or more debt or equity financings in which the gross proceeds received in the aggregate equal or exceed $4,000,000, or (ii) the eighteen month anniversary of the closing date.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The issuance of&nbsp;the Series D Warrant was deemed to be exempt from registration under the Securities Act in reliance on Section 4(2) of the Securities Act in that the issuance did not involve a public offering. We granted Arbios certain registration rights, as more fully set forth in the Registration Rights Agreement dated October 3, 2008 between <FONT style="FONT-SIZE: 10pt" face="Times New Roman">us </FONT>and Arbios, with respect to the shares of the Company&#146;s common stock issuable upon exercise of the Series D warrant.&nbsp; Pursuant to the Registration Rights Agreement, if we have not filed with, and have declared effective by, the Securities and Exchange Commission, a registration statement within nine months of October 3, 2008, Arbios, to the extent applicable, will be entitled to utilize the cashless exercise provisions of the Series D Warrant.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrant Repurchase Agreement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On April 22, 2009, we consummated the transactions contemplated by a Warrant Repurchase Agreement between us and Arbios. &nbsp;Pursuant to the Repurchase Agreement, we repurchased the Series D stock purchase warrant previously issued to Arbios as partial consideration pursuant to the Asset Purchase Agreement. The Series D Warrant entitled the holder to purchase up to 750,000 shares of our common stock at a price of $0.35 per share for a period of 5 years.&nbsp; In consideration thereof we accelerated payment of the Deferred Cash Purchase Price to April 22, 2009 which was due on the earlier of (i) the date on which we consummate one or more debt or equity financings in which the gross proceeds received in the aggregate equal or exceed $4,000,000, or (ii) the eighteen month anniversary of the closing date.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">May 2008 Private Placement</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On May 23, 2008, we completed a private placement (May 2008 Private Placement) pursuant to which we sold 10,660,705 units (Units) at a price of $0.425 per Unit or $4,530,800 in the aggregate. Each Unit consists of one share of our common stock (the &#147;Unit Shares&#148;) and one Series C stock purchase warrant (Series C warrant) to purchase a share of common stock at the initial exercise price of $0.55 per share for a period of two years from the date of issuance. &nbsp;In conjunction with our completion of the acquisition of the HepatAssist Related Assets in October 2008, we reduced the initial exercise price of the Series C warrants to $0.34 per share. We also issued an additional 263,713 Units in payment of placement and legal fees relating to this transaction.&nbsp; We have agreed to register for resale the Unit Shares and the shares of our common stock issuable upon exercise of our common stock.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Loan Conversion</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Simultaneously with the completion of the May 2008 Private Placement, we entered into an agreement with Mr. Harmel S. Rayat, our former Chief Financial Officer, Director and Controlling Shareholder, pursuant to which Mr. Rayat (i) converted the entire outstanding principal amount ($877,800) of his loan to us into an aggregate of &nbsp;2,065,412 &nbsp;Units, each Unit consisting of one share of our common stock and one Series C warrant, at a conversion price of $0.425 per Unit and (ii) agreed to accept $150,000 in full payment and satisfaction of the accrued and unpaid interest on the loan in the amount of $249,945.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrants</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As of December 31, 2009, we had Warrant shares outstanding that we issued May 11, 2007 with an original exercise price of $1.50 and original warrant shares of 737,000 convertible into common stock until May 11, 2012.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Warrant Agreement provides for an adjustment to the exercise price and number of shares if&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">we</FONT> issue shares of common stock or common stock equivalents for consideration less than the then market price at the date of issuance subject to a 1% adjustment floor.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> &nbsp;As a result of this provision, the total number of Warrant shares outstanding as of December 31, 2009 was 825,000 with an exercise price of $1.34.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrant Exchange/Exercise Agreement &nbsp;</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 27, 2009, we consummated the transactions contemplated by the Warrant Exchange/Exercise Agreement between us and each of the holders of the Series C Warrants. Pursuant to the terms of the Warrant Exchange/Exercise Agreement we issued 3,492,505 shares of restricted stock in exchange for 6,985,010 Series C Warrants and issued an aggregate of 6,004,824 shares of common stock in connection with the exercise of the balance of the Series C Warrants a price of $0.10 per share. As of December 31, 2009, there are no Series C Warrants outstanding.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the Series C Warrant Liability at October 27, 2009, the effective date of the Warrant Exchange/Exercise Agreement, using the Black-Scholes pricing-model was $581,559, of which $268,838 was allocated to the 6,004,824 warrant shares exercised and $312,721 was allocated to the 6,985,010 warrant shares exchanged.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We received total cash proceeds of $600,483 from the 6,004,824 warrant shares exercised at $0.10 per warrant share as part of the Warrant Exchange/Exercise Agreement.&nbsp; The fair value of the Series C Warrant liabilty attributable to the Warrants exercised was $268,838, prior to the impact of the reduction in exercise price. The fair value of the warrant liabilty increased by $691,934 and resulted in a carrying value of $960,772 from the reduction in exercise price. The increase in the fair value of the warrant liabilty of $691,934 was recorded as a component of the loss on extinguishment of warrant liabilty in the accompanying financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the 3,492,505 shares of common stock issued to settle the exchange for 6,985,010 warrant shares was $908,952 based on the closing price of the Company&#146;s common stock of $0.26 per share on October 27, 2009 as quoted on the Over the Counter Bulletin Board.&nbsp; The Company recorded a loss on extinguishment of warrant liability on the shares exchanged for common stock in the amount of $595,330 on October 27, 2009 as a result of the excess of the consideration provided in the form of common stock over the fair value of the Series C Warrant Liability.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Critical Accounting Policies</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses and related disclosures. We review our estimates on an ongoing basis. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We consider an accounting estimate to be critical if it requires assumptions to be made that were uncertain at the time the estimate was made; and changes in the estimate or different estimates that could have been made could have a material impact on our results of operations or financial condition. While our significant accounting policies are described in more detail in the notes to our financial statements included in this Form 10-K, we believe the following accounting policies to be critical to the judgments and estimates used in the preparation of our financial statements:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and Development Expenses</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and development expenses represent costs incurred to develop our technology, as well as purchased in-process research and development programs. Until October 2008, the majority of costs incurred were pursuant to our CRADA with the USDA&#146;s Agricultural Research Service and pursuant to our sponsored research agreement with MSU. During 2009, research and development expenses were $185,081.&nbsp; Third-party costs paid by us relating to </FONT> </P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">these agreements include salaries and benefits for research and development personnel, allocated overhead and facility occupancy costs, contract services and other applicable costs. In addition, costs may include third party laboratory work.&nbsp; We charge all research and development expenses to operations as they are incurred, including internal costs, costs paid to sponsoring organizations, and purchased in-process research and development programs. We do not track research and development expenses by project. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">General and Administrative Expenses</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our general and administrative expenses consist primarily of personnel related costs, legal costs, including intellectual property that is expensed when incurred, investor relations costs, stock-based compensation costs, accounting costs, and other professional and administrative costs. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Stock-Based Compensation</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We measure all stock-based compensation awards at fair value on the date of grant and recognize such expense in our consolidated financial statements over the requisite service period for awards expected to vest.&nbsp; <FONT style="FONT-SIZE: 10pt" face="Times New Roman">We </FONT>use the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant.&nbsp; The Black-Scholes pricing model requires management to make assumptions regarding the option lives, expected volatility, and risk free interest rates. See &#147;Note 9. Stock Options&#148; in the Notes to Consolidated Financial Statements for additional information on&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> stock-based compensation plans.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fair Value</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We measure fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. We utilize a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 1.&nbsp;Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.&nbsp; We have no assets or liabilities valued with Level 1 inputs.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 2.&nbsp;Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.&nbsp; We have no assets or liabilities valued with Level 2 inputs.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Liabilities valued with Level 3 inputs are described in &#147;Note 8. Stockholders&#146; Equity&#148; in the Notes to Consolidated Financial Statements.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Warrant Liability Derivative</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We evaluate financial instruments for freestanding or embedded derivatives.&nbsp; The warrant liability derivative is recorded at fair value with changes in value recognized as other income (expense) in the consolidated statements of operations in the period of change.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Results of Operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We have yet to establish any history of profitable operations and our accumulated deficit from inception through December 31, 2009 is $20,237,116&nbsp;&nbsp;We have not generated any revenues from operations during the past five years and do not expect to generate any revenues for the foreseeable future. We expect that our future revenues will not be sufficient to sustain our operations for the foreseeable future. Our profitability will require the successful completion of our research and development programs, and the subsequent commercialization of the results or of products derived from such research and development efforts. No assurances can be given when this will occur or that we will ever be profitable.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We expect to continue to incur losses from business operations and we believe our cash and cash equivalents balances, anticipated cash flows from operations, and other external sources of credit will be sufficient to meet our cash requirements through March 2011. <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our </FONT>future&nbsp;after March 2011 will depend in large part on our ability to successfully raise capital from external sources to pay for planned expenditures and to fund operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Operating Expenses</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A summary of our operating expenses for the years ended December 31, 2009 and 2008 is as follows:&nbsp; </FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><BR>
Increase (Decrease)</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">% Change</FONT></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Expenses</FONT></B></P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Salary and benefits</FONT></P>
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<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">536,712 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,157,785 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(621,073)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(53.6%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Research and development</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">185,081 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">892,386 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(707,305)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(79.3%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Shareholder relations and name branding</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">37,246 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">354,308 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(317,062)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(89.5%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Administrative and general</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">228,593 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">324,393 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(95,800)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(29.5%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Professional fees- accounting and legal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">378,690 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">204,422 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">174,268 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">85.2%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Director, management and consulting fees</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">147,606 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20,705 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">126,901 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">612.9%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7,821 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(7,821)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(100.0%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,513,928 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,961,820 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,447,892)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(48.9%)</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-INDENT: 50.6pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Salaries and benefits:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred salaries and benefits expense of $536,712 for the year ended December 31, 2009 representing a decrease of $621,073 or 53.6% compared to the year ended December 31, 2008. &nbsp;The majority of the decrease, representing $324,479, is primarily due to a decrease in stock compensation expense as certain option grants have been fully expensed. The remaining decrease of $296,594 is due to a lower compensation expense from fewer employees as we terminated our research scientists effective November 30, 2008 as a result of the Arbios Systems, Inc. asset acquisition and due to closing our corporate office in Vancouver, British Columbia on August 31, 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and development:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred $185,081 in research and development expenses for the year ended December 31, 2009 representing a decrease of $707,305 or 79.3% compared to the year ended December 31, 2008. &nbsp;This decrease is due primarily to the cancellation of our purchased research and development program with the USDA effective October 2008 and the cancellation of our sponsored research agreement with Michigan State University (&#147;MSU&#148;) effective April 24, 2009. We cancelled both the USDA and MSU research programs as a result of repositioning our strategic direction.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Shareholder relations and name branding:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred $37,246 of shareholder relations and name branding expenses for the year ended December 31, 2009 representing a decrease of $317,062 or 89.5% compared to the year-ended December 31, 2008, primarily as a result of the company&#146;s decision to reduce name branding expenditures.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Administrative and general:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred $228,593 in administrative and general expenses for the year ended December 31, 2009 representing a decrease of $95,800 or 29.5% compared to the year ended December 31, 2008. The change is primarily comprised of a decrease of $105,809 in facilities and travel expenses due to closing of the corporate office in Vancouver, British Columbia on August 31, 2008, offset by an increase of $ 7,309 for the first time incurrence of license maintenance fees and director and officer insurance.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Professional fees:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred a total of $378,690 in professional fees for the year ended December 31, 2009 for an increase of $174,268 or 85.2% which is comprised of the following: an increase of $101,756 in legal fees, an increase of $54,158 for external accounting fees as these services were primarily performed by the corporate office in Vancouver, British Columbia in 2008 and are now outsourced; and an increase of $18,354 in audit and other consulting services.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">17</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_18"></A>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Director, management and consulting fees:&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> We incurred a total of $147,606 in director, management and consulting expenses for the year ended December 31, 2009 for an increase of $126,901 or 612.9% compared to the year ended December 31, 2008.&nbsp; The increase is attributable to an increase in the number of positions on the Board of Directors from three to five beginning in September 2008, increasing the Director&#146;s fees from $750 to $2,500 on a quarterly basis, and also to our&nbsp;hiring a Chief Financial Officer, on a contract basis, in February 2009.&nbsp; In addition, we hired an interim <FONT style="FONT-SIZE: 10pt" face="Times New Roman">C</FONT>hief Executive <FONT style="FONT-SIZE: 10pt" face="Times New Roman">O</FONT>fficer in October 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Depreciation</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: &nbsp;Depreciation expense was zero for the year ended December 31, 2009 as all assets were retired in the year ended December 31, 2008. </FONT></P>
<P style="TEXT-INDENT: 50.6pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Other Income and (Expense)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 50.6pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A summary of our other income and expense for years ended December 31, 2009 and 2008 is as follows:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><BR>
Increase (Decrease)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">% Change</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Other income and (expenses)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Interest on promissory note</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(41,615)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(41,615)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100.0%</FONT></P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Bank charges and foreign exchange loss</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,226)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(11,261)</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(10,035)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(89.1%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Interest income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">29,619 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">30,831 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,212)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3.9%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on disposal of fixed assets</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,061)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,061)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(100.0%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of discount on notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(12,873)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(469,893)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(457,020)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">97.3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of deferred financing costs</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(210,728)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(210,728)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(100.0%)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Change in fair value of warrant liability</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">(</FONT>62,297)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;62,29<FONT style="FONT-SIZE: 10pt" face="Times New Roman">7</FONT></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on extinguishment of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,287,264</FONT>)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,287,264</FONT> </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,<FONT style="FONT-SIZE: 10pt" face="Times New Roman">334,041</FONT>)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(705,727)</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;625,890</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">71.0%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Interest on promissory note: </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Interest expense represents interest accrued on note payables to Mr. Harmel S. Rayat, at an annual rate of 8.5%. Mr. Rayat was&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> former Chief Financial Officer, former Director, and former majority shareholder. As part of the 2008 Private Placement the balance of this loan was converted to common stock and warrants.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Interest income: </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Interest income for the years ended December 31, 2009 and 2008 represents interest earned on cash and cash equivalents.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Amortization of discount on notes and deferred financing costs</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: These accounts decreased due to the conversion of notes payable to common stock during 2008.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Change in fair value and loss on extinguishment of warrant liability</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On January 1 2009, we adopted guidance which is now part of ASC 815-40,</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> Contracts in Entity&#146;s Own Equity (</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">ASC 815-40).</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We determined that our Warrants issued in May 2007 and our Series C Warrants issued in May 2008 contain a dilutive issuance provision that may result in an adjustment to the exercise price and number of underlying shares of common stock. As a result, we reclassified 737,000 Warrant shares from equity to noncurrent warrant liability and 12,989,830 Series C Warrants from equity to a current warrant liability and recorded a cumulative effect of the change in accounting principle adjustment that reduced our accumulated deficit as of January 1, 2009 by $1,932,469.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our Warrants and Series C Warrants are considered derivative liabilities and are therefore required to be adjusted to fair value each quarter. We value our warrant liability using the Black-Scholes model.&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our</FONT> stock price, remaining term of the warrants and the volatility of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>stock all impact the fair value of the warrants.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The amount recorded to adjust the Warrants and Series C Warrants to fair value resulted in a net non-cash loss of $62,297 for the year ended December 31, 2009.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 27, 2009, we consummated the transactions contemplated by a Warrant Exchange/Exercise Agreement between us and each of the holders of the Series C Warrants. Pursuant to the terms of the Warrant Exchange/Exercise Agreement we issued&nbsp; 3,492,505 shares of restricted stock in exchange for 6,985,010 Series C Warrants and issued an aggregate of 6,004,824 shares of restricted stock in connection with the exercise of the balance of the Series C Warrants a price of $0.10 per share.&nbsp; Currently, there are no Series C Warrants issued and outstanding.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the Series C Warrant Liability at October 27, 2009, the effective date of the Warrant Exchange/Exercise Agreement, using the Black-Scholes pricing-model (Level 3 inputs) was $581,559, of which $268,838 was allocated to the 6,004,824 warrant shares exercised and $312,721 was allocated to the 6,985,010 warrant shares exchanged.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We received total cash proceeds of $600,483 from the 6,004,824 warrant shares exercised at $0.10 per warrant share as part of the Warrant Exchange/Exercise Agreement.&nbsp;&nbsp;The fair value of the Series C Warant liabilty attributable to the Wa<FONT style="FONT-SIZE: 10pt" face="Times New Roman">r</FONT>rants exercised was $268,838, prior to the impact of the reduction in exercise price. The fair value of the warrant liabilty increased by $691,934 and resulted in a carrying value of $960,772 from the reduction in exercise price. The increase in the fair value of the wa<FONT style="FONT-SIZE: 10pt" face="Times New Roman">r</FONT>rant liabilty of $691,934 was recorded as a component of the loss on extingu<FONT style="FONT-SIZE: 10pt" face="Times New Roman">i</FONT>shment of warrant liabilty in the accompanying fiancial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the 3,492,505 shares of common stock issued to settle the exchange for 6,985,010 warrant shares was $908,952 based on the closing price of the Company&#146;s common stock of $0.26 per share on October 27, 2009 as quoted on the Over the Counter Bulletin Board.&nbsp; The Company recorded a loss on extinguishment of warrant liability on the shares exchanged for common stock in the amount of $595,330 on October 27, 2009 as a result of the excess of the consideration provided in the form of common stock over the fair value of the Series C Warrant Liability.&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Liquidity and Capital Resources</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We had cash and cash equivalents of $2,310,200 and $3,084,155 as of December 31, 2009 and, 2008, respectively.&nbsp; Net cash provided by financing activities was $400,483 for the year ended December 31, 2009 from the exercise of 6,004,824 shares of Series C Warrants as part of the Warrant Exchange or Exercise Agreement consummated on October 27, 2009 and from payment of $200,000 on a contract commitment.&nbsp; Net cash provided by financing activities was $4,530,800 for the year ended December 31, 2008 from a private placement of securities of 10,660,705 units, with each unit consisting of one share of common stock and one common stock warrant. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Net cash flow used in operating activities was $1,174,819 for the year ended December 31, 2009, compared to net cash flow used of $1,984,149 for the year ended December 31, 2008.&nbsp; We have financed operations primarily from cash on hand and through private placement of securities, as well as through the exercise of Series C Warrants.&nbsp; The accompanying financial statements have been prepared assuming we will continue as a going concern.&nbsp;&nbsp;We incurred cumulative losses of $20,237,116 from inception through December 31, 2009.&nbsp;&nbsp;Additionally, we have expended a significant amount of cash in developing our technology.&nbsp;&nbsp;We expect to continue to incur losses from business operations and we believe our cash and cash equivalents balances, anticipated cash flows from operations, and other external sources of credit will be sufficient to meet our cash requirements through March 2011. <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our</FONT> <FONT style="FONT-SIZE: 10pt" face="Times New Roman">future </FONT>after March 2011 will depend in large part on our ability to successfully raise capital from external sources to pay for planned expenditures and to fund operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">At this time, we have no agreements or understandings with any third party regarding any financings. </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-CA face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Related Party Transactions</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Employment Agreement</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On September 30, 2009, we and Mr. Frank Menzler, who at the time was our Chief Executive Officer and President, entered into a restated employment agreement providing for the payment to Mr. Menzler of a signing bonus of $35,000, which was recorded as salary expense; a severance payment of up to six-months salary and benefits; cancelation of all stock option grants; and the resignation of Mr. Menzler as a Director and Chairman of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: center">19</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, Mr. Menzler resigned from his position as Chief Executive Officer and President.