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<SEC-DOCUMENT>0001467809-10-000098.txt : 20100505
<SEC-HEADER>0001467809-10-000098.hdr.sgml : 20100505
<ACCEPTANCE-DATETIME>20100504173215
ACCESSION NUMBER:		0001467809-10-000098
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100505
DATE AS OF CHANGE:		20100504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEPALIFE TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001054274
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				582349413
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29819
		FILM NUMBER:		10798404

	BUSINESS ADDRESS:	
		STREET 1:		60 STATE STREET
		STREET 2:		SUITE 700
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		800-518-4879

	MAIL ADDRESS:	
		STREET 1:		60 STATE STREET
		STREET 2:		SUITE 700
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZETA CORP
		DATE OF NAME CHANGE:	20030219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZETA CORP /CA
		DATE OF NAME CHANGE:	20000303
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>hplf10qmarch312010asof4-3020.htm
<TEXT>

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   <TITLE>hplf10qmarch312010asof4-3020.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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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>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=black 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 color=black 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 color=black face="Times New Roman,serif">Washington, D.C. 20549</FONT></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: 16pt" lang=EN-US color=black face="Times New Roman,serif">FORM 10-Q</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-INDENT: -13.2pt; MARGIN: 0in 0in 0pt 13.2pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Wingdings>x</FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"> QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp;</FONT></B></P>
<P style="TEXT-INDENT: 13.2pt; 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: 13.2pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif">For the quarter<FONT style="FONT-SIZE: 9pt" face="Times New Roman">ly period</FONT> ended March 31, 2010</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: 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><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"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Wingdings>&#168;</FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman,serif"> 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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><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><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">&nbsp;Commission File Number: 000-29819</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><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 color=black 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><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><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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 color=black 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: 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><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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 color=black face="Times New Roman,serif">(I.R.S. Employer Identification No.)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 13.2pt 0in 3.3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">60 State Street, Suite 700, Boston, MA 02109</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">(Address of principal executive offices)</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; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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 color=black 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: 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">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. <BR>
Yes [X] No [&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">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).<BR>
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 color=black 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>
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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>
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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">Accelerated filer</FONT></P>
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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">Non-accelerated filer (Do not check if a smaller reporting company)</FONT></P>
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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">Smaller reporting company</FONT></P>
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<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" color=black 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 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">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 color=black 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 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">Number of shares of Common Stock, $0.001 par value, outstanding as of April 28, 2010: 101,494,158.</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">TABLE OF CONTENTS</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;</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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HEPALIFE TECHNOLOGIES, INC.</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;</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">FORM 10-Q, QUARTER ENDED MARCH 31, 2010</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">PART I</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">FINANCIAL INFORMATION</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 1.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Financial Statements&nbsp;</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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<A href="#page_3">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Balance Sheets as of March 31, 2010 (unaudited) and December 31, 2009</FONT></P>
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<A href="#page_3">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P>
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<A href="#page_3">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Statements of Operations (unaudited)</FONT></P>
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<A href="#page_3">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5</FONT></P>
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<A href="#page_5">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Statements of Stockholders&#146; Equity (Deficit) (unaudited)</FONT></P>
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<A href="#page_5">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Statements of Cash Flows (unaudited)</FONT></P>
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     <TD style="HEIGHT: 12.55pt" vAlign=bottom width="6%">
<A href="#page_6">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">7</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Notes to Consolidated Financial Statements</FONT></P>
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<A href="#page_7">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">8</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">
<A href="#page_14">Item 2</A>.</FONT></P>
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<A href="#page_14">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Management's Discussion and Analysis of Financial Condition and</FONT></P>
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     <TD style="HEIGHT: 14.6pt" vAlign=bottom width="6%">
<A href="#page_14">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">15</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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<A href="#page_17">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Results of Operations</FONT></P>
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<A href="#page_17">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">18</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 3. Quantitative and Qualitative Disclosures About Market Risk</FONT></P>
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<A href="#page_20">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">21</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 4T. Controls and Procedures</FONT></P>
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<A href="#page_20">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">21</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"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">PART II</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">OTHER INFORMATION</FONT></B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;</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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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 1.</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Legal Proceedings</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 2.</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 3.</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Defaults Upon Senior Securities</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 5.</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Other Information</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Item 6.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibits</FONT></P>
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<A href="#page_21">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Signatures</FONT></P>
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<A href="#page_23">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">24</FONT></P>
</A></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<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>
</DIV>
<P style="TEXT-ALIGN: center">3</P>
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<A name="page_3"></A>
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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>
</DIV>
<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">PART I - FINANCIAL INFORMATION</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">&nbsp;</FONT><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">item 1.&nbsp; fINANCIAL STATEMENTS </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&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>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">March 31, 2010 and 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width="17%" noWrap align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">(Unaudited)</FONT></TD>