&nbsp; Pursuant to the terms of the restated employment agreement, Mr. Menzler was appointed Special Technical Advisor and continues as an employee.&nbsp;&nbsp;On March 16, 2010, we gave written notice to Mr. Menzler of our election to terminate the September 30, 2009 restated employment agreement effective March 31, 2010.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, we entered into an Interim Executive Services Agreement (the &#147;Agreement&#148;) with Mr. Amit Dang in which Mr. Dang was appointed as our Interim Chief Executive Officer, President and Secretary. Mr. Dang will receive a fee of $7,000 per month during the term of the Agreement.&nbsp; This agreement may be terminated at any time by the Company and upon 90 days prior written notice by Mr. Dang.&nbsp; It is not expected that Mr. Dang will devote his full time and attention to our operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang was also granted an option to purchase, subject to vesting restrictions, up to 100,000 shares of our common stock, at a price of $0.32 per share (the closing price of our common stock as reported on the Over the Counter Bulletin Board on October 13, 2009). The options shall vest and become exercisable when either (a) with Mr. Dang&#146;s support and contribution,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">we are</FONT>&nbsp;able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently substantial, or (b) the Board, in its sole discretion, elects to accelerate the vesting of the options.&nbsp; We expect that the options shall vest within one year from the date of grant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Executive Management:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> For the years ended December 31, 2009 and 2008, we incurred $21,000 and $0 in fees paid to Mr. Amit Dang&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> President, Chief Executive Officer, and Secretary. In addition, we recorded $2,708 and $0 as stock compensation expense for the award to Mr. Dang for the years ended December 31, 2009 and 2008, respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Director Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: For the years ended December 31, 2009 and 2008, we incurred $41,667 and $19,343, respectively, in board fees for <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>non-employee directors.&nbsp;&nbsp;In addition, during June and September 2008, we granted stock options to purchase 50,000 shares each for a total of 200,000 shares of common stock to non-employee board members. For the years ended December 31, 2009 and 2008, we recorded $19,285 and $12,541, respectively, as stock compensation expense relating to these stock grants. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Legal Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Legal fees expensed for the year ended December 31, 2009 and 2008 that were paid or are due to our attorney who also serves as a board member totaled $204,193 and $111,150, respectively.&nbsp; Also, as part of our May 2008 Private Placement, we settled $21,250 in legal costs by issuing 50,000 Units to this attorney.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Notes Payable and Accrued Interest</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On May 23, 2008, we reached an agreement with Mr. Harmel S. Rayat to which Mr. Rayat (i) converted the entire outstanding principal amount ($877,800) of his loan to <FONT style="FONT-SIZE: 10pt" face="Times New Roman">us </FONT>into an aggregate of&nbsp;&nbsp;2,065,412&nbsp;&nbsp;Units, each Unit consisting of one share of our common stock and one Series C warrant, at a conversion price of $0.425 per Unit and (ii) agreed to accept $150,000 in full payment and satisfaction of the accrued and unpaid interest on the loan in the amount of $249,945. Mr. Harmel S. Rayat was a former officer, director and majority stockholder of until June 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Rent:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Until August 31, 2008, our administrative office was located in Canada. This premise is owned by a private corporation controlled by Mr. Rayat. We paid rent of $26,866 for the year ended December 31, 2008 to the private corporation.&nbsp; Effective September 1, 2008, we closed this administrative office, terminating all of its employees.&nbsp;&nbsp;There were no severance arrangements with any of the terminated employees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business.</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Off Balance Sheet Arrangements </FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We has no off-balance sheet arrangements.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Recent Accounting Pronouncements</FONT></B></P>
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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">See Note 2 to the Consolidated Financial Statements in this Form 10-K. </FONT></P>
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<P style="TEXT-ALIGN: center">20</P>
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     <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</FONT></B>&nbsp;</TD>
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     <TD colSpan=2 align=center><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Index to Financial Statements</FONT></B></TD></TR>
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     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Report of Independent Registered Public Accounting Firm</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">2</FONT></FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated Balance Sheets as of December 31, 2009 and 2008</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">3</FONT></FONT>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated Statements of Operations for the years ended December 31, 2009 and 2008, and</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from Inception (October 21, 1997) to December 31, 2009</FONT></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">4</FONT></FONT></TD></TR>
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     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated Statements of Stockholders&#146; Equity (Deficit) from Inception (October 21, 1997)</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to December 31, 2009</FONT></TD>
     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">5</FONT></FONT></TD></TR>
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     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008,</FONT>&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and from Inception (October 21, 1997) to December 31, 2009</FONT></TD>
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     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Notes to Consolidated Financial Statements</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2<FONT size=2 face="Times New Roman">7</FONT></FONT>&nbsp;</TD></TR></TABLE>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">To the Board of Directors</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">HepaLife Technologies, Inc.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Boston, Massachusetts </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">We have audited the accompanying consolidated balance sheets of HepaLife Technologies, Inc. and Subsidiary (a&nbsp;development stage company) ("the Company") as of December&nbsp;31, 2009 and 2008, and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and for the period from October&nbsp;21, 1997 (date of inception) to December&nbsp;31, 2009.&nbsp; These financial statements are the responsibility of the Company's management.&nbsp; Our responsibility is to express an opinion on these financial statements based on our audits.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).&nbsp; Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&nbsp; The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.&nbsp; Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.&nbsp; Accordingly, we express no such opinion.&nbsp; An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.&nbsp; An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.&nbsp; We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of HepaLife Technologies, Inc. and Subsidiary (a&nbsp;development stage company) as of December&nbsp;31, 2009 and 2008, and the results of their operations and their cash flows for the years then ended, and for the period from October&nbsp;21, 1997 (date of inception) to December&nbsp;31, 2009, in conformity with accounting principles generally accepted in the United States.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman,serif">/S/ PETERSON SULLIVAN LLP</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Seattle, Washington</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">March&nbsp;<FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT>, 2010</FONT></P>
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<P style="TEXT-ALIGN: center">22</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(A Development Stage Company)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">CONSOLIDATED BALANCE SHEETS</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 31, 2009 and 2008</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">ASSETS</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Current assets</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Cash and cash equivalents</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,310,200 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,084,155 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Prepaid expenses</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">44,033 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,716 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total current assets</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,354,233 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,182,871 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">LIABILITIES</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Current liabilities</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Accounts payable and accrued liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,462 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">105,250 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total current liabilities</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,462 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">105,250 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Contract commitment payable (Note 4)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">200,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Discount on contract commitment payable</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(12,873)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Warrant liability&nbsp; (Note 8)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">9,815 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total liabilities</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">108,277 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">292,377 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Commitments and contingencies (Note 5)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">STOCKHOLDERS' EQUITY</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stockholders' equity (Note 8)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Preferred stock: $0.10 par value; Authorized: 1,000,000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Issued and outstanding: none</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock: $0.001 par value; Authorized: 300,000,000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Issued and outstanding: 101,494,158 (2008: 91,996,829)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">101,495 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">91,998 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Additional paid-in capital</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22,381,577</FONT> </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22,120,493 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Accumulated other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(381)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss accumulated during the development stage</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">20,237,116</FONT>)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(19,321,616)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total stockholders' equity</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,245,956 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,890,494 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total liabilities and stockholders' equity </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,354,233 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,182,871 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="56%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=5 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(The accompanying notes are an integral part of these financial statements)</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-CA face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center">23</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_23"></A>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-CA face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=648>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(A Development Stage Company)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B></P>
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<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">For the years ended December 31, 2009 and 2008</FONT></B></P>
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<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">and from inception (October 21, 1997) to December 31, 2009</FONT></B></P>
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<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">From inception </FONT></P>
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<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">(October 21, 1997)&nbsp; </FONT></P>
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<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">to December 31,&nbsp; </FONT></P>
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<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Revenue</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Expenses</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Salary and benefits</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">536,712 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,157,785 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">6,171,467 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Research and development</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">185,081 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">892,386 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,098,755 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Shareholder relations and name branding</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">37,246 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">354,308 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,191,960 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Administrative and general</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">228,593 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">324,393 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,487,933 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Professional fees- accounting and legal</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">378,690 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">204,422 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,090,633 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Director, management and consulting fees (Note 5)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">147,606 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20,705 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,170,648 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Depreciation</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7,821 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">35,410 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock offering costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,926,713 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,513,928 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,961,820 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">18,173,519 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Operating Loss</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,513,928)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,961,820)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(18,173,519)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Other income and (expenses)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Interest on promissory note (Note 7)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(41,615)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(355,112)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Interest, bank charges and foreign exchange loss</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,226)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(11,261)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(37,033)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Interest income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">29,619 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">30,831 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">149,738 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on disposal of fixed assets</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,061)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,061)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of discount on notes (Note 4 and Note 7)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(12,873)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(469,893)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,107,522)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of deferred financing costs (Note 7)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(210,728)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(293,515)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Change in fair value of warrant liability</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(62,297)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,870,172 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on extinguishment of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,287,264</FONT>)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,287,264)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,334,041)</FONT></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(705,727)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,063,597</FONT>)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net loss available to common stockholders</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,847,969)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">20,237,116</FONT>)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss per share - basic and diluted</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(0.0<FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT>)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(0.04)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Weighted average number of common shares</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; outstanding - basic and diluted</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">93,688,134 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">85,952,917 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #ffffff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(The accompanying notes are an integral part of these financial statements)</FONT></P>
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<P style="TEXT-ALIGN: center">24</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(A Development Stage Company)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">from inception (October 21, 1997) to December 31, 2009</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Accumulated </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss accumulated </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total&nbsp;&nbsp;&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common Stock </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Additional </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">other comprehensive </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">during development </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">stockholders' </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Shares </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amount </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">paid-in capital </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">income </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">stage </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">income (loss) </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">equity (deficit) </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for service rendered</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.00025 per share, October 21, 1997</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp; 12,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp; (9,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp; - </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ - </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp; 3,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for cash</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.0625 per share during 1997</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,200,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,200 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">73,800 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">75,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Income from inception</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; (October 21, 1997) to December 31, 1997</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">42 </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">42 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">42 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">42 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 1997</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">13,200,000 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">13,200 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,800 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">42 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">78,042 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for service rendered</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.025 per share, December 15, 1998</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">16,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">16,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">384,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">400,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 1998</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(471,988)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(471,988)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(471,988)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(471,988)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 1998</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">29,200,000 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">29,200 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">448,800 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(471,946)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">6,054 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for cash</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.025 per share, March 1999</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">288,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">300,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 1999</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(121,045)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(121,045)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(121,045)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(121,045)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 1999</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">41,200,000 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">41,200 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">736,800 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(592,991)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">185,009 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2000</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(80,608)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(80,608)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(80,608)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(80,608)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2000</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">41,200,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">41,200 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">736,800 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(673,599)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">104,401 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Conversion of debt to equity at $0.015</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">per share, July 31, 2001</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8,933,332 </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8,933 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">125,067 </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">134,000 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2001</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(160,364)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(160,364)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(160,364)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(160,364)</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2001</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,133,332 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,133 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">861,867 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(833,963)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">78,037 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.06 per share, April 23, 2002</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">590 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">600 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Conversion of debt to equity at $0.05</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">per share, April 26, 2002</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,160,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,160 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">105,840 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">108,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for investor</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">relations services at $0.05 per share, </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">July 25, 2002</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,390,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,390 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">117,110 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">119,500 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Conversion of debt to equity at $0.05 per</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">share, December 18, 2002</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,920,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,920 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">94,080 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">96,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2002</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(375,472)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(375,472)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(375,472)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(375,472)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2002</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">56,613,332 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">56,613 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,179,487 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,209,435)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">26,665 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">exercise of stock options during the</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">year at between $0.07 to $2.11 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">282,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">283 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">398,317 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">398,600 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">exercise of share purchase warrants</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">in November 2003 at $0.025 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7,300,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7,300 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">175,200 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">182,500 