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     <TD vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">March 31,</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">December 31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="17%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2009</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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">ASSETS</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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Current assets</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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Cash and cash equivalents</FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,077,362 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,310,200 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Prepaid expenses</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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">20,585 </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><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">44,033 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Total current assets</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="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,097,947 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,354,233 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Current 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Accounts payable and accrued liabilities</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">102,568 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">98,462 </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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Total current liabilities</FONT></B></P>
</TD>
     <TD style="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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="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" color=windowtext face="Times New Roman,serif">102,568 </FONT></P>
</TD>
     <TD style="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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Warrant liability&nbsp; (Note 8)</FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">11,917 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">9,815 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Total liabilities</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; 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" color=windowtext 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="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">114,485 </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" color=windowtext 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="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">108,277 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Commitments and contingencies (Note 6)</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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">STOCKHOLDERS' EQUITY</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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Stockholders' equity (Note 7)</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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Preferred stock: $0.10 par value; Authorized: 1,000,000</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="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Issued and outstanding: none</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock: $0.001 par value; Authorized: 300,000,000</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="6%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Issued and outstanding: 101,494,158 (2009: 101,494,158)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">101,495 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">101,495 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Additional paid-in capital</FONT></P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">22,391,817 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">22,381,577 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(20,509,850)</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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(20,237,116)</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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,983,462 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,245,956 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,097,947 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,354,233 </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="55%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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">4</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">For the three months ended March 31, 2010 and 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" color=windowtext face="Times New Roman,serif">and from inception (October 21, 1997) to March 31, 2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(Unaudited)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">From inception </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">Three Months Ended</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">March 31, </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">March 31,</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">to March 31, </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext face="Times New Roman,serif">2010</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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" color=windowtext 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=windowtext face="Times New Roman,serif">2010 </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$</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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">68,909 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">200,048 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">6,240,376 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">51,075 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">7,316 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">2,280 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">4,199,276 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">56,383 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">53,966 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">1,544,316 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">103,219 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">104,254 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">1,193,852 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">38,740 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">41,708 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">1,209,388 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="40%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">274,567 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">453,331 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">18,448,086 </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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(274,567)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(453,331)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(18,448,086)</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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">Other income and (expenses)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="13%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">&nbsp;(355,112)</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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Interest, bank charges and foreign exchange loss</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(950)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(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="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(37,983)</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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Interest income</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; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">4,885 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">10,540 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">154,623 </FONT></P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Loss on disposal of fixed assets</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(3,061)</FONT></P>
</TD></TR>
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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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Amortization of discount on notes (Note 4)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,349)</FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext 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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Amortization of deferred financing costs</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; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Change in fair value of warrant liability</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; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,102)</FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(420,891)</FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,868,070 </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="40%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,833 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(413,290)</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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,061,764)</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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(272,734)</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" color=windowtext face="Times New Roman,serif">$</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(866,621)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </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" color=windowtext face="Times New Roman,serif">&nbsp;(20,509,850)</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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(0.00)</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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(0.01)</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" color=windowtext face="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" color=windowtext 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="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Weighted average number of common shares</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; outstanding - basic and diluted</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">101,494,158 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">91,996,829 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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">5</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">from inception (October 21, 1997) to March 31, 2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(Unaudited)</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: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Accumulated </FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">Total&nbsp;&nbsp;&nbsp; </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common Stock </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif">Additional </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">other comprehensive </FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">during development </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">stockholders' </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">Amount </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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">equity (deficit) </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued for service rendered</FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">at $0.00025 per share, October 21, 1997</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">12,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&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" color=windowtext face="Times New Roman,serif">$&nbsp; (9,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp; &nbsp;&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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp; &nbsp; - </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp; 3,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued for cash</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">at $0.0625 per share during 1997</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,200,000 </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" color=windowtext face="Times New Roman,serif">1,200 </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" color=windowtext face="Times New Roman,serif">73,800 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">75,000 </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">42 </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" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">42 </FONT></P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Balance, December 31, 1997</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">78,042 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">400,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 1998</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(471,988)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">6,054 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued for cash</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">at $0.025 per share, March 1999</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">300,000 </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 1999</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(121,045)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">185,009 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2000</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(80,608)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">104,401 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Conversion of debt to equity at $0.015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">per share, July 31, 2001</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext face="Times New Roman,serif">8,933,332 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">125,067 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">134,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(160,364)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(160,364)</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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">78,037 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">Common stock issued for services</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">at $0.06 per share, April 23, 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" color=windowtext face="Times New Roman,serif">10,000 </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" color=windowtext face="Times New Roman,serif">10 </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" color=windowtext face="Times New Roman,serif">590 </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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">600 </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">Conversion of debt to equity at $0.05</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">108,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">July 25, 2002</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,390,000 </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" color=windowtext face="Times New Roman,serif">2,390 </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" color=windowtext face="Times New Roman,serif">117,110 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">119,500 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">share, December 18, 2002</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,920 </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" color=windowtext face="Times New Roman,serif">94,080 </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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">96,000 </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(375,472)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">26,665 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">exercise of stock options during the</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">year at between $0.07 to $2.11 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">398,600 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">Common stock issued pursuant to</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">exercise of share purchase warrants</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">182,500 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,102,723)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(494,958)</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,341,620 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">December 2004 at $0.025 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">50,000 </FONT></P>
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     <TD vAlign=bottom width="1%" noWrap></TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Loss, year ended December 31, 2004</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,435,613)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,435,613)</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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">3,141,002 </FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(3,747,771)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(538,951)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">of stock options in March 2005 at </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$3.10 per share</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">50,000 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">50 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">154,950 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">155,000 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued pursuant to exercise </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">of stock options in May 2005 at </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">94,950 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">211,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">84,400 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">105,500 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">exercise of share purchase warrants </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">in March 2005 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">31,250 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Restricted common stock issued in June 2005</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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">37,600 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Restricted common stock issued in July 2005</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">pursuant to share purchase agreement</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,383,196 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(2,813,602)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext 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=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,249,657)</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">505,917 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">450,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">330,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">584,993 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued in the fourth quarter of </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">548,371 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 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" color=windowtext face="Times New Roman,serif">548 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 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" color=windowtext face="Times New Roman,serif">354,455 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">355,003 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Exercise of stock options</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 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" color=windowtext face="Times New Roman,serif">175,000 </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" color=windowtext face="Times New Roman,serif">175 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 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" color=windowtext face="Times New Roman,serif">12,075 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">12,250 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">2,607,302 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2006</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(4,654,499)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,058,691)</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">205,001 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">290,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock converted from convertible</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,745,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">935,044 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Proceeds allocated to the warrants issued with</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">497,689 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">497,689 </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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">64,990 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">64,990 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; of the notes</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,220,410 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,220,410 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif">- </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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(4,438,197)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(4,441,969)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(542,526)</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">755,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">977,745 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock and warrants issued for cash,</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">at $0.425 per share in May 2008 and</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">4,530,800 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">170,000 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Warrants granted for purchase of in-process research and development in October 2008</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: 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">98,325 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Stock based compensation expenses</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">565,306 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">3,391 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2008</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 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" color=windowtext 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: 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" color=windowtext face="Times New Roman,serif">&nbsp;(3,667,547)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(3,664,156)</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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Balance, December 31, 2008</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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,890,494 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Cumulative effect of change in accounting principle</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(529,077)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued for exchange of Series C</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">908,052 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock issued upon exercise of Series C</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Warrants, $0.10 per warrant </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,555,250 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">1,561,254 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">262,821 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">381 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Loss, year ended December 31, 2009</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 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" color=windowtext 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: 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,847,969)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp; (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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Balance, December 31, 2009</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" color=windowtext face="Times New Roman,serif">101,494,158 </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" color=windowtext face="Times New Roman,serif">101,495 </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" color=windowtext face="Times New Roman,serif">22,381,577 </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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(20,237,116)</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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,245,956 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">10,240 </FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">10,240 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Loss, for the three-months ended March 31, 2010</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 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">-</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 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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 align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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="14%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">-</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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(272,734)</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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(272,734)</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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(272,734)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="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" color=windowtext face="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" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp; (272,734)</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="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Balance, March 31, 2010</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" color=windowtext 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" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp;&nbsp; 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" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp; 22,391,817 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp; -&nbsp;&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="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp; (20,509,850)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$&nbsp;&nbsp;&nbsp; 1,983,462 </FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></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="20%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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">6</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">For the three months ended March 31, 2010 and 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" color=windowtext face="Times New Roman,serif">and from inception (October 21, 1997) to March 31, 2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(Unaudited)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">Three Months Ended </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">March 31,</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">March 31,</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">to March 31,</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2010</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2009</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2010 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Net Loss</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(272,734)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(866,621)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">&nbsp;(20,509,850)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; from operating activities:</FONT></P>
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     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Depreciation</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">35,410 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Amortization of license fees</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">18,750 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">150,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Services paid by issuance of common stock</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,031,100 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Stock offering costs paid by issuance of common stock</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif>- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,926,713 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">In-process research and development partially purchased</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; by issuance of common stock warrants and a contract</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap></TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; commitment payable, net of discount</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">283,903 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Stock based compensation expenses</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">10,240 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">140,631 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">4,380,713 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Amortization of discount on notes payable</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,349 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,107,522 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Amortization of deferred financing costs</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face=Arial,sans-serif>- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">293,515 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Loss on disposal of assets</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">3,061 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Change in fair value of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,102 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">420,891 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(1,868,070)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%">