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2003</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,102,723)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,102,723)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,102,723)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,102,723)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2003</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,195,832 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,196 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,753,004 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,312,158)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(494,958)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">to exercise of stock options during </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">the year between $0.07 to $2.11 per share</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,622,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,622 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,339,998 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,341,620 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">to exercise of share purchase warrants in</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 2004 at $0.025 per share</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,000,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">48,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2004</FONT></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,435,613)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,435,613)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,435,613)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,435,613)</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2004</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">67,817,832 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">67,818 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,141,002 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,747,771)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(538,951)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">of stock options in March 2005 at </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$3.10 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">154,950 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">155,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">of stock options in May 2005 at </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$2.11 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">45,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">45 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">94,905 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">94,950 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">of stock options in June 2005 at </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$2.11 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">210,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">211,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">of stock options in October 2005 at </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$2.11 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">40,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">40 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">84,360 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">84,400 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">of stock options in March 2005 at </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$2.11 per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">105,450 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">105,500 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued pursuant to</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">exercise of share purchase warrants </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">in March 2005 at $0.025 per share</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,250,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,250 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">30,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">31,250 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Restricted common stock issued in June 2005</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">pursuant to share purchase agreement</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">37,580 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">37,600 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Restricted common stock issued in July 2005</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">pursuant to share purchase agreement</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">691,598 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,382,504 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,383,196 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2005</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,813,602)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,813,602)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,813,602)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,813,602)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2005</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">70,064,430 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">70,065 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5,241,651 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(6,561,373)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,249,657)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Restricted common stock issued in January 2006</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">pursuant to share purchase agreement</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">374,753 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">375 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">505,542 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">505,917 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the first quarter of </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2006 to Fusion Capital for cash</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">431,381 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">431 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">449,569 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">450,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the second quarter of </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2006 to Fusion Capital for cash</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">416,303 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">416 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">329,584 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">330,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the third quarter of </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2006 to Fusion Capital for cash</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">758,606 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">759 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">584,234 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">584,993 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the fourth quarter of </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2006 to Fusion Capital for cash</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">548,371 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">548 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">354,455 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">355,003 </FONT></P>
</TD></TR>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercise of stock options</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">175,000 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">175 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,075 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,250 </FONT></P>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,607,302 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,607,302 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2006</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,654,499)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,654,499)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,654,499)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,654,499)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2006</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">72,768,844 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">72,769 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10,084,412 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(11,215,872)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,058,691)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the first quarter of </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2007 to Fusion Capital for cash</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">382,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">382 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">204,619 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">205,001 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued in the second quarter of </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2007 to Fusion Capital for cash</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">509,019 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">509 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">289,491 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">290,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock converted from convertible</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">promissory notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,604,721 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,605 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,742,395 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,745,000 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">935,044 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">935,044 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Proceeds allocated to the warrants issued with</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; the convertible notes</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">497,689 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">497,689 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrants issued for the payment of broker's fees</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,990 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,990 </FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Intrinsic value of the beneficial conversion feature</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; of the notes</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,220,410 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,220,410 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Foreign currency translation adjustment </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,772)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,772)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,772)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2007</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,441,969)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2007</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">76,264,584 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">76,265 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">15,039,050 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,772)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(15,654,069)</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(542,526)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock converted from convertible</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">promissory notes in January 2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,342,415 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,343 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">752,657 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">755,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock converted from notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">in June 2008</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,065,412 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,065 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">975,680 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">977,745 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock and warrants issued for cash,</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">at $0.425 per share in May 2008 and</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">in payment of placement and legal fees </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10,924,418 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10,925 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,519,875 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,530,800 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for services received in 2008</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">400,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">400 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">169,600 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">170,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 25.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrants granted for purchase of in-process research and development in October 2008</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,325 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,325 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">565,306 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">565,306 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Foreign currency translation adjustment </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,391 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,391 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,391 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2008</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,664,156)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<TR style="HEIGHT: 13.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2008</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">91,996,829 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">91,998 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22,120,493 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(381)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(19,321,616)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,890,494 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cumulative effect of change in accounting principle</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,461,546)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,932,469 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(529,077)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued for exchange of Series C</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrants,&nbsp; 2 for 1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,492,505 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,493 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">904,559 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">908,052 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock issued upon exercise of Series C</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrants, $0.10 per warrant </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">6,004,824 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">6,004 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,555,250</FONT> </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,561,254</FONT> </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">262,821 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">262,821 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Comprehensive income (loss)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Foreign currency translation adjustment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">381 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">381 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">381 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2009</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,847,969</FONT>)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2<FONT style="FONT-SIZE: 10pt" face="Times New Roman">,847,969)</FONT></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,847,969)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ (2,847,588)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance, December 31, 2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">101,494,158 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ 101,495 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp; 22,381,577 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp; - </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp; (<FONT style="FONT-SIZE: 10pt" face="Times New Roman">20,237,116</FONT>)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ 2,245,956 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(The accompanying notes are an integral part of these financial statements)</FONT></P>
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<P style="TEXT-ALIGN: center">25</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(A Development Stage Company)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">For the years ended December 31, 2009 and 2008</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">and from inception (October 21, 1997) to December 31, 2009</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">From inception </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">(October 21, 1997)&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">to December 31,</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash flows from operating activities:</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Net Loss</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,<FONT style="FONT-SIZE: 10pt" face="Times New Roman">847,969</FONT>)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">20,237,116</FONT>)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Adjustments to reconcile net loss to net cash</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; from operating activities:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Depreciation</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7,821 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">35,410 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of license fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">62,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">87,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">150,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Services paid by issuance of common stock</FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">170,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,031,100 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock offering costs paid by issuance of common stock</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,926,713 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">In-process research and development partially purchased</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; by issuance of common stock warrants and a contract</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; commitment payable, net of discount</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">283,903 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">283,903 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">262,821 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">565,306 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,370,473 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of discount on notes payable</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,873 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">469,893 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,107,522 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amortization of deferred financing costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">210,728 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">293,515 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on disposal of assets</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,061 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,061 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Change in fair value of warrant liability</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">62,297 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,870,172)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Loss on settlement of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">1,287,264</FONT> </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,287,264 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp; Change in assets and liabilities:</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Decrease (increase) in prepaid expenses and deposits</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(7,817)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(106,880)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(119,035)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Increase (decrease) in accounts payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(6,788)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100,450 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">98,462 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Increase (decrease) in accounts payable - related party</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(108,384)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">99,946 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net cash used in operating activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,174,819)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(1,984,149)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(10,538,954)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash flows from investing activities:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Purchase of property and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(38,471)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Purchase of license fees</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(75,000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net cash used in investing activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(113,471)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash flows from financing activities:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Payment on contract commitment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(200,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(200,000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Proceeds from issuance of common stock and warrants, net</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,530,800 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">9,787,867 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Proceeds from issuance of convertible notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,125,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Net proceeds from promissory notes</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">877,800 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Proceeds from exercise of warrants</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">600,483 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">600,483 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; Increase in deferred financing cost</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(228,525)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net cash provided by financing activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">400,483 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,530,800 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">12,962,625 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Increase (decrease) in cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(774,336)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,546,651 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,310,200 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Effect of foreign exchange rate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">381 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,391 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash and cash equivalents, beginning of period</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,084,155 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">534,113 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash and cash equivalents, end of period</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,310,200 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3,084,155 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,310,200 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Supplemental disclosure of cash flow information:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Interest paid in cash</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">150,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">247,575 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Income tax paid in cash</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Non-cash investing and financing activities:</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=red face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common stock and warrants issued for professional services</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">282,078 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,143,078 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Issuance of common stock as stock offering costs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,926,713 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Issuance of warrants for deferred financing costs</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">64,990 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Conversion of note payable and related interest to equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">977,745 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">977,745 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Conversion of debt to equity</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">755,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,500,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="42%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Issuance of common stock to extinguish warrant liability</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">581,559 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">581,559 </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(The accompanying notes are an integral part of these financial statements)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(A Development Stage Company)</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">DECEMBER 31, 2009</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 1.&nbsp; Description of the Business and Going Concern Uncertainties </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We are a development stage biotechnology company focusing on the development of a cell-based bioartificial liver system.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaLife Technologies, Inc. (the &#147;Company&#148;, &#147;we&#148;, &#147;us&#148; and &#147;our&#148;) was incorporated in the State of Florida on October 21, 1997.&nbsp; The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries HepaLife Biosystems, Inc., Phoenix BioSystems, Inc., and HepaLife Technologies Ltd.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaLife Biosystems, Inc. was incorporated in State of Nevada on April 17, 2007 for our research and development efforts with the patented PICM-19 cell line, artificial liver technologies, and in vitro toxicology testing systems.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Phoenix BioSystems, Inc. was incorporated under the laws of the State of Nevada on June 6, 2006 for our research and development efforts with the patented PBS-1 cell line. We terminated the development of the PBS-1 cell line on April 24, 2009. As a result, we dissolved Phoenix BioSystems, Inc. on May 19, 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">HepaLife Technologies Ltd. was incorporated on April 11, 2007 in British Columbia, Canada, for the purpose of streamlining business operations in Canada. We ceased to conduct business in Canada on August 31, 2008 and closed this office. As a result, we dissolved HepaLife Technologies, Ltd. on January 1, 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We have incurred net operating losses since inception. We face all the risks common to companies in early stages of development, including undercapitalization and uncertainty of funding sources, high initial expenditure levels, uncertain revenue streams, and difficulties in managing growth. We expect to continue to incur losses from business operations and we believe our cash and cash equivalents balances, anticipated cash flows from operations, and other external sources of credit will be sufficient to meet our cash requirements through March 2011. Our prospects after March 2011 will depend in large part on our ability to successfully raise capital from external sources to pay for planned expenditures and to fund operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 2. Significant Accounting Policies </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Basis of Presentation</FONT></I></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#147;U.S. GAAP&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Principles of Consolidation</FONT></I></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">These consolidated financial statements presented are those of the Company and its wholly-owned subsidiaries, HepaLife Biosystems, Inc., Phoenix BioSystems, Inc., and HepaLife Technologies Ltd. All significant intercompany transactions and accounts have been eliminated in consolidation.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">References to Authoritative Accounting Literature</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><EM><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></EM>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In June 2009, the Financial Accounting Standards Board ("FASB") issued the Accounting Standards Codification ("ASC") as the single source of authoritative U.S. GAAP recognized by the FASB to be applied by non-governmental entities in preparation of financial statements in conformity with U.S. GAAP, except for additional </FONT> </P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">authoritative rules and interpretative releases issued by the SEC.