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Loss on settlement of warrant liability</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,287,264 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp; Change in assets and liabilities:</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Decrease (increase) in prepaid expenses and deposits</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">23,448 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">12,568 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(95,587)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Increase (decrease) in accounts payable</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">4,106 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(35,443)</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">102,568 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Increase (decrease) in accounts payable - related party</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">99,946 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Net cash used in operating activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(232,838)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(306,875)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(10,771,792)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Cash flows from investing activities:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Purchase of property and equipment</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(38,471)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Purchase of license fees</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(75,000)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Net cash used in investing activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(113,471)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Cash flows from financing activities:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Payment on contract commitment</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(200,000)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Proceeds from issuance of common stock and warrants, net</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">9,787,867 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Proceeds from issuance of convertible notes</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,125,000 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Net proceeds from promissory notes</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">877,800 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Proceeds from exercise of warrants</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">600,483 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp; Increase in deferred financing cost</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(228,525)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Net cash provided by financing activities</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">12,962,625 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Increase (decrease) in cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(232,838)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(306,875)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 14.25pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,077,362 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Effect of foreign exchange rate</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">381 </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,310,200 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">3,084,155 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Cash and cash equivalents, end of period</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,077,362 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,777,661 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,077,362 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Supplemental disclosure of cash flow information:</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 15.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; Interest paid in cash</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">247,575 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Non-cash investing and financing activities:</FONT></B></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" 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="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Common stock and warrants issued for professional services</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,143,078 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Issuance of common stock as stock offering costs</FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">1,926,713 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Issuance of warrants for deferred financing costs</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">64,990 </FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Conversion of note payable and related interest to equity</FONT></P>
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     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="4%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
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     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BACKGROUND: #cceeff; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">977,745 </FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%" noWrap></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Conversion of debt to equity</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">- </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif">$ </FONT></P>
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     <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">2,500,000 </FONT></P>
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<TR style="HEIGHT: 13.5pt">
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Issuance of common stock to extinguish warrant liability</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">- </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext 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" color=windowtext face="Times New Roman,serif">$ </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #cceeff; HEIGHT: 13.5pt" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">581,559 </FONT></P>
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<TR style="HEIGHT: 21.75pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
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</DIV>
<P style="TEXT-ALIGN: center">7</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">March 31, 2010</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">(Unaudited)</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><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 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"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">HepaLife Technologies, Inc. is</FONT>&nbsp;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 2012. Our prospects after March 2012 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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Principles of Consolidation</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">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="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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (which are of a normal recurring nature) considered necessary for a fair presentation of the financial statements have been included. Operating results for the quarter ended March 31, 2010 are not necessarily indicative of the results that may be expected for the year ended December 31, 2010 or any other interim period. For further information, refer to the consolidated financial statements a
nd notes thereto included in our 2009 Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission.</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">References to Authoritative Accounting Literature</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 color=black 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 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="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: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
</DIV>
<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>
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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">Accounting Estimates</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 color=black 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 13.2pt"><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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><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. Warrants.&#148;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><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">Warrant Liability Derivative</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">We evaluate financial instruments for freestanding or embedded derivatives. 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="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"><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 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 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 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">Related Party Transactions</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">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>
<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">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="MARGIN: 3pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We review new accounting standards as issued. Although some of these accounting standards issued or effective after the end of our previous fiscal year may be applicable to us, we have not identified any standards that we believe merit further discussion. We expect that none of the new standards will have a significant impact on 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"><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 the three-month periods ended March 31, 2010 and March 31, 2009, respectively. All share and per share information are adjusted retroactively to reflect stock splits and changes in par value, when applicable.</FONT></P>
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<P style="TEXT-ALIGN: center">9</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>
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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">Following is the computation of basic and diluted net loss per share for the three-month periods ended March 31, 2010 and 2009:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 596pt" border=0 cellSpacing=0>
<TR>
     <TD width="64%"></TD>
     <TD width="5%"></TD>