&nbsp; While the adoption of the ASC changes how we reference accounting standards, the adoption did not have an impact on our consolidated financial statements.</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Accounting Estimates</FONT></I></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. &nbsp;Areas where management uses subjective judgment include valuation of equity instruments. Actual results may differ from these estimates and assumptions.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fair Value</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We measure fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. We utilize a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 1.&nbsp;Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.&nbsp; We have no assets or liabilities valued with Level 1 inputs.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 2.&nbsp;Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.&nbsp; We have no assets or liabilities valued with Level 2 inputs.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Liabilities valued with Level 3 inputs are described in &#147;Note 8. Stockholders&#146; Equity.&#148;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Cash and Cash Equivalents</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We consider all highly liquid instruments with a maturity of three months or less at the time of purchase to be cash equivalents. The Company maintains cash and cash equivalent balances with financial institutions that exceed federally insured limits. The Company has not experienced any losses related to these balances, and management believes its credit risk to be minimal.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fair Value of Financial Instruments</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The carrying value of cash and accounts payable, accrued liabilities and notes payable approximates their fair value because of the short-term nature of these instruments. We place our cash and cash equivalents with high credit quality financial institutions.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Warrant Liability Derivative</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We evaluate financial instruments for freestanding or embedded derivatives.&nbsp; The warrant liability derivative is recorded at fair value with changes in value recognized as other income (expense) in the consolidated statements of operations in the period of change.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Foreign Operations and Foreign Currency Translation </FONT></I></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The functional currencies of the Company&#146;s international subsidiaries are the local currency of the country in which the subsidiary is located. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date.&nbsp; Translation adjustments resulting from this process are charged or credited to accumulated other comprehensive income.&nbsp; Revenues and expenses of the Company&#146;s consolidated foreign operations are translated at the average rates of exchange prevailing during the year. Gains and losses on foreign currency transactions are included in foreign exchange gain or loss.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and Development</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and development costs are expensed as incurred and include purchased in-process research and development programs.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Stock-Based Compensation</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We measure all stock-based compensation awards at fair value on the date of grant and recognize such expense in our consolidated financial statements over the requisite service period for awards expected to vest.&nbsp; The Company uses the Black-Scholes pricing model to determine the fair value of stock-based compensation awards on the date of grant.&nbsp; The Black-Scholes pricing model requires management to make assumptions regarding the option lives, expected volatility, and risk free interest rates. See &#147;Note 9. Stock Options&#148; for additional information on the Company&#146;s stock-based compensation plans.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Income Taxes</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">We recognize income taxes on an accrual basis based on tax position taken or expected to be taken in our tax returns.&nbsp; A tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected in measuring current or deferred income tax assets and liabilities.&nbsp; Tax positions are recognized only when it is more likely than not (i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities.&nbsp; Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement.&nbsp; Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns.&nbsp; A valuation allowance is established to reduce deferred tax assets if all, or some portion, of such assets will more than likely not be realized.&nbsp; <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Should they occur, our policy is to classify interest and penalties related to tax positions as interest expense. Since our inception, no such interest or penalties have been incurred, however.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Earnings (Loss) Per Share</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The computation of basic net income (loss) per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net income (loss) per common share is based on the weighted average number of shares used in the basic net income (loss) per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method for shares subject to stock options and warrants.&nbsp; See &#147;Note 3. Net Loss Per Share&#148; for further discussion. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Related Party Transactions</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A related party is generally defined as (i) any person who holds 10% or more of the Company&#146;s securities and their immediate families, (ii) the Company&#146;s management, (iii) someone who directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. (See &#147;Note 5. Related Party Transactions&#148;).</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Recent and Adopted Accounting Pronouncements</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In June&nbsp;2009, the FASB issued new authoritative guidance&nbsp;to eliminate the quantitative approach previously required for determining the primary beneficiary of a variable interest entity and requires ongoing qualitative reassessments of whether an enterprise is the primary beneficiary of a variable interest entity.&nbsp; We adopted the guidance in 2009 without material impact on our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In April&nbsp;2009, the FASB issued additional authoritative guidance on the fair value of financial instruments, which provides: (i) further provisions on estimating fair value when the markets become inactive and quoted prices reflect distressed transactions; (ii) extended disclosure requirements for interim financial statements regarding the fair value of financial instruments; and (iii) new criteria for recording impairment charges on investments in debt instruments.&nbsp; We adopted the guidance on a prospective basis in 2009 without material impact to our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In June 2008, the FASB ratified new authoritative guidance addressing the accounting for certain instruments (or embedded features) determined to be indexed to an entity&#146;s own stock. This guidance provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument&#146;s contingent exercise and settlement provisions.&nbsp; We adopted this guidance effective January 1, 2009 on a prospective basis.&nbsp; See &#147;Note 8. Stockholders&#146; Equity&#148; for further discussion of the impact of this guidance to our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In January 2010, the FASB issued new authoritative guidance regarding the disclosure of fair value measurements, which clarifies certain existing disclosure requirements as well as requiring new disclosures related to significant transfers between each fair value level as well as requiring additional information about Level 3 activity.&nbsp; This guidance begins phasing in during the first fiscal period after December 15, 2009.&nbsp; We do not expect the implementation of this guidance to have a material impact on our consolidated financial statements. &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">In May 2009, the FASB issued new authoritative guidance for the accounting for and disclosures of subsequent events that occur after the balance sheet date but before financial statements are issued or are available to be issued.&nbsp; The guidance was effective for interim or annual financial periods ending after June&nbsp;15, 2009.&nbsp; This guidance applies to both interim financial statements and annual financial statements.&nbsp; In February 2010, the FASB issued additional guidance that clarifies certain existing evaluation and disclosure requirements related to subsequent events.&nbsp; We adopted the initial and revised guidance without material impact on our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 3. Net Loss Per Share</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Dilutive common stock equivalents include 1,075,000 and 17,176,830 warrants and stock options that are not included in the computation of diluted loss per share because to do so would be anti-dilutive for 2009 and 2008, respectively. All share and per share information are adjusted retroactively to reflect stock splits and changes in par value, when applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Following is the computation of basic and diluted net loss per share for the years ended December 31, 2009 and 2008:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Dec. 31, 2009</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Dec. 31, 2008</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Numerator - net loss available to common stockholders</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;(2,<FONT style="FONT-SIZE: 10pt" face="Times New Roman">847,969</FONT>)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 25.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Denominator - weighted average number of common shares outstanding</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">93,688,134 </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">85,952,917 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Basic and diluted loss per common share</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;($0.0<FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT>)</FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;($0.04)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">30</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 4. Purchased In-Process Research and Development </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We purchased certain assets from Arbios Systems, Inc. (&#147;Arbios&#148;) relating to the pig cell based liver device technology known as &#147;HepatAssist&#148; in October 2008 in order to enhance and strengthen our PICM-19 porcine liver cell line based bioartificial liver. We re-trademarked the device as &#147;HepaMate.&#148; The effective purchase price of $548,325 was charged to operations in 2008 as purchased in-process research and development expense. The purchase price consisted of cash for $250,000, a contract commitment of $200,000 (the &#147;Deferred Cash Purchase Price&#148;), and 750,000 Series D warrants valued at $98,325 using the Black-Scholes pricing model (refer to &#147;Note 8. Stockholders&#146; Equity&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">According to the purchase agreement, the Deferred Cash Purchase Price was due and payable on the earlier of (i) the date on which we consummate one or more debt or equity financings in which the gross proceeds received in the aggregate equal or exceed $4,000,000, or (ii) the eighteen month anniversary of the closing date. The Deferred Cash Purchase Price did not bear interest. We discounted the payable with an effective annual interest rate of 5% and the associated amortization of the discount is charged to interest expense over the 18 month expected life of the note. As of December 31, 2008, the Deferred Cash Purchase Price of $200,000, net of unamortized discount of $12,873 was recorded in noncurrent liabilities.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On April 1, 2009, we entered into a Repurchase Agreement with Arbios whereby we reacquired the Series D Warrants effective April 22, 2009 in consideration for the accelerated payment of the Deferred Cash Purchase Price. Due to the early retirement of the contract commitment, we recognized the full unamortized discount outstanding as of April 22, 2009 in the amount of $10,524.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">For the years ended December 31, 2009 and 2008, $12,873 and $1,549, respectively, of discount amortization was charged to interest expense.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 5. Related Party Transactions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Employment Agreement</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On September 30, 2009, we and Mr. Frank Menzler, who at the time was our Chief Executive Officer and President, entered into a restated employment agreement providing for&nbsp; the payment to Mr. Menzler of a signing bonus of $35,000, which was recorded as salary expense; a severance payment of up to six-months salary and benefits; cancelation of all stock option grants (refer to &#147;Note 9. Stock Options&#148;); and the resignation of Mr. Menzler as a Director and Chairman of the Company&#146;s Board of Directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, Mr. Menzler resigned from his position as Chief Executive Officer and President.&nbsp; Pursuant to the terms of the restated employment agreement, Mr. Menzler was appointed Special Technical Advisor and continues as an employee of the Company.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, we entered into an Interim Executive Services Agreement (the &#147;Agreement&#148;) with Mr. Amit Dang in which Mr. Dang was appointed as the Company&#146;s Interim Chief Executive Officer, President and Secretary. Mr. Dang will receive a fee of $7,000 per month during the term of the Agreement.&nbsp; This agreement may be terminated at any time by the Company and upon 90 days prior written notice by Mr. Dang.&nbsp; It is not expected that Mr. Dang will devote his full time and attention to the Company&#146;s operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang was also granted an option to purchase, subject to vesting restrictions, up to 100,000 shares of the Company&#146;s common stock, at a price of $0.32 per share (the closing price of the Company&#146;s common stock as reported on the Over the Counter Bulletin Board on October 13, 2009). The options shall vest and become exercisable when either (a) with Mr. Dang&#146;s support and contribution, the Company is able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently substantial, or (b) the Board, in its sole discretion, elects to accelerate the vesting of the options.&nbsp; The Company expects that the options shall vest within one year from the date of grant.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Executive Management:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> For the years ended December 31, 2009 and 2008, we incurred $21,000 and $0 in fees paid to Mr. Amit Dang the President, Chief Executive Officer, and Secretary of the Company. In addition, we recorded $2,708 and $0 as stock compensation expense for the award to Mr. Dang for the years ended December 31, 2009 and 2008, respectively.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Director Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: For the years ended December 31, 2009 and 2008, we incurred $41,667 and $19,343, respectively, in board fees for non-employee directors of the Company.&nbsp;&nbsp;In addition, during June and September 2008, we granted stock options to purchase 50,000 shares each for a total of 200,000 shares of common stock to non-employee board members. For the years ended December 31, 2009 and 2008, we recorded $19,285 and $12,541, respectively, as stock compensation expense relating to these stock grants (refer to &#147;Note 9. Stock Options&#148;). </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Legal Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Legal fees expensed for the year ended December 31, 2009 and 2008 that were paid or are due to our attorney who also serves as a board member totaled $204,193 and $111,150, respectively.&nbsp; Also, as part of our May 2008 Private Placement, we settled $21,250 in legal costs by issuing 50,000 Units to this attorney.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Notes Payable and Accrued Interest</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On May 23, 2008, we reached an agreement with Mr. Harmel S. Rayat to which Mr. Rayat (i) converted the entire outstanding principal amount ($877,800) of his loan to the Company into an aggregate of&nbsp;&nbsp;2,065,412&nbsp;&nbsp;Units, each Unit consisting of one share of the Company&#146;s common stock and one Series C warrant, at a conversion price of $0.425 per Unit and (ii) agreed to accept $150,000 in full payment and satisfaction of the accrued and unpaid interest on the loan in the amount of $249,945. Mr. Harmel S. Rayat was an officer, director and majority stockholder of the Company until June 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Rent:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Until August 31, 2008, our administrative office was located in Canada. This premise is owned by a private corporation controlled by Mr. Rayat. We paid rent of $26,866 for the year ended December 31, 2008 to the private corporation.&nbsp; Effective September 1, 2008, we closed this administrative office, terminating all of its employees.&nbsp;&nbsp;There were no severance arrangements with any of the terminated employees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 6. Cooperative and License Agreements</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">USDA, ARS CRADA</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: In November 2002, we entered into a Cooperative Research and Development Agreement (&#147;CRADA&#148;) with the U.S. Department of Agriculture (&#147;USDA&#148;), Agricultural Research Service (&#147;ARS&#148;) pertaining to the continued development and use of patented liver cell lines in artificial liver devices and in-vitro toxicological testing platforms. This agreement was amended several times, with a final agreement termination date of November 2008. For the year ended December 31, 2008, costs charged to research and development expense related to the CRADA totaled $268,359.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">USDA, ARS License</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On November 20, 2007, we exercised our license right under the CRADA by entering into an exclusive license agreement with the USDA, ARS for existing and future patents related to the PICM-19 hepatocyte cell lines. Under this license agreement, we incurred a license execution fee of $150,000 with $75,000 paid in December 2007 and $75,000 paid in&nbsp;November 2008. The license execution fees were capitalized to prepaid license costs when incurred and amortized to operating expense during the years ended December 31, 2009 and 2008 for a total of $62,500 and $87,500, respectively.&nbsp; In addition to these payments, we are responsible for annual license maintenance fees commencing in year 2010 for the term of the license, which is until the expiration of the last to expire licensed patents unless terminated earlier. The license agreement also requires certain milestone payments, if and when milestones are reached, as well as royalties on net sales of resulting licensed products, if any.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">MSU License</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On June 15, 2006, we entered into an exclusive worldwide license agreement with Michigan State University (&#147;MSU&#148;) through our subsidiary, Phoenix BioSystems, Inc. (&#147;PBS&#148;), for the development of new cell-culture based flu vaccines to protect against the spread of influenza viruses among humans, including potentially the high pathogenicity H5N1 virus.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In January 2009, we provided notice to MSU to terminate the license agreement effective April 24, 2009. For the year ended December 31, 2009, we incurred $30,848 in expenses related to this contract. The $30,848 consisted of a $15,000 milestone payment charged to research and development and $15,848 in legal fees. Total costs incurred to date relating to this license agreement are $104,201.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 7. Convertible Promissory Note</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On May 11, 2007, we entered into a Securities Purchase Agreement for the sale of a convertible note with a $2,500,000 principal amount and maturity date of May 11, 2009.&nbsp; The purchase price was $2,125,000 (eighty-five percent of the principal amount).&nbsp; The convertible note did not bear interest, except upon an event of default at which time interest would accrue at the rate of 18% per annum.&nbsp; The convertible note and any accrued interest were convertible into shares of our common stock at a conversion price of 95% of the trading volume weighted average price, for the five trading days immediately prior to the date of notice of conversion.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We issued to the purchaser warrants to purchase 670,000 shares of our common stock at a price of $1.50 per share (the "Warrants") for a term of five years.&nbsp; We also issued warrants and paid a $15,000 fee to a broker/dealer.&nbsp; The broker/dealer received warrants to purchase 67,000 shares of our common stock at a price of $1.50 per share for a term of five years.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Warrant Agreements state that the warrant purchase prices are subject to adjustment, including if the Company issues any shares of common stock or common stock equivalents for consideration less than the then market price at the date of issuance subject to a 1% adjustment floor (refer to "Note 8. Stockholders&#146; Equity").</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A registration statement relating to the resale of the common shares issuable under the conversion of the convertible note and exercise of the warrants was declared effective on July 5, 2007.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Proceeds from the convertible note were allocated between the convertible note and Warrants on a relative fair value basis.&nbsp; The value allocated to the Warrants was $497,689.&nbsp; The fair value of the Warrants was determined using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%, risk-free interest rate of 4.58%, volatility of 96.2%, and a contractual life of 5&nbsp;years.&nbsp; The value of the Warrants was recorded as a debt discount against the proceeds of the convertible note.&nbsp; In addition, a beneficial conversion feature related to the convertible note was determined to be $1,220,410.&nbsp; As a result, the discount on the convertible note, including purchase discount, totaled $2,093,099 to be amortized over its term.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In 2007, $1,745,000 of the convertible note was converted into 2,604,721 shares of common stock.&nbsp; In January 2008, the remaining $755,000 of the convertible note was converted into 2,342,415 shares of common stock.&nbsp; Amortization of the discount amounted to $468,343 and $1,624,756 for 2008 and 2007, respectively.&nbsp; Issuance costs of $210,728 and $82,787, relating to the convertible note were charged to operations during 2008 and 2007, respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 8. Stockholders&#146; Equity</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We completed a private placement of 10,660,705 units at a price of $0.425 per unit or $4,530,800 in the aggregate in May 2008. Each unit consists of one share of our common stock and one Series C stock purchase warrant (Series C warrant) to purchase a share of common stock at the initial exercise price of $0.55 per share for a period of two years from the date of issuance. The relative fair value of the common stock was estimated to be $2,972,407 and the relative fair value of the warrants was estimated to be $1,558,393 as determined based on the relative fair value allocation of the proceeds received. The warrants were valued on the transaction date using the Black-Scholes pricing model. In conjunction with our completion of the acquisition of the HepatAssist related assets in October 2008, we reduced the initial exercise price of the Series C warrants to $0.34 per share. In connection with the private placement, the agent was due a sales commission equal to $90,828 or two (2%) percent of the gross proceeds, which was settled by issuing to the agent 213,713 units. In addition, we issued an aggregate of 50,000 units in payment of legal fees in the amount of $21,250. These units were otherwise issued on the same terms and conditions as the units sold in the private placement.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Pursuant to the Subscription Agreement and the Registration Rights Agreement relating to the private placement, we and the investor parties made other covenants and representations and warranties regarding matters that are customarily included in financings of this nature. In the event that during the twelve month period following the closing date we issue shares at a price per share which is less than $0.425 per share (the &#147;Base Share Price&#148;), then we are required to issue to the investors the number of shares equal to (1) the quotient of the aggregate purchase price payable under the Securities Purchase Agreement divided by Base Share Price less (2) the quotient of the </FONT> </P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">aggregate purchase price divided by the per share purchase price under the Securities Purchase Agreement (the &#147;Dilutive Issuance Adjustment&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On August 18, 2008, the Board of Directors agreed to issue 400,000 shares of its restricted common stock for services provided by its investment banker for the period January 1, 2008 to August 31, 2008. The value of the issuance was agreed to be the value of services provided, $170,000. These shares were issued November 8, 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrants</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As of December 31, 2009, we had outstanding 825,000 Warrant shares.&nbsp; Each of our warrants outstanding entitles the holder to purchase one share of our common stock for at $1.34 per share.&nbsp; The Warrants expire May 11, 2010.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the year ended December 31, 2009, we settled our Series D Warrants. As stated in &#147;Note 4. Purchased In-Process Research and Development&#148;, we entered into a Repurchase Agreement on April 22, 2009 with Arbios whereby we repurchased all of the 750,000 shares outstanding of the Series D warrants from Arbios in consideration for the early payment of the Deferred Cash portion of the Purchase Price. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the year ended December 31, 2009, we settled our Series C warrants.&nbsp; On October 27, 2009 we completed a Warrant Exercise or Exchange Agreement with the holders of the Series C Warrants whereby each holder elected to either: (i) exchange all Series C Warrants for shares of the Company&#146;s common stock, on the basis of one share of common stock for every two shares of Series C Warrants; or (ii) exercise all Series C Warrants to purchase our common stock at a reduced exercise price of $0.10 per warrant share.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As described in &#147;Note 7. Convertible Promissory Note&#148;, according to terms of the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Warrant Agreement the warrant purchase price is subject to adjustment if the Company issues any shares of common stock or common stock equivalents for consideration less than the then market price at the date of issuance subject to a 1% adjustment floor.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The May 2008 issuance of common stock resulted in an adjustment of the Warrant exercise price to $1.45 if the Warrants are exercised, with an offsetting share adjustment which increased the number of warrants to 757,192 shares.&nbsp; The October settlement of the Series C warrants also resulted in a potential adjustment to the Warrant exercise price to $1.34, with an offsetting share adjustment which increased the number of warrants to 825,000.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The potential of a dilutive adjustment to the Warrants&#146; and Series C Warrants&#146; exercise prices and number of underlying shares of common stock may result in a settlement amount that does not equal the difference between the fair value of a fixed number of the Company&#146;s common stock and a fixed exercise price. Accordingly, the Warrants and Series C Warrants are not considered indexed to the Company&#146;s own stock and, therefore, are accounted for as a derivative pursuant to ASC 815-40</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> Contracts in an Entity&#146;s Own Equity</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> which became effective January 1, 2009</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp; &nbsp;Upon the adoption of this guidance, we recognized a one-time adjustment to opening loss accumulated during the development stage in the amount of $1,932,469.&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">At December 31, 2009, we valued the warrant liability for the Warrants using the Black-Scholes pricing-model (Level 3 inputs) containing the following assumptions: volatility 93.61%, risk-free rate 1.14%, and term of 2.35 years. The warrant liability recorded at fair value is summarized below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 479pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=538>