     <TD width="13%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">March 31, 2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=2 align=center><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">March 31, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Numerator - net loss available to common stockholders</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(272,734)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 1px" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(866,621)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Denominator - weighted average number of common shares outstanding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">101,494,158</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">91,996,829</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Basic and diluted loss per common share</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 2px" align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">($0.00)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; TEXT-INDENT: 1px" align=right><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">($0.01)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<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"><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 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. Warrants&#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 or before April 2010. 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. </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 during the three-month period ended June 30, 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">For the three-month periods ended March 31, 2010 and March 31, 2009, we charged to other income and expense nil and $2,349, respectively, for the amortization on the discount to the Deferred Cash 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"><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">Executive Management:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> For the three-month periods ended March 31, 2010 and 2009, we incurred $21,000 and $0 in fees paid to Mr. Amit Dang the President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company. In addition, for the three-month periods ended March 31, 2010 and 2009, we recorded $7,834 and $0 as stock compensation expense for stock option awards granted to Mr. Dang in October 2009 upon his appointment to 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"><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 three-month periods ended March 31, 2010 and 2009, we incurred $7,500 and $10,000, respectively, in board fees for non-employee directors of the Company.&nbsp; In addition, for the three-month periods ended March 31, 2010 and 2009, we recorded $2,406 and $6,508, respectively, as stock compensation expense relating to initial stock option <FONT style="FONT-SIZE: 10pt" face="Times New Roman">awards </FONT>grant<FONT style="FONT-SIZE: 10pt" face="Times New Roman">ed</FONT> to non-employee directors <FONT style="FONT-SIZE: 10pt" face="Times New Roman">for </FONT>50,000 share<FONT style="FONT-SIZE: 10pt" face="Times New Roman">s</FONT> each (refer to &#147;Note 9. Stock Options&#148;).&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">Our Board of Directors recently approved a change of control Severance Plan (the &#147;Severance Plan&#148;) that affects the Company&#146;s Board of Directors.&nbsp; Pursuant to the Severance Plan, if a Director resigns or is removed following a change in control, the Director will be entitled to receive a cash severance payment equal to $1,200 per month served as a Director, up to a maximum amount of $24,000.</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">Legal Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Legal fees expensed for the three-month periods ended March 31, 2010 and 2009 that were paid or are due to our attorney who also serves as a board member totaled $56,143 and $35,988, respectively.&nbsp; </FONT></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">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>
<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: center">10</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>
<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 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. </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 pate
nts 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; For the three-month period ended March 31, 2010, we incurred $10,000 in license maintenance fees which were charged to administrative and general 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"><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 three-month period ended March 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>
<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 7. 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 p
rivate 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. There were also 2,065,412 Series C warrants issued in connection with a loan conversion agreement in 2008.&nbsp; 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 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"></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. Warrants</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"><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"><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"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On May 11, 2007, we entered into a Warrant Agreement whereby we issued 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 to a </FONT> </P>
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<P style="TEXT-ALIGN: center">11</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">broker/dealer to purchase 67,000 shares of our common stock at a price of $1.50 per share for a term of five years.&nbsp; The Warrant Agreement states that the warrant purchase price is 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. The Warrant Agreements were issued in connection with the Securities Purchase Agreement, also dated May 11, 2007, for the sale of a convertible note with a $2,500,000 principal amount and maturity date of May 11, 2009.&nbsp; The convertible note was fully converted into 2,604,721 and 2,342,415 shares of common stock during 2007 and 2008, respectively.&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">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">As a result of the purchase price adjustments defined in 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; The May 2008 issuance of common stock resulted in an adjustment of the Warrant exercise price to $1.45, with an offsetting share adjustment which increased the number of warrants to 757,192 shares.&nbsp; The October 2009 settlement of the Series C warrants (see Series C Warrants below) 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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Series C Warrants</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=windowtext 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 stated in &#147;Note 7. Stockholders&#146; Equity&#148;, as part of the May 2008 private placement, we issued 12,989,930 Series C warrants convertible into one share of the Company&#146;s common stock at an exercise price of $0.34.&nbsp; 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; Upon completion of the Warrant Exchange/Exercise Agreement, there were no Series C Warrant
s 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 (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="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 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 liability attributable to the Warrants exercised was $268,838, prior to the impact of the reduction in exercise price. The fair value of the warrant liability 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 liability of $691,934 was recorded as a component of the loss on extinguishment of warrant liability in 2009.</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 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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Series D 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 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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrant Liability</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">The potential of a dilutive adjustment to the 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 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 </FONT> </P>
<DIV>
<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>
</DIV>
<P style="TEXT-ALIGN: center">12</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>
</DIV>
<P style="MARGIN: 0in 0in 0pt"> <FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">effective January 1, 2009</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Upon the adoption of this guidance, we recognized a one-time adjustment to opening loss accumulated during the development stage in the amount of $1,932,469 resulting from accounting for the Warrants and Series C warrants as a liability.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">At March 31, 2010, we valued the warrant liability for the Warrants using the Black-Scholes pricing-model (Level 3 inputs) containing the following assumptions: volatility 101.53%, risk-free rate 1.02%, and term of 2.10 years. The following reconciles the Warrant liability for the three-months ended March 31, 2010:&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="70%"></TD>
     <TD width="13%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Beginning balance, December 31, 2009</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">9,815</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Change in fair value of warrant liability</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2,102</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR>
     <TD colSpan=3><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Ending balance, March 31, 2010</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman">$</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman">11,917</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>