<TR style="HEIGHT: 25.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrants</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Series C Warrants</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 25.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Total</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Beginning balance, January 1, 2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">23,714 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">505,363 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">529,077 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Change in fair value of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(13,899)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">76,196 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">62,297 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Settlement of warrants</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(581,559)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(581,559)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 21.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Ending balance, December 31, 2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">9,815 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">9,815 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As a result of adjusting the warrant liability to fair value, we recorded a non-cash gain of $13,899 and a non-cash loss of $76,196 (net loss of $62,297) relating to the Warrants and Series C Warrants, respectively, for the year ended December 31, 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">34</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_34"></A>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 27, 2009, we consummated the transactions contemplated by the Warrant Exchange/Exercise Agreement between us and each of the holders of the Series C Warrants. Pursuant to the terms of the Warrant Exchange/Exercise Agreement we issued 3,492,505 shares of restricted stock in exchange for 6,985,010 Series C Warrants and issued an aggregate of 6,004,824 shares of common stock in connection with the exercise of the balance of the Series C Warrants a price of $0.10 per share. We received aggregate proceeds of $600,483 from the exercise of the Series C Warrants.&nbsp; As of December 31, 2009, there are no Series C Warrants outstanding.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the Series C Warrant Liability at October 27, 2009, the effective date of the Warrant Exchange/Exercise Agreement, using the Black-Scholes pricing-model (Level 3 inputs) was $581,559, of which $268,838 was allocated to the 6,004,824 warrant shares exercised and $312,721 was allocated to the 6,985,010 warrant shares exchanged, using the following assumptions:&nbsp; exercise price of $0.34, dividend yield of 0%, expected volatility of 88.25%, risk-free interest rate of 0.17%, and expected term of 0.58 years.&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We received total cash proceeds of $600,483 from the 6,004,824 warrant shares exercised at $0.10 per warrant share as part of the Warrant Exchange/Exercise Agreement.&nbsp;The fair value of the Series C Warrant liabilty attributable to the Warrants exercised was $268,838, prior to the impact of the reduction in exercise price. The fair value of the warrant liabilty increased by $691,934 and resulted in a carrying value of $960,772 from the reduction in exercise price. The increase in the fair value of the warrant liabilty of $691,934 was recorded as a component of the loss on extinguishment of warrant liabilty in the accompanying financial statements.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of the 3,492,505 shares of common stock issued to settle the exchange for 6,985,010 warrant shares was $908,952 based on the closing price of the Company&#146;s common stock of $0.26 per share on October 27, 2009 as quoted on the Over the Counter Bulletin Board.&nbsp; The Company recorded a loss on extinguishment of warrant liability on the shares exchanged for common stock in the amount of $595,330 on October 27, 2009 as a result of the excess of the consideration provided in the form of common stock over the fair value of the Series C Warrant Liability.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 9. Stock Options</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We have an active stock option plan that provides shares available for option grants to employees, directors and others. A total of 40,000,000 shares of our common stock have been reserved for award under the stock option plan, of which 37,548,000 were available for future issuance as of December 31, 2009. Options granted under our option plan generally vest over two to five years or as otherwise determined by the Board of Directors, have exercise prices equal to the fair market value of the common stock on the date of grant, and expire no later than ten years after the date of grant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Stock option activity during the years ended December 31, 2009 and 2008 is summarized as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=596>
<TR style="HEIGHT: 45.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Number of options</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Weighted average exercise price</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Remaining contractual term</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Aggregate intrinsic value</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Outstanding at December 31, 2007</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,026,750 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Granted</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">775,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.54 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cancelled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;(101,750)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.43 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Outstanding at December 31, 2008</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,700,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.53 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Granted</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">100,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.32 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Cancelled</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;(2,550,000)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.05 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Outsanding at December 31, 2009</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">250,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.35 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">7.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD></TR>
<TR style="HEIGHT: 21pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Exercisable at December 31, 2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">30,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">0.38 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">8.62</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="32%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" colSpan=2 noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Available for grant at December 31, 2009</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">37,548,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In accordance with Mr. Menzler&#146;s restated employment agreement dated September 30, 2009, the total issued and outstanding 2,500,000 stock options granted to Mr. Menzler since the date of his employment were cancelled. As a </FONT> </P>
<P style="TEXT-ALIGN: center">35</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_35></A>
<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">result, the unrecognized stock option compensation expense of $71,152 was recognized upon the execution of the agreement as compensation expense in the consolidated statement of operations.&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The aggregate intrinsic value in the table above represents the total pretax intrinsic value for all &#147;in-the-money&#148; options (i.e. the difference between the Company&#146;s closing stock price on the last trading day of the year ended December 31, 2009 and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on December 31, 2009. This amount is based on the fair market value of the Company&#146;s stock. Total intrinsic value of options exercised was $nil for 2009 and 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A summary of the Company&#146;s unvested stock options and changes during the years ended December 31, 2009 and 2008 is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 359.2pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=421>
<TR style="HEIGHT: 51pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 51pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 51pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Number of Options</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 51pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 51pt; PADDING-TOP: 0in" vAlign=bottom width="25%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Weighted Average Grant Date Fair Value</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Unvested, December 31, 2007</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2,026,750 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Granted</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">775,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.37 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Vested</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(100,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.41 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Cancelled</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(101,750)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.26 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Unvested, December 2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2,600,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.42 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Granted</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.23 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Vested</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(30,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.25 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Cancelled</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(2,450,000)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.43 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 21pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="47%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Unvested, December 2009</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">220,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.24 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table details further information regarding stock options outstanding and exercisable at December 31, 2009:</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 90%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=537>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="47%" colSpan=5 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Outstanding</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="32%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercisable</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Weighted</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Number</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Average</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Weighted</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Number</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Weighted</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Range of</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Outstanding at</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Remaining</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Average</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercisable at</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Average</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercise</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 31,</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Contractual </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercise</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 31,</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exercise</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Prices</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Life (Years)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Price</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Price</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">50,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8.45 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.26 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8.70 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.26 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.26 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.32 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">100,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4.79 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">0.32 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-&nbsp;&nbsp; </FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">250,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7.09 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">30,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the years ended December 31, 2009 and 2008, we granted 100,000 and 775,000 stock options awards, respectively.&nbsp; For purposes of determining the stock-based compensation expense for stock option awards granted, the Black-Scholes pricing model was used with the following weighted-average assumptions:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">36</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name=page_36></A>
<DIV align=center>
<TABLE style="WIDTH: 315.399pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=377>
<TR style="HEIGHT: 29.25pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 29.25pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 29.25pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009 Stock Option Grants</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 29.25pt; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008 Stock Option Grants</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Risk-free interest rate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="26%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2.28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2.75% - 3.57%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Expected term</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="26%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5 years </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">5 years</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Expected volatility</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="26%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">91.39%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">83.32% - 90.53%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Weighted-average volatility</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="26%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">91.39%</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">84.2%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Dividend per share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$0 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$0 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The weighted average fair value of options granted during the year ended December 31, 2009 and 2008 was $0.23 and $0.37, respectively, per share.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the year ended December 31, 2009, total stock option compensation expense charged to operations was $262,821 (inclusive of $71,152 recognized upon cancellation of Mr. Menzler&#146;s stock options), with $240,827 classified as salaries and benefits and $21,994 included in director fees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the year ended December 31, 2008, total stock option compensation expense charged to operations was $565,306, with $552,765 classified as salaries and benefits and $12,541 included in director fees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The fair value of stock options that vested during the year ended December 31, 2009 was $7,531.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As of the year ended December 31, 2009, we had $36,288 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 2.57 years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We do not repurchase shares to fulfill the requirements of options that are exercised. Further, we issue new shares when options are exercised.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Note 10. Income Taxes</FONT></B></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">There is no current or deferred tax expense for the years ended December 31, 2009 and 2008 due to the Company&#146;s loss position. The benefits of temporary differences have not been previously recorded. The deferred tax consequences of temporary differences in reporting items for financial statement and income tax purposes are recognized, as appropriate. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company&#146;s ability to generate taxable income. Management has considered these factors in reaching its conclusion as to the valuation allowance for financial reporting purposes and has recorded a full valuation allowance against the deferred tax asset. </FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The income tax effect of temporary differences comprising the deferred tax assets on the accompanying balance sheets is primarily a result of stock compensation costs, research and development costs, and of start-up expenses, which are capitalized for income tax purposes. Net deferred tax assets are summarized as follows:</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 80%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0 width=486>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net operating loss carryforwards</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp; 3,564,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp; 3,180,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock compensation costs</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1,397,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Research and development costs</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">580,000 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">566,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4,152,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5,143,000 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Valuation allowance</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(4,152,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;(5,143,000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="45%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Net deferred tax assets</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD></TR></TABLE></DIV>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The 2009 decrease in the valuation allowance was $991,000, comprised of a decrease amounting to $1,389,000 due to the cancellation of stock options, partially offset by an increase of $398,000 due to the uncertainty of realizing tax </FONT> </P>
<P style="TEXT-ALIGN: center">37</P>
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<A name="page_37"></A>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">benefits from research and development start-up costs and net operating loss carry forwards.&nbsp; The increase in the valuation allowance for 2008 was $944,000, composed of increases to the allowance due to uncertainty of realizing tax benefits from research and development start-up costs, stock compensation costs and net operating loss carryforwards.</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The Company has available net operating loss carryforwards of approximately $10,482,000 for tax purposes to offset future taxable income which expire commencing 2009 to 2029. Additionally, research and development, and start-up costs of approximately $1,708,000 are available to reduce taxable income assuming normal operations have commenced.&nbsp; The tax years 2006 through 2009 remain open to examination by federal authorities and other jurisdictions of which the company operates.</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">A reconciliation between the statutory federal income tax rate (34%) and the effective rate of income tax expense is as follows:</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 315.9pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=335>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD></TR>
<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statutory federal income tax</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-34.00%</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-34.00%</FONT></P>
</TD></TR>
<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Valuation allowance</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;18.00</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;32.00</FONT></P>
</TD></TR>
<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Non-deductable losses</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;16.00</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; 0.00</FONT></P>
</TD></TR>
<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="38%" colSpan=2 noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stock offering costs</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; 0.00 </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; 2.00</FONT></P>
</TD></TR>
<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Effective income tax rate</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; 0.00%</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp; 0.00%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">38</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 9:&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">None.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 3pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" face="Times New Roman,serif">ITEM 9A(T):&nbsp; CONTROLS AND PROCEDURES.</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Evaluation of Disclosure Controls and Procedures</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Under the supervision and with the participation of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>management, including its Chief Executive Officer and Chief Financial Officer, <FONT style="FONT-SIZE: 10pt" face="Times New Roman">we </FONT>conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as defined in Rules&nbsp;13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;), as of the end of the period covered by this annual report. Based on this evaluation,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Chief Executive Officer and Chief Financial Officer concluded as of December&nbsp;31, 2009 that the Company&#146;s disclosure controls and procedures were effective such that the information required to be disclosed in the Company&#146;s United States Securities and Exchange Commission (the &#147;SEC&#148;) reports&nbsp;is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Evaluation of and Report on Internal Control over Financial Reporting</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Management is responsible for establishing and maintaining adequate internal control over our financial reporting. Management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our internal control over financial reporting as of December 31, 2009 based on the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations (COSO). Based on this evaluation, management concluded that, as of December 31, 2009, our internal control over financial reporting is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">This annual report does not include an attestation report of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">ouir </FONT>independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>independent registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management's report in this annual report.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Changes in Internal Control over Financial Reporting</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">There have been no changes in internal controls, or in factors that could materially affect internal controls, subsequent to the date that management, including the Chief Executive Officer and the Chief Financial Officer, completed their evaluation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 9B.&nbsp; OTHER INFORMATION.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0in 0in 0pt 45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None.</FONT></P>
<P style="TEXT-ALIGN: center">39</P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: -45pt; MARGIN: 0in 0in 0pt 45pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART III</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0in 0in 0pt 45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 10:&nbsp; DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table and text set forth the names and ages of all of our directors and executive officers as of December 31, 2009. The board of directors is comprised of only one class. All of the directors will serve until the next annual meeting of stockholders and until their successors are elected and qualified, or until their earlier death, retirement, resignation or removal.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 443.1pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=591>
<TR style="HEIGHT: 12.4pt">
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Name</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Age</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Position</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Director/Officer Since</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amit S. Dang</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">29</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;Interim President, Chief Executive Officer, Chief Financial Officer and Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;October 13, 2009</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Jatinder&nbsp;Bhogal</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">43</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Director</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Javier&nbsp;Jimenez</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">March 2007</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Joseph&nbsp;Sierchio</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Set forth below are the names of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">all of our </FONT>directors and executive officers, all positions and offices with <FONT style="FONT-SIZE: 10pt" face="Times New Roman">us </FONT>held by each person, the period during which each has served as such, the principal occupations and employment of such persons during at least the last five years, and other director positions held currently or during the last five years:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">AMIT SINGH DANG</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang holds a Bachelors degree (B.B.A.) in Finance from Wayne State University (2003), with advanced academic studies in contract, criminal, civil, and policy law; management, finance, logistics, and strategy; and audit theory; from Michigan State University (2003-2004), The University of Michigan (2004-2006), and the Institute of Internal Auditors (2006-2008), respectively.&nbsp;&nbsp;From May 2005 to August 2005, Mr. Dang was employed as an Accountant at Noir Medical Technologies / Laser Company, and from February 2006 to June 2006, he served as a Business Process and Development Consultant for Sterling Solutions and Systems.&nbsp; From June 2006 to May 2008, Mr. Dang worked as a Risk and Performance Services Consultant at Crowe Horwath, where he specialized in identifying high-risk areas for public and private companies and helped develop and re-engineer core business processes for greater efficiency and control.&nbsp;&nbsp;Since May 2008, Mr. Dang has served as the Managing Director for Infinitus Ventures, facilitating the early incubation, capital funding, and development of client companies.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">JAVIER&nbsp;JIMENEZ</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">. Mr.&nbsp;Jimenez received both Bachelor and Masters degrees in Aeronautical Engineering from Universidad Politecnica de Madrid, Spain in 1991, and his Master&#146;s degree in Business Administration (MBA) from Boston&nbsp;University in 1996. &nbsp;In 2000, Mr.&nbsp;Jimenez joined GE Healthcare, a division of General Electric Company. &nbsp;During his tenure at GE Healthcare, Mr. Jimenez held several key finance and management positions, including eBusiness Finance Manager (Latin America), Finance Manager (Brazil), Finance Manager (Latin American Distributors), Manager, Financial Planning &amp; Analysis, Manager, Global PET Operations and Director, Commercial Operations, in the United States and Latin America.&nbsp; In 2004, Mr.&nbsp;Jimenez joined ABIOMED, Inc., the developer of the world&#146;s first self-contained artificial heart, as Vice President, Operations. Mr.&nbsp;Jimenez served in numerous positions, most recently, as Vice President, General Manager Europe.&nbsp;In 2008 Mr. Jimenez became Partner in the New England practice of Tatum, LLC. a firm that provides companies with executive services and consulting, helping to maximize the Office of the CFO.&nbsp;Mr.&nbsp;Jimenez joined the Board of Directors on March 14, 2007.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">JATINDER S. BHOGAL</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">. Since December 1993, Mr. Bhogal has worked as a business consultant to emerging growth companies. For over 15 years,&nbsp;Mr. Bhogal has provided early business development guidance and consulting to companies developing healthcare services, medical devices, pharmaceuticals and vaccines, solar-photovoltaics, biofuels, and information technology solutions. Mr. Bhogal currently serves on the board of directors for International Energy, Inc., since October 2008, and New Energy Technologies, Inc., since September 2008.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">JOSEPH SIERCHIO</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">.&nbsp;&nbsp;Since 1975, Mr. Sierchio has practiced corporate and securities law in New York City, representing and offering counsel to domestic and foreign corporations, investors, entrepreneurs, and public and private companies in the United States, Canada, United Kingdom, Germany, Italy, Switzerland, Australia, and Hong Kong. &nbsp;Mr.&nbsp;Sierchio is admitted in all New York state courts and federal courts in the Eastern, Northern, and </FONT> </P>
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<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Southern Districts of the State of New York as well as the federal Court of Appeals for the Second Circuit. Mr.&nbsp;Sierchio earned his Doctor of Law degree at Cornell&nbsp;University&nbsp;Law&nbsp;School in 1974, and a Bachelor of Arts degree, with Highest Distinction in Economics, from Rutgers&nbsp;College at Rutgers&nbsp;University, in 1971. Mr. Sierchio is also a member of Sierchio &amp; Company, LLP, which is our legal counsel.&nbsp; Mr. Sierchio currently serves on the board of directos for r New Energy Technologies, Inc.&nbsp; He has held this position since September 2008. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Family Relationships and Other Matters</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">There are no family relationships between or among the directors, executive officers or persons nominated or charged by our company to become directors or executive officers. Executive officers are appointed by, and serve at the discretion of, the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Legal Proceedings</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">During the past ten years none of our directors, executive officers, promoters or control persons has been:</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 0.75in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 0.75in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 0.75in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; </FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 0.75in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 0.75in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the subject of any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 1.25in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any Federal or State securities or commodities law or regulation; or</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 1.25in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN-LEFT: 1.25in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><FONT face="Times New Roman">any federal or state judicial or administrative proceedings based on violations of federal or state securities, commodities, banking</FONT> or insurance laws and regulations, or any settlement to such actions (excluding settlements between private parties); and</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&#149;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">any disciplinary sanctions or orders imposed by a stock, commodities or derivatives exchange or other self-regulatory organization.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compliance With Section 16(a) Of The Exchange Act</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors and executive officers and persons who beneficially own more than 10% of a registered class of our equity securities to file reports of ownership and reports of changes in ownership with the Securities and Exchange Commission. These persons are required by regulations of the Securities and Exchange Commission to furnish us with copies of all Section 16(a) forms they file.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT size=2>Based solely on our review of the copies of these forms received by us, we believe that, with respect to fiscal year 2009, our officers with the exception of Amit S, Dang who was delinquent in filng his Form 3, directors, with the exception of director Joseph Sierchio who was delinquent in filing his Form 4, and 10% stockholders were in compliance with all applicable filng requirements.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Code of Ethics</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Effective December 31, 2008, our Board of Directors adopted an Amended and Restated Code of Business Conduct and Ethics that applies to all of our employees, officers and directors, including our principal executive officer, principal financial officer and principal accounting officer. We are committed to the highest standards of ethical and professional conduct, and the code provides guidance in how to uphold these standards. The code consists of basic standards of business practice as well as professional and personal conduct.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Committees of the Board of Directors</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">We</FONT>&nbsp;do not currently have any standing committees of the Board of Directors.&nbsp; The full Board is responsible for performing the functions of the:&nbsp; (i) Audit Committee, (ii) Compensation Committee and (iii) Nominating Committee.</FONT></P>
<P style="MARGIN: 13.2pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Audit Committee</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The Board does not currently have a standing Audit Committee.&nbsp; The full Board performs the principal functions of the Audit Committee. &nbsp;The full Board monitors the Company's financial reporting process and internal control system and reviews and appraises the audit efforts of the Company's independent registered public accounting firm.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compensation Committee</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The Board does not currently have a standing Compensation Committee.&nbsp; The full Board establishes overall compensation policies for the Company and reviews recommendations submitted by <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>management.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Nominating Committee</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Our Board of Directors currently consists of three members. Directors serve for a term of one year and stand for election at our annual meeting of stockholders. Pursuant to our Bylaws, any vacancy occurring in the board of directors, including a vacancy created by an increase in the number of directors, may be filled by the stockholders or by the affirmative vote of a majority of the remaining directors though less than a quorum of the board of directors. A director elected to fill a vacancy shall hold office only until the next election of directors by the stockholders. If there are no remaining directors, the vacancy shall be filled by the stockholders.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">At a meeting of stockholders, any director or the entire board of directors may be removed, with or without cause by our stockholders, provided the notice of the meeting of our stockholders states that one of the purposes of the meeting is the removal of the director. A director may be removed only if the number of votes cast to remove him exceeds the number of votes cast against removal.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Communications with the Board of Directors</FONT></B></P>
<P style="TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Stockholders who wish to communicate with the Board of Directors may do so by addressing their correspondence to the Board of Directors at HepaLife Technologies, Inc., Attention: Amit Dang, Chief Executive Officer, 60 State Street, Boston, MA&nbsp; 08540.&nbsp;&nbsp; The Board of Directors has approved a process pursuant to which they shall review and forward correspondence to the appropriate director or group of directors for response.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 11:&nbsp; EXECUTIVE COMPENSATION.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The responsibility for establishing, administering and interpreting our policies governing the compensation and benefits for our executive officers lies with our Board of Directors. In this connection the Board has not retained the services of any compensation consultants.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The goals of our executive compensation program are to attract, motivate and retain individuals with the skills and qualities necessary to support and develop our business within the framework of our small size and available resources. In 2009, we designed our executive compensation program to achieve the following objectives:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">42</P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">attract and retain executives experienced in developing and delivering products such as our own;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">motivate and reward executives whose experience and skills are critical to our success;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">reward performance; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">align the interests of our executive officers and stockholders by motivating executive officers to increase stockholder value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table and descriptive materials set forth information concerning compensation earned for services rendered to the Company by: the Chief Executive Officer (the &#147;CEO&#148;); the Chief Financial Officer (the &#147;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">CFO&#148;); and the three other most highly-compensated executive officers other than the CEO and CFO who were serving as executive officers of the Company at the end of the 2009 fiscal year (the &#147;Named Executive Officers&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Summary Compensation Table</FONT></B></P>
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<DIV align=center>
<TABLE style="WIDTH: 452.6pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=603>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Name and</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Principal Position</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Year</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Salary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Bonus</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Option Awards</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 48.6pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 48.6pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Other </FONT><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman,serif">(4)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 48.6pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Total</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Amit Dang (1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">21,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">23,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">44,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">President, CEO, CFO, </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Secretary</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Frank Menzler (2)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">225,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">35,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">205,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">975</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">465,975</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Former President, CEO,</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">225,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">225,450</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Chairman, and Director</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Harmel S. Rayat (3)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Former Secretary, </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Treasurer, CFO, </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.35pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif">Chairman, and Director</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face="Times New Roman,serif"></FONT>&nbsp;</P>
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</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang was appointed to his positions on October 13, 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, we entered into an Interim Executive Services Agreement with Mr. Amit Dang in which Mr. Dang has been appointed as&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Interim Chief Executive Officer, President and Secretary.&nbsp; Mr. Dang will receive a fee of $7,000 per month during the term of the Agreement.&nbsp; This agreement may be terminated at any time by <FONT style="FONT-SIZE: 10pt" face="Times New Roman">us </FONT>and upon 90 days prior written notice by Mr. Dang.&nbsp; It is not expected that Mr. Dang will devote his full time and attention to <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>operations</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang was also granted an option to purchase, subject to vesting restrictions, up to 100,000 shares of the Company&#146;s common stock, at a price of $0.32 per share (the closing price of the Company&#146;s common stock as reported on the Over the Counter Bulletin Board on October 13, 2009). The options shall vest and become exercisable when</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> either</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> (a) with Mr. Dang&#146;s support and contribution,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">we&nbsp;are</FONT>&nbsp;able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"> substantial, or</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> (b) the Board, in its sole discretion, elects to accelerate the vesting of the options.&nbsp; <FONT style="FONT-SIZE: 10pt" face="Times New Roman">We </FONT>expect that the options shall vest within one year from the date of grant.</FONT></P>
<P style="TEXT-ALIGN: center">43</P>
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<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Menzler resigned as a director effective September 30, 2009 and as an officer effective October 13, 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On September 30, 2009, we and Mr. Frank Menzler entered into a restated employment agreement providing for, among other things, the payment to Mr. Menzler of a signing bonus of $35,000, which was recorded as salary expense; a severance payment of up to six-months salary and benefits; cancelation of all stock option grants; and the resignation of Mr. Menzler as a Director and Chairman of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Board of Directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, Mr. Menzler resigned from his position as Chief Executive Officer and President.&nbsp; Pursuant to the terms of the restated employment agreement, Mr. Menzler was appointed Special Technical Advisor and continues to be our employee.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Rayat resigned as an officer and director on September 12, 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Represents life insurance premiums for the benefit of Mr. Menzler.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Change of Control Agreements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">There are no understandings or agreements known by management at this time which would result in a change in control.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our </FONT>not have any change-of-control or severance agreements with any of its executive officers or directors. In the event of the termination of employment of the Named Executive Officers any and all unexercised stock options shall expire and no longer be exercisable after a specified time following the date of the termination.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Outstanding Equity Awards at Fiscal Year End</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table sets forth information regarding equity awards that have been previously awarded to each of the Named Executive Officers and which remained outstanding as of December 31, 2009.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Name</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Number of Securities Underlying Options</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman,serif">(Exercisable)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Number of Securities Underlying Options</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face="Times New Roman,serif">(Unexercisable)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Equity Incentive Awards:&nbsp; Number of Securities Underlying Unexercised Unearned Options</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">% of Total Options Granted to Employees in 2009</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Exercise Price ($/sh)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Expiration Date</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Amit Dang (1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">100,0<FONT style="FONT-SIZE: 10pt" face="Times New Roman">0</FONT>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">100</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0.32</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">10/13/2014</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">It is understood and agreed that the options shall vest and become exercisable, only when: (a) With Mr. Dang&#146;s support and contribution, the Company is able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently substantial, or if (b) the Board, in its sole discretion, elects to accelerate the vesting of the options.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compensation of Directors </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We do not pay director compensation to directors who are also our employees. Our Board of Directors determines the non-employee directors&#146; compensation for serving on the Board and its committees. In establishing director compensation, the Board is guided by the following goals:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compensation should consist of a combination of cash and equity awards that are designed to fairly pay the directors for work required for a company of our size and scope;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compensation should align the directors&#146; interests with the long-term interests of stockholders; and</FONT></P>
<P style="TEXT-ALIGN: center">44</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_44"></A>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Compensation should assist with attracting and retaining qualified directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Non-employee directors receive $2,500 per quarter for their services as directors plus $500 for each board meeting attended in excess of five per year.&nbsp;&nbsp;Directors are entitled to participate in our 2001 Incentive Stock Option Plan.&nbsp;&nbsp;We also reimburse our directors for any actual expenses incurred to attend meetings of the Board.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The table below outlines director compensation for the fiscal year ended December 31, 2009.</FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 85%" border=0 cellSpacing=0 cellPadding=0 width=619>
<TR style="HEIGHT: 61.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Name</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Fees</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;earned or</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;paid in</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;cash (1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Stock</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;awards </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Aggregate Grant Date Fair Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Option</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;awards Aggregate Grant Date Fair Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Non-equity incentive</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;plan</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">compensation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Nonqualified</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;deferred</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;compensation</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&nbsp;earnings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">All other compensation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=bottom width="10%" colSpan=2>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Total</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.4pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Javier Jaminez</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">11,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">7,081</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">18,081</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Jatinder Bhogal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">11,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">3,315</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">14,315</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Roland Schomer (2)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">8,667</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">5,574</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">14,241</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Joseph Sierchio</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">11,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">3,315</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">14,315</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 49.9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The amounts in this column represent the monthly cash meeting fee earned by or paid to the Company's directors for service during the fiscal year ended December 31, 2009.&nbsp; </FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 49.9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Schomer resigned as a director effective October 6, 2009.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 49.9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(<FONT style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT>)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Other compensation represent stock-based compensation expense the Company recognized during 2009 relating to the 50,000 stock option each director is granted when appointed to the Board.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Each non employee director receives an initial stock option entitling him to purchase up to 50,000 shares of stock at a price per share equal to the closing price of our common stock, as reported on the Over the Counter Bulletin Board on the date of the option grant; the options vest at the rate of 20% per annum in arrears. In addition each non-employee director receives a quarterly cash payment, in arrears, of $2,500. Each&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">of our&nbsp;Directors</FONT>&nbsp;is entitled to reimbursement of out of pocket expenses incurred in connection with his services as a Director. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We have no other arrangements pursuant to which any our <FONT style="FONT-SIZE: 10pt" face="Times New Roman">D</FONT>irectors were compensated during the years ended December 31, 2009 and 2008 for services as a <FONT style="FONT-SIZE: 10pt" face="Times New Roman">D</FONT>irector. &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -49.5pt; MARGIN: 0in 0in 0pt 49.5pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 12:&nbsp; SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED </FONT></B><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman Bold,serif">Stockholder Matters.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table sets forth, as of December 31, 2009, the beneficial ownership of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Common Stock by each director and executive officer of the Company and each person known by us to beneficially own more than 5% of the Company's Common Stock outstanding as of such date and the executive officers and directors of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> as a group.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The percentages of common stock beneficially owned are reported on the basis of regulations of the Securities and Exchange Commission governing the determination of beneficial ownership of securities. Under the rules of the Securities and Exchange Commission, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or investment power, which includes the power to dispose of or to direct the disposition of the security. Except as indicated in the footnotes to this table, each beneficial owner named in the table below has sole voting and sole investment power with respect to all shares beneficially owned.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">45</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Person or Group</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Number of Shares of Common Stock</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Percent</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Amit S. Dang</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">0%</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">60 State Street, Suite 700</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Boston, MA&nbsp;&nbsp;02109</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Javier Jimenez (1)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">10,000 (1)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&lt;1%</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">60 State Street, Suite 700</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Boston, MA&nbsp;&nbsp;02109</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.4pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Jatinder S. Bhogal (2)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2,010,000</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2.0%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">60 State Street, Suite 700</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Boston, MA&nbsp;&nbsp;02109</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Joseph Sierchio(3)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">110,000</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">&lt;1%</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">60 State Street, Suite 700</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Boston, MA&nbsp;&nbsp;02109</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">1420525 Alberta Ltd.(4)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">34,261,174</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">34%</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">216-1628 West First Avenue</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Vancouver, B.C.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">V6J 1G1 Canada</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Directors and Executive Officers</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2,130,000</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2.1%</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">as a group (5 persons)</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Represents shares issuable upon exercise of vested options.</FONT></P>