<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">As a result of adjusting the warrant liability to fair value, we recorded a non-cash loss in other income and expense of $2,102 relating to the Warrants for the three-month period ended 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"><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.&nbsp; The Company&#146;s stock option plan provides for the granting of stock options to purchase a maximum of 40,000,000 shares of the Company&#146;s common stock.&nbsp; 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">The per share exercise price for each stock option is determined by the Board and may not be below fair market value on the date of grant.&nbsp; The fair market value of the Company&#146;s common stock is the closing price of the common stock as listed on the OTCBB on the date of grant or, if the Company&#146;s common stock is not traded on the date of grant, the first day of active trading following 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">The Company measures all stock-based compensation awards using a fair value method on the date of grant and recognizes such expense in its consolidated financial statements over the requisite service period.&nbsp; The grant date fair value of stock options is based on the price of a share of the Company&#146;s common stock on the date of grant.&nbsp; In determining the grant date fair value of stock options, the Company uses the Black-Scholes option pricing model which requires management to make assumptions regarding the option lives, expected volatility, and risk free interest rates, all of which impact the fair value of the option and, ultimately, the expense that will be recognized over the life of the option.&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 risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a bond with a similar term.&nbsp; The Company does not anticipate declaring dividends in the foreseeable future.&nbsp; Volatility is calculated based on the historical weekly closing stock prices for the same period as the expected life of the option. The Company uses the &#147;simplified&#148; method for determining the expected term of its &#147;plain vanilla&#148; stock options.&nbsp; The Company recognizes compensation expense for only the portion of stock options that are expected to vest.&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">Stock option activity for the three-month period ended March 31, 2010 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: 581.45pt; MARGIN-LEFT: 5.4pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 0.75in">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 0.75in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">Aggregate intrinsic value</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="42%" colSpan=2 noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">Outsanding at December 31, 2009 and March 31, 2010</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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">6.84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.25pt">
     <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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">Exercisable at March 31, 2010</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">8.37</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 5.4pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">Available for grant at March 31, 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"></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: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman">37,548,000 </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 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 period ended March 31, 2010 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 March 31, 2010.&nbsp; This amount is based on the fair market value of the Company&#146;s stock. 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">intrinsic value changes based on the fair market value of the Company&#146;s common stock.</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 three-month period ended March 31, 2010, total stock option compensation expense charged to operations was $10,240 included in director, management and consulting 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 three-month period ended March 31, 2009, total compensation expense charged to operations was $140,631 with $134,123 classified as salaries and benefits and $6,508 included in director fees. Of the amount classified as salaries, $96,940 was due to early achievement of milestone based options related to a grant in October 2006.</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 three-month period ended March 31, 2010, we had $26,048 of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of approximately 2.32 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>
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<P style="TEXT-ALIGN: center">14</P>
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<P style="MARGIN: 0in 70.4pt 0pt 0in"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">item 2.&nbsp; management&#146;s discussion and analysis of financial condition and results of operations.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Forward-Looking Statements</FONT></U></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">Except for the historical information presented in this document, the matters discussed in this Form 10-Q for the three-months ending March 31, 2010, this report contains 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. 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;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 termin
ology. 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. These statements may be found under &#147;Management's Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Business,&#148; &#147;Properties,&#148; as well as in this report generally.</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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">The following discussion and analysis is based upon our interim unaudited consolidated financial statements, which have been prepared in accordance with Form 10-Q instructions and accounting principles generally accepted in the United States of America, and should be read in conjunction with those 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 d
iffer from these estimates under different assumptions or conditions.</FONT></I></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">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&#8482;, 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&#8482; 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; 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 fai
lure 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; 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, in satisfaction of the $877,800 outstanding principal amount of </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 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>
<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">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 was 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 or before April 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="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. </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"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">May 2008 Private Placement</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 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.</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">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>
<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 March 31, 2010, 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; The Warrant Agreement provides for an adjustment to the exercise price and number of shares if we 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.&nbsp; As a result of this provision, the total number of Warrant shares outstanding as of March 31, 2010 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 liability attributable to the Warrants exercised was $268,838, prior to the impact of the reduction in exercise price. The fair value of the warrant liability 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 liability of $691,934 was recorded as a component of the loss on extinguishment of warrant liability in 2009.&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">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>
<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 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. &nbsp;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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Research and Development Expenses</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">Research and development expenses represent costs incurred to develop our technology, as well as purchased in-process research and development programs. We charge all research and development expenses to operations as they are incurred.&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">General and Administrative Expenses</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">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>
<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">Stock-Based Compensation</FONT></I></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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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; We 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 our stock-based compensation plans.</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"><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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 1. 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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Level 2. 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 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13.2pt"><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. Warrants&#148; in the Notes to </FONT></P>
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<P style="MARGIN: 0in 0in 0pt 13.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">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"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Warrant Liability Derivative</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 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="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">Results of Operations</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="MARGIN: 0in 0in 0pt"><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 March 31, 2010 is $20,509,850.&nbsp; We have not generated any revenues from operations and do not expect to generate any revenues for the foreseeable future. We expect that any 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>
<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 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 2012.&nbsp; Our future after March 2012 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>
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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">Operating Expenses</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 following is a summary of operating expenses for the three-month periods ended March 31, 2010 and 2009:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">March 31, 2009</FONT></P>
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Increase (Decrease)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">% Change</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Expenses</FONT></B