<P style="MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Represents 2,000,000 shares held by Ranjit Bhogal, Mr. Bhogal&#146;s wife and 10,000 shares issuable upon exercise&nbsp;of vested options.</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Represents 50,000 shares of our common stock acquired by Mr. Sierchio in the private placement we completed in&nbsp;May 2008 and 50,000 shares acquired upon exercise of the Series C Warrants at an exercise price of $0.10 per&nbsp;share and 10,000 shares issuable upon exercise of vested options.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">This amount includes 31,057,980 shares held by 1420525 Alberta Ltd., a private Alberta company wholly-owned by&nbsp;Mr. Rayat, and&nbsp;3,203,194 shares held by Tajinder&nbsp;Chohan, Mr. Rayat&#146;s wife. In his capacity as the sole stockholder of 1420525 Alberta Ltd. and its President, Mr.&nbsp;Rayat may be deemed to have beneficial ownership of the shares owned by 1420525 Alberta Ltd.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 13: &nbsp; CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Employment Agreement</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On September 30, 2009, we and Mr. Frank Menzler, who at the time was our Chief Executive Officer and President, entered into a restated employment agreement providing for, among other things, the payment to Mr. Menzler of a signing bonus of $35,000, which was recorded as salary expense; a severance payment of up to six-months salary and benefits; cancelation of all stock option grants; and the resignation of Mr. Menzler as a Director and Chairman of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> Board of Directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, Mr. Menzler resigned from his position as Chief Executive Officer and President.&nbsp; Pursuant to the terms of the restated employment agreement, Mr. Menzler was appointed Special Technical Advisor and continues as an employee of the Company<FONT style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT>&nbsp; On March 16, 2010 we provided written notice of our election to terminate the restated employment agreement as of March 31, 2010.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: center">46</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On October 13, 2009, we entered into an Interim Executive Services Agreement (the &#147;Agreement&#148;) with Mr. Amit Dang in which Mr. Dang was appointed as <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>Interim Chief Executive Officer, President and Secretary. Mr. Dang will receive a fee of $7,000 per month during the term of the Agreement.&nbsp; This agreement may be terminated at any time by the Company and upon 90 days prior written notice by Mr. Dang.&nbsp; It is not expected that Mr. Dang will devote his full time and attention to the Company&#146;s operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. Dang was also granted an option to purchase, subject to vesting restrictions, up to 100,000 shares of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>common stock, at a price of $0.32 per share (the closing price of the Company&#146;s common stock as reported on the Over the Counter Bulletin Board on October 13, 2009). The options shall vest and become exercisable when either (a) with Mr. Dang&#146;s support and contribution,&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">we</FONT> <FONT style="FONT-SIZE: 10pt" face="Times New Roman">are </FONT>able to successfully consummate a strategic transaction, or other such commercial transaction which the Board deems sufficiently substantial, or (b) the Board, in its sole discretion, elects to accelerate the vesting of the options.&nbsp; <FONT style="FONT-SIZE: 10pt" face="Times New Roman">We </FONT>expect that the options shall vest within one year from the date of grant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Executive Management:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> For the years ended December 31, 2009 and 2008, we incurred $21,000 and $0 in fees paid to Mr. Amit Dang&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> President, Chief Executive Officer, and Secretary. In addition, we recorded $2,708 and $0 as stock compensation expense for the award to Mr. Dang for the years ended December 31, 2009 and 2008, respectively.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Director Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: For the years ended December 31, 2009 and 2008, we incurred $41,667 and $19,343, respectively, in board fees for our&nbsp;non-employee <FONT style="FONT-SIZE: 10pt" face="Times New Roman">D</FONT>irectors.&nbsp;&nbsp;In addition, during June and September 2008, we granted stock options to purchase 50,000 shares each for a total of 200,000 shares of common stock to non-employee board members. For the years ended December 31, 2009 and 2008, we recorded $19,285 and $12,541, respectively, as stock compensation expense relating to these stock grants. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Legal Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Legal fees expensed for the year ended December 31, 2009 and 2008 that were paid or are due to our attorney who also serves as a board member totaled $204,193 and $111,150, respectively.&nbsp; Also, as part of our May 2008 Private Placement, we settled $21,250 in legal costs by issuing 50,000 Units to this attorney.&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Notes Payable and Accrued Interest</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: On May 23, 2008, we reached an agreement with Mr. Harmel S. Rayat to which Mr. Rayat (i) converted the entire outstanding principal amount ($877,800) of his loan to the Company into an aggregate of&nbsp;&nbsp;2,065,412&nbsp;&nbsp;Units, each Unit consisting of one share of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> common stock and one Series C warrant, at a conversion price of $0.425 per Unit and (ii) agreed to accept $150,000 in full payment and satisfaction of the accrued and unpaid interest on the loan in the amount of $249,945. Mr. Harmel S. Rayat was a former officer, director and majority stockholder.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Rent:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;Until August 31, 2008, our administrative office was located in Canada. This premise is owned by a private corporation controlled by Mr. Rayat. We paid rent of $26,866 for the year ended December 31, 2008 to the private corporation.&nbsp; Effective September 1, 2008, we closed this administrative office, terminating all of its employees.&nbsp;&nbsp;There were no severance arrangements with any of the terminated employees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Director Independence</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">As of the date of this Report, because none of our securities is listed on a national securities exchange or in an inter-dealer quotation system we are not required to have a majority of independent directors.&nbsp; However, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">after considering all of the relevant facts and circumstances, the Board of Directors has determined that Messrs.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> Jimenez</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> and Sierchio are independent from our management and qualify as &#147;independent directors&#148; under the standards of independence set forth in Rule 4200(15) of the NASDAQ Stock Market Rules.&nbsp; This means that, in the judgment of the Board of Directors none of Messrs.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> Jimenez</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> and Sierchio (1) is&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> officer or employee (during the prior three fiscal years) or an officer or employee of any of our subsidiaries or (2) has any direct or indirect relationship with&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">us </FONT>that would interfere with the exercise of his independent judgment in carrying out the responsibilities of a director. </FONT></P>
<P style="LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">47</P>
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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">ITEM 14:&nbsp; PRINCIPAL ACCOUNTING FEES AND SERVICES.</FONT></B></H4>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman,serif">The firm of Peterson Sullivan LLP currently serves as <FONT style="FONT-SIZE: 10pt" face="Times New Roman">our </FONT>independent registered public accounting firm.&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">Our</FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> Board of Directors of, in its discretion, may direct the appointment of different public accountants at any time during the year, if the Board believes that a change would be in the best interests of the stockholders.&nbsp; The Board of Directors has considered the audit fees, audit-related fees, tax fees and other fees paid to&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT> accountants, as disclosed below, and had determined that the payment of such fees is compatible with maintaining the independence of the accountants.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">We do</FONT>&nbsp;not currently have an audit committee.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following table presents aggregate fees for professional services rendered by Peterson Sullivan LLP for the years ended December 31, 2009 and 2008. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 393.75pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=453>
<TR>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Year Ended</FONT></B></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 31, 2009</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Year Ended</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">December 31,</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2008</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Audit fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$44,200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$24,582</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Audit-related fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Tax fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5,586</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">11,457</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">All other fees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">-</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="34%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Total</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$49,786</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; PADDING-TOP: 0in" vAlign=top width="27%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">$36,039</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Audit Fees</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Audit Fees for the years ended December 31, 2009 and 2008 consist of the aggregate fees billed by Peterson Sullivan LLP for the audit of the consolidated financial statements included in the Company&#146;s Annual Report on Form 10-K and review of interim consolidated financial statements included in the quarterly reports on Form 10-Q for the years ended December 31, 2009 and 2008.&nbsp; Audit fees also include services related to providing to consents to fulfill the accounting firm&#146;s responsibilities under generally accepted accounting principles.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Tax Fees</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Tax Fees for the years ended December 31, 2009 and 2008 consist of the aggregate fees billed by Peterson Sullivan LLP for professional services rendered for tax compliance, tax advice and tax planning.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center">48</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART IV</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 15:&nbsp; EXHIBITS, FINANCIAL STATEMENT SCHEDULES.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(a)&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following exhibits are filed as part of this Form 10-K:</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">1. &nbsp;&nbsp;Financial Statements</FONT></B></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following financial statements are included in Part&nbsp;II, Item&nbsp;8 of this Form&nbsp;10-K:</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Report of Independent Registered Public Accounting Firm</FONT> </LI></UL>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Consolidated Balance Sheets as of December 31, 2009 and 2008</FONT> </LI></UL>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Consolidated Statements of Operations for the years ended December 31, 2009 and 2008, and &nbsp;&nbsp;&nbsp;&nbsp; </FONT></LI></UL>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">from Inception (October 21, 1997) to December 31, 2009</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Consolidated Statements of Stockholders&#146; Equity (Deficit) from Inception (October 21, 1997) </FONT></LI></UL>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">to December 31, 2009</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008, </FONT></LI></UL>
<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">and from Inception (October 21, 1997) to December 31, 2009</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<UL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=disc>
<LI style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Notes to Consolidated Financial Statements </FONT></LI></UL>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">2. &nbsp;&nbsp;Financial Statement Schedules. </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Financial statement schedules are omitted because they are not required or are not applicable, or the required information is provided in the consolidated financial statements or notes described in Item&nbsp;15(a)(1) above. </FONT></P>
<P style="TEXT-ALIGN: center">49</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">3.&nbsp;&nbsp; Other Exhibits to this Form 10-K:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0in" border=0 cellSpacing=0 cellPadding=0 width=604>
<TR style="HEIGHT: 9.9pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Incorporated by Reference</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Exhibit</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Date of</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Exhibit</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 9.9pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Filed</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<TR style="HEIGHT: 13.85pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="12%" colSpan=3>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Number</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Exhibit Description</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Form</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">File No.</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">First Filing</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="11%" colSpan=3>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Number</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.85pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif">Herewith</FONT></B></P>
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<TR style="HEIGHT: 3.7pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="11%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="3%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.7pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Articles of Incorporation of HepaLife Technologies, Inc.</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10-SB12G</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt">000-29819</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt">3/7/2000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">(i)</FONT></FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.2</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Amended Bylaws of HepaLife Technologies, Inc. </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10-K</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.2</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;*</FONT></P>
</TD></TR>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2001 Incentive Stock Purchase Plan</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">S-8</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">333-105083</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5/8/03</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">.2</FONT></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Common Stock Purchase Agreement ( Exhibit 10.) and Registration Rights Agreement&nbsp; (Exhibit 10.2) with Fusion Capital Fund II, LLC </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7/13/05</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Securities Purchase Agreement with GCA Strategic Investment Limited </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5/16/07</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.4</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Subscription Agreement (Exhibit 10.1), Registration Rights Agreement (Exhibit 10.2) and&nbsp; Series C Warrant Agreement (Exhibit 10.3), relating to the Private Placement of 10,660,705 units on May 23, 2008</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5/28/08</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT><BR>
10</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1<BR>
..2</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Interim Executive Services Agreement, dated October 13, 2009, with Amit S. Dang</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-20819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10/19/09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Warrant Exercise or Exchange Agreement with the holders of its Series C Warrants (Exhibit 10.1)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10/28/09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consent of Independent Registered Accountant</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">*</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="3%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">31</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule&nbsp;13a-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10-K</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">*</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">32</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">.1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18&nbsp;USC. Section&nbsp;1350, As Adopted Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">10-K</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">000-29819</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">*</FONT></P>
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<P style="TEXT-ALIGN: center">50</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">SIGNATURES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Pursuant to the requirements of Sections 13 or 15 (d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this amendment to its report on Form 10-K for the fiscal year ended December 31, 2009, to be signed on its behalf by the undersigned,&nbsp; thereunto duly authorized on this 31th day of March, 2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HepaLife Technologies, Inc.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">/s/ Amit Dang</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amit Dang</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President, Chief Executive Office,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer, Secretary</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Principal</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer and Principal Accounting Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons&nbsp; on&nbsp; behalf of the registrant and in capacities and on the dates indicated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Signature</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Title</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Date</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">/s/ Amit Dang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President, Chief Executive Officer,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Amit Dang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer, Secretary,</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Principal Financial </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer, and Principal Accounting Officer</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">/s/ </FONT></U><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Jatinder S. Bhogal</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Jatinder S. Bhogal</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">/s/ Javier Jimenez</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2010</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Javier Jimenez</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">/s/ </FONT></U><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Joseph Sierchio</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Joseph Sierchio</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif>Exhibit 3.2</FONT></B></FONT></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif>Amended and Revised</FONT></B></FONT></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Calibri,sans-serif>Bylaws</FONT></B></FONT></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif>of</FONT></B></FONT></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Calibri,sans-serif>HepaLife Technologies, Inc.</FONT></B></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif>(formerly Zeta Corporation)</FONT></B></P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE I.&nbsp; DIRECTORS</FONT></B></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 1.&nbsp; Function</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. All corporate powers shall be exercised by or under the authority of the Board of Directors. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. Directors must be natural persons who are at least 18 years of age but need not be shareholders of the Corporation. Residents of any state may be directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 2.&nbsp; Compensation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. The shareholders shall have authority to fix the compensation of directors. Unless specifically authorized by a resolution of the shareholders, the directors shall serve in such capacity without compensation.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 3.&nbsp; Presumption of Assent.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A director who is present at a meeting of the Board of Directors or a committee of the Board of Directors at which action on any corporate matter is taken shall be presumed to have assented to the action taken unless he objects at the beginning of the meeting (or promptly upon arriving) to the holding of the meeting or transacting the specified business at the meeting, or if the director votes against the action taken or abstains from voting because of an asserted conflict of interest.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 4.&nbsp; Number.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The Corporation shall have at least the minimum number of directors required by law. The number of directors may be increased or decreased from time to time by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 5. &nbsp;Election and Term</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. At each annual meeting of shareholders, the shareholders shall elect directors to hold office until the next annual meeting or until their earlier resignation, removal from office or death. Directors shall be elected by a majority of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 6.&nbsp; Vacancies.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Any vacancy occurring in the Board of Directors, including a vacancy created by an increase in the number of directors, may be filled by the shareholders or by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall hold office only until the next election of directors by the shareholders. If there are no remaining directors, the vacancy shall be filled by the shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 7.&nbsp; Removal of Directors.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> At a meeting of shareholders, any director or the entire Board of Directors may be removed, with or without cause, provided the notice of the meeting states that one of </FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>the purposes of the meeting is the removal of the director. A director may be removed only if the number of votes cast to remove him exceeds the number of votes cast against removal.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 8.&nbsp; Quorum and Voting.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A majority of the number of directors fixed by these Bylaws shall constitute a quorum for the transaction of business. The act of a majority of directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 9.&nbsp; Executive and Other Committees.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The Board of Directors, by resolution adopted by a majority of the full Board of Directors, may designate from among its members one or more committees each of which must have at least two members. Each committee shall have the authority set forth in the resolution designating the committee.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 10.&nbsp; Place of Meeting.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Regular and special meetings of the Board of Directors shall be held at the principal place of business of the Corporation or at another place designated by the person or persons giving notice or otherwise calling the meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 11.&nbsp; Time. Notice and Call of Meetings.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Regular meetings of the Board of Directors shall be held without notice at the time and on the date designated by resolution of the Board of Directors. Written notice of the time, date and place of special meetings of the Board of Directors shall be given to each director by mail delivery at least two days before the meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Notice of a meeting of the Board of Directors need not be given to a director who signs a waiver of notice either before or after the meeting. Attendance of a director at a meeting constitutes a waiver of notice of that meeting and waiver of all objections to the place of the meeting, the time of the meeting, and the manner in which it has been called or convened, unless a director objects to the transaction of business (promptly upon arrival at the meeting) because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors must be specified in the notice or waiver of notice of the meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>A majority of the directors present, whether or not a quorum exists, may adjourn any meeting of the Board of Directors to another time and place. Notice of an adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and place of the adjourned meeting are announced at the time of the adjournment&nbsp; to the other directors. Meetings of the Board of Directors may be called by the president or the Chairman of the Board Of Directors. Members of the Board of Directors and any committee of the Board may participate in a meeting by telephone conference or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation by these means constitutes presence in person at a meeting.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 12.&nbsp; Action By Written Consent.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Any action required or permitted to be taken at a meeting of directors may be taken without a meeting if a consent in writing setting forth the action to be taken and signed by all of the directors is filed in the minutes of the proceedings of the Board. The action taken </FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>shall be deemed effective when the last director signs the consent, unless the consent specifies otherwise.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE II.&nbsp; MEETINGS OF SHAREHOLDERS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 1.&nbsp; Annual Meeting.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The annual meeting of the shareholders of the corporation for the election of officers and for such other business as may properly come before the meeting shall be held at such time and place as designated by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 2.&nbsp; Special Meeting.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Special meetings of the shareholders shall be held when directed by the president or when requested in writing by shareholders holding at least 10% of the Corporation&#146;s stock having the right and entitled to vote at such meeting. A meeting requested by shareholders shall be called by the President for a date not less than 10 nor more than 60 days after the request is made. Only business within the purposes described in the meeting notice may be conducted at a special shareholders&#146; meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 3.&nbsp; Place.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Meetings of the shareholders will be held at the principal place of business of the Corporation or at such other place as is designated by the Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 4.&nbsp; Notice.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A written notice of each meeting of shareholders shall be mailed to each shareholder having the right and entitled to vote at the meeting at the address as it appears on the records of the Corporation. The meeting notice shall be mailed not less than 10 nor more than 60 days before the date set for the meeting. The record date for determining shareholders entitled to vote at the meeting will be the close of business on the day before the notice is sent. The notice shall state the time and place the meeting is to be held. A notice of a special meeting shall also state the purposes of the meeting. A notice of meeting shall be sufficient for that meeting and any adjournment of it. If a shareholder transfers any shares after the notice is sent, it shall not be necessary to notify the transferee. All shareholders may waive notice of a meeting at any time.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 5.&nbsp; Shareholder Quorum.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A minimum of 15% of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of shareholders. Any number of shareholders, even if less than a quorum, may adjourn the meeting without further notice until a quorum is obtained.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 6.&nbsp; Shareholder Voting.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> If a quorum is present, the affirmative vote of a majority of the shares represented at the meeting and entitled to vote on the subject matter shall be the act of the shareholders. Each outstanding share shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders. An alphabetical list of all shareholders who are entitled to notice of a shareholders&#146; meeting along with their addresses and the number of shares held by each shall be produced at a shareholders&#146; meeting upon the request of any shareholder.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 7. &nbsp;Proxies.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A shareholder entitled to vote at any meeting of shareholders or any adjournment thereof may vote in person or by proxy executed in writing and signed by the shareholder or his attorney-in-fact. The appointment of proxy will be effective when received by the Corporation&#146;s officer </FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>or agent authorized to tabulate votes. No proxy shall be valid more than 11 months after the date of its execution unless a longer term is expressly stated in the proxy.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 8.&nbsp; Validation</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. If shareholders who hold a majority of the voting stock entitled to vote at a meeting are present at the meeting, and sign a written consent to the meeting on the record, the acts of the meeting shall be valid, even if the meeting was not legally called and noticed.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 9.&nbsp; Conduct of Business By Written Consent.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Any action of the shareholders may be taken without a meeting if written consents, setting forth the action taken, are signed by at least a majority of shares entitled to vote and are delivered to the officer or agent of the Corporation having custody of the Corporation&#146;s records within 60 days after the date that the earliest written consent was delivered. Within 10 days after obtaining an authorization of an action by written consent, notice shall be given to those shareholders who have not consented in writing or who are not entitled to vote on the action. The notice shall fairly summarize the material features of the authorized action. If the action creates dissenters&#146; rights, the notice shall contain a clear statement of the right of dissenting shareholders to be paid the fair value of their shares upon compliance with and as provided for by the state law governing corporations.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE III.&nbsp; OFFICERS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 1.&nbsp; Elected Officers</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The elected officers of the corporation shall be, at the discretion of the Board of Directors, a Chairman</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>, </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Chief Executive Officer, a President, a Secretary, a Treasurer and such other officers (including, without limitation, one or more Vice Presidents, a Chief Operating Officer and a Chief Financial Officer) as the Board of Directors from time to time may deem proper. All officers elected by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article&nbsp;III. Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof. The Board of Directors, or any committee thereof, may from time to time elect, or the Chief Executive Officer may appoint, such other officers (including a Chief Medical Officer, a Chief Technology Officer, and one or more Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers and Assistant Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the corporation. Such other officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in these Bylaws or as may be prescribed by the Board of Directors, or any committee thereof, or by the Chief Executive Officer, as the case may be. Any person may hold any one or more executive positions.</FONT></FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 2.&nbsp; Election and Term of Office</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The elected officers of the corporation shall be elected annually by the Board of Directors at the regular meeting of the Board of Directors held after the annual meeting of the stockholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as convenient. Each officer shall hold office until his or her successor shall have been duly elected and shall have qualified or until his or her death or until he or she shall resign, but any officer may be removed from office at any time by the affirmative vote of a majority of the members of the Board of Directors or, except in the case of an officer or agent elected by the Board or by the Chief </FONT></FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Officer. Such removal shall be without prejudice to the contractual rights, if any, of the person so removed.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 3.&nbsp; Chairman/Vice Chairman</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The full Board of Directors may elect a Chairman of the Board and a Vice Chairman of the Board of Directors (the &#147;Vice Chairman of the Board&#148;) from among the directors. The Chairman of the Board and the Vice Chairman of the Board may be removed from such capacity, but not in his or her capacity as a director, by a majority vote of the full Board of Directors. The Chairman of the Board shall preside at all meetings of the stockholders and of the Board of Directors. The Chairman of the Board shall have such other powers and duties as may from time to time be prescribed by the Board of Directors, upon written directions given to him pursuant to resolutions duly adopted by the Board of Directors. The Vice Chairman of the Board, in the absence of the Chairman of the Board, shall preside at all meetings of the stockholders and of the Board of Directors. (In the absence or inability to act of the Chairman of the Board, the Vice Chairman of the Board and the Chief Executive Officer, the Board of Directors shall elect a chairman of the meeting.) The Vice Chairman of the Board shall have such other powers and duties as may from time to time be prescribed by the Board of Directors, upon written directions given to him pursuant to resolutions duly adopted by the Board of Directors, or by the Chairman of the Board.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 4.&nbsp; Chief Executive Officer</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The Chief Executive Officer, subject to the control of the Board of Directors, shall act in a general executive capacity and shall control the business and affairs of the corporation. In the absence of the Chairman of the Board and the Vice Chairman of the Board or if a Chairman of the Board and a Vice Chairman of the Board are not elected by the Board of Directors, the Chief Executive Officer shall preside at all meetings of the stockholders and, if the Chief Executive Officer is a director, at all meetings of the Board of Directors. He or she may also preside at any such meeting attended by the Chairman of the Board if he or she is so designated by the Chairman of the Board. In the absence of the Chairman of the Board, he or she may also preside at any such meeting attended by the Vice Chairman of the Board if he or she is so designated by the Vice Chairman of the Board. The Chief Executive Officer shall have the power to appoint and remove subordinate officers, agents and employees, except those elected by the Board of Directors. The Chief Executive Officer shall keep the Board of Directors fully informed and shall consult with them concerning the business of the corporation.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 5.&nbsp; President</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The President shall have general supervision over strategic planning and implementation, administration and the accounting and finance operations of the corporation, and shall see that all resolutions of the Board of Directors are carried into effect. The President shall have such other duties as may be determined from time to time by resolution of the Board of Directors not inconsistent with these Bylaws. The President, in the absence or incapacity of the Chief Executive Officer, shall also perform the duties of that office. He or she may sign with the Secretary or any other officer of the corporation thereunto authorized by the Board of Directors, certificates for shares of the corporation and any deeds, bonds, mortgages, contracts, checks, notes, drafts or other instruments that the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof has been expressly delegated by these Bylaws or by the Board of Directors to some other officer or agent of the corporation, or shall be required by law to be otherwise executed. He or she shall vote, or give a proxy to any other officer of the corporation to vote, all shares of stock of any other corporation </FONT></FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>standing in the name of the corporation and in general he or she shall perform all other duties normally incident to the office of President and such other duties as may be prescribed by the Board of Directors from time to time.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 5.&nbsp; Vice Presidents</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. Each Vice President shall have such powers and shall perform such duties as shall be assigned to him by the Board of Directors.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 6.&nbsp; Chief Operating Officer</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The Chief Operating Officer, if one is elected, shall report to the Chief Executive Officer, in the event that he or she is also the President, or to the Chief Executive Officer and the President, in the event that he or she is not also the President, and shall have general supervision of the day-to-day operation of the activities of the corporation and shall perform such duties, and shall have such other authority and powers as the President (in the event that he or she is not also the Chief Executive Officer), the Chief Executive Officer or the Board of Directors may from time to time prescribe. The Chief Operating Officer, with the approval of either the Chief Executive Officer or the President, shall have authority to execute instruments, documents, agreements and contracts, in the name of the corporation, to the same extent as the President or any Vice President.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 7.&nbsp; Chief Financial Officer</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The Chief Financial Officer, if any, shall act in an executive financial capacity. He or she shall assist the Chief Executive Officer in the general supervision of the corporation&#146;s financial policies and affairs.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 8.&nbsp; Principal Accounting Officer.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The Principal Accounting Officer shall be responsible for the Preparation of annual financial statements, including footnote disclosures and 10-K, the coordination of annual audit by external auditors, the preparation of quarterly financial statements, including footnote disclosures and 10-Q, and the coordination of quarterly reviews by external auditors, and, generally ensuring compliance with regulatory financial disclosure requirements.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 9.&nbsp; Treasurer</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The Treasurer shall exercise general supervision over the receipt, custody and disbursement of corporate funds. The Treasurer shall cause the funds of the corporation to be deposited in such banks as may be authorized by the Board of Directors, or in such banks as may be designated as depositaries in the manner provided by resolution of the Board of Directors. He or she shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him from time to time by the Board of Directors or the Chief Executive Officer.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 10.&nbsp; Secretary and Assistant Secretary</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. The Secretary shall keep, or cause to be kept, in one or more books provided for that purpose, the minutes of all meetings of the Board of Directors, the committees of the Board of Directors and the stockholders; he or she shall see that all notices are duly given in accordance with the provisions of the Certificate of Incorporation, these Bylaws and as required by law; he or she shall be custodian of the records and the seal of the corporation; and he or she shall see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed; and in general, he or she shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board of Directors or the Chief Executive Officer. The Secretary, or any Assistant Secretary, shall have </FONT></FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>authority to affix and attest the seal to all stock certificates of the corporation (unless the seal of the corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be executed on behalf of the corporation under its seal.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 11.&nbsp; Removal</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. Any officer elected, or agent appointed, by the Board of Directors may be removed by the affirmative vote of a majority of the entire Board of Directors whenever, in their judgment, the best interests of the corporation would be served thereby. Any officer or agent appointed by the Chief Executive Officer may be removed by him whenever, in his or her judgment, the best interests of the corporation would be served thereby. No elected officer shall have any contractual rights against the corporation for compensation by virtue of such election beyond the date of the election of his or her successor or his or her death, resignation or removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred compensation plan.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>Section 12.&nbsp; Vacancies</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>. Any newly created elected office and any vacancy in any elected office because of death, resignation or removal may be filled by the Board of Directors for the unexpired portion of the term at any meeting of the Board of Directors. Any vacancy in an office appointed by the Chief Executive Officer because of death, resignation or removal may be filled by the Chief Executive Officer.&#148;</FONT></FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE IV.&nbsp; DISTRIBUTIONS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The Board of Directors may, from time to time, declare distributions to its shareholders in cash, property, or its own shares, unless the distribution would cause (i) the Corporation to be unable to pay its debts as they become due in the usual course of business, or (ii) the Corporation&#146;s assets to be less than its liabilities plus the amount necessary, if the Corporation were dissolved at the time of the distribution, to satisfy the preferential rights of shareholders whose rights are superior to those receiving the distribution. The shareholders and the Corporation may enter into an agreement requiring the distribution of corporate profits, subject to the provisions of law.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE V.&nbsp; CORPORATE RECORDS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 1. Corporate Records.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time. The Corporation shall keep as permanent records minutes of all meetings of its shareholders and Board of Directors, a record of all actions taken by the shareholders or Board of Directors without a meeting, and a record of all actions taken by a committee of the Board of Directors on behalf of the Corporation. The Corporation shall maintain accurate accounting records and a record of its shareholders in a form that permits preparation of a list of the names and addresses of all shareholders in alphabetical order by class of shares showing. the number and series of shares held by each.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The Corporation shall keep a copy of its articles or restated articles of incorporation and all amendments to them currently in effect; these Bylaws or restated Bylaws and all amendments currently in effect; resolutions adopted by the Board of Directors creating one or more classes or series of shares and fixing their relative rights, preferences, and limitations, if shares issued pursuant to those resolutions are </FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>outstanding; the minutes of all shareholders&#146; meetings and records of all actions taken by shareholders without a meeting for the past three years; written communications to all shareholders generally or all shareholders of a class of series within the past three years, including the financial statements furnished for the last three years; a list of names and business street addresses of its current directors and officers; and its most recent annual report delivered to the Department of State. </FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 2.&nbsp; Shareholders&#146; Inspection Rights.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> A shareholder is entitled to inspect and copy, during regular business hours at a reasonable location specified by the Corporation, any books and records of the Corporation. The shareholder must give the Corporation written notice of this demand at least five business days before the date on which he wishes to inspect and copy the record(s). The demand must be made in good faith and for a proper purpose. The shareholder must describe with reasonable particularity the purpose and the records he desires to inspect, and the records must be directly connected with this purpose. This Section does not affect the right of a shareholder to inspect and copy the shareholders&#146; list described in this Article if the shareholder is in litigation with the Corporation. In such a case, the shareholder shall have the same rights as any other litigant to compel the production of corporate records for examination.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>The Corporation may deny any demand for inspection if the demand was made for an improper purpose, or if the demanding shareholder has within the two years preceding his demand, sold or offered for sale any list of shareholders of the Corporation or of any other corporation, has aided or abetted any person in procuring any list of shareholders for that purpose, or has improperly used any information secured through any prior examination of the records of this Corporation or any other corporation.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 3.&nbsp; Financial Statements for Shareholders.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Unless modified by resolution of the shareholders within 120 days after the close of each fiscal year, the Corporation shall furnish its shareholders with annual financial statements which may be consolidated or combined statements of the Corporation and one or more of its subsidiaries, as appropriate, that include a balance sheet as of the end of the fiscal year, an income statement for that year, and a statement of cash flows for that year. If financial statements are prepared for the Corporation on the basis of generally accepted accounting principles, the annual financial statements must also be prepared on that basis.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>If the annual financial statements are reported upon by a public accountant, his report must accompany them. If not, the statements must be accompanied by a statement of the President or the person responsible for the Corporation&#146;s accounting records stating his reasonable belief whether the statements were prepared on the basis of generally accepted accounting principles and, if not, describing the basis of preparation and describing any respects in which the statements were not prepared on a basis of accounting consistent with the statements prepared for the preceding year. The Corporation shall mail the annual financial statements to each shareholder within 120 days after the close of each fiscal year or within such additional time thereafter as is reasonably necessary to enable the Corporation to prepare its financial statements. Thereafter, on written request from a shareholder who was not mailed the statements, the Corporation shall mail him the latest annual financial statements.</FONT></P>
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<P style="TEXT-ALIGN: center">8</P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 4.&nbsp; Other Reports to Shareholders.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> If the Corporation indemnifies or advances expenses to any director, officer, employee or agent otherwise than by court order or action by the shareholders or by an insurance carrier pursuant to insurance maintained by the Corporation, the Corporation shall report the indemnification or advance in writing to the shareholders with or before the notice of the next annual shareholders&#146; meeting, or prior to the meeting if the indemnification or advance occurs after the giving of the notice but prior to the time the annual meeting is held. This report shall include a statement specifying the persons paid, the amounts paid, and the nature and status at the time of such payment of the litigation or threatened litigation.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>If the Corporation issues or authorizes the issuance of shares for promises to render services in the future, the Corporation shall report in writing to the shareholders the number of shares authorized or issued, and the consideration received by the corporation, with or before the notice of the next shareholders&#146; meeting.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE VI.&nbsp; STOCK CERTIFICATES</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 1.&nbsp; Issuance.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The Board of Directors may authorize the issuance of some or all of the shares of any or all of its classes or series without certificates. Each certificate issued shall be signed by the President and the Secretary (or the Treasurer). The rights and obligations of shareholders are identical whether or not their shares are represented by certificates.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 2.&nbsp; Registered Shareholders.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> No certificate shall be issued for any share until the share is fully paid. The Corporation shall be entitled to treat the holder of record of shares as the holder in fact and, except as otherwise provided by law, shall not be bound to recognize any equitable or other claim to or interest in the shares. </FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 3.&nbsp; Transfer of Shares</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. Shares of the Corporation shall be transferred on its books only after the surrender to the Corporation of the share certificates duly endorsed by the holder of record or attorney-in-fact. If the surrendered certificates are canceled, new certificates shall be issued to the person entitled to them, and the transaction recorded on the books of the Corporation.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 4.&nbsp; Lost, Stolen or Destroyed Certificates</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>. If a shareholder claims to have lost or destroyed a certificate of shares issued by the Corporation, a new certificate shall be issued upon the delivery to the Corporation of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, and, at the discretion of the Board of Directors, upon the deposit of a bond or other indemnity as the Board reasonably requires.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE VII.&nbsp; INDENNIFICATION</FONT></B></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 1.&nbsp; Right to Indemnification.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> The Corporation hereby indemnifies each person (including the heirs, executors, administrators, or estate of such person) who is or was a director or officer of the Corporation to the fullest extent permitted or authorized by current or future legislation or judicial or administrative decision against all fines, liabilities, costs and expenses, including attorneys&#146; fees, arising </FONT> </P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>out of his or her status as a director, officer, agent, employee or representative. The foregoing right of indemnification shall not be exclusive of other rights to which those seeking an indemnification may be entitled. The Corporation may maintain insurance, at its expense, to protect itself and all officers and directors against fines, liabilities, costs and expenses, whether or not the Corporation would have the legal power to indemnify them directly against such liability.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 2.&nbsp; Advances.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> Costs, charges and expenses (including attorneys&#146; fees) incurred by a person referred to in Section 1 of this Article in defending a civil or criminal proceeding shall be paid by the Corporation in advance of the final disposition thereof upon receipt of an undertaking to repay all amounts advanced if it is ultimately determined that the person is not entitled to be indemnified by the Corporation as authorized by this Article, and upon satisfaction of other conditions required by current or future legislation.</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Section 3.&nbsp; Savings Clause.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> If this Article or any portion of it is invalidated on any ground by a court of competent jurisdiction1 the Corporation nevertheless indemnifies each person described in Section 1 of this Article to the fullest extent permitted by all portions of this Article that have not been invalidated and to the fullest extent permitted by law.</FONT></P>
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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>ARTICLE VIII. &nbsp;Amendment</FONT></B></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>These Bylaws may be altered, amended or repealed, and new Bylaws adopted, by a majority vote of the directors or by a vote of the shareholders holding a majority of the shares.</FONT></P>
<P style="TEXT-ALIGN: center">10</P>
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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>consent1231091.htm
<DESCRIPTION>EXHIBIT 23.1
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<P>Exhibit 23.1</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></U></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">We consent to the incorporation by reference in the Registration Statement on Form&nbsp;S-8 (File&nbsp;No. 333-105083) of HepaLife Technologies, Inc. and Subsidiary (a&nbsp;development stage company) ("the&nbsp;Company") of our report dated March&nbsp;26, 2010, on our audits of the consolidated balance sheets of HepaLife Technologies, Inc. and Subsidiary as of December&nbsp;31, 2009 and 2008, and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for the years then ended, and for the period from October&nbsp;21, 1997 (date of inception) to December&nbsp;31, 2009.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11.5pt" lang=EN-US face="Times New Roman,serif">/S/ PETERSON SULLIVAN LLP</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">Seattle, Washington</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">March <FONT style="FONT-SIZE: 12pt" face="Times New Roman">31</FONT>, 2010</FONT></P>
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<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>ex311.htm
<DESCRIPTION>EXHIBIT 31.1
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Exhibit&nbsp;31.1</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">CERTIFICATION PURSUANT TO RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">I, Amit S. Dang, certify that:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">1<FONT style="FONT-SIZE: 10pt" face="Times New Roman">.&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp; I have reviewed this annual report on Form 10-K of HepaLife Technologies, Inc. (the &#147;registrant&#148;);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">2.&nbsp; &nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">3.&nbsp; &nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">4.&nbsp; &nbsp;&nbsp; The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -27.5pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within the registrant, particularly during the period in which this report is being prepared;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -27.5pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(c) &nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(d) &nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">5.&nbsp; &nbsp;&nbsp; The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -27.5pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) &nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(b)&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Date: March <FONT style="FONT-SIZE: 10pt" face="Times New Roman">31</FONT>, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">/s/ Amit S. Dang</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amit S. Dang</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Executive Officer,&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer, Secretary,</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Principal Financial </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer, and Principal Accoutning Officer</FONT></P>
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<TYPE>EX-32.1
<SEQUENCE>5
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<DESCRIPTION>EXHIBIT 32.1
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Exhibit&nbsp;32.1</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">CERTIFICATION PURUSANT TO 18 U.S.C. 1350</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">In connection with the Annual Report of HepaLife Technologies, Inc. (the &#147;Company&#148;) on Form&nbsp;10-K for the fiscal year ended December 31, 2009 as filed with the Securities and Exchange Commission on March <FONT style="FONT-SIZE: 10pt" face="Times New Roman">31</FONT>, 2010 (the &#147;Report&#148;), I, Amit S. Dang, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report filed by the Company fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company on the dates and for the periods presented therein.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=#000000 face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Date: March <FONT style="FONT-SIZE: 10pt" face="Times New Roman">31</FONT>, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">By:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">/s/ Amit S. Dang</FONT></U></P>
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     <TD style="BORDER-BOTTOM: #ffffff 0px solid; HEIGHT: 22.3pt" vAlign=bottom width="13%">
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     <TD style="BORDER-BOTTOM: #ffffff 0px solid; HEIGHT: 22.3pt" vAlign=top width="11%">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Amit S. Dang</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">President, Chief Executive Officer,</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"> Principal Executive Officer, Secretary, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P>
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6**************************__V3\_
`
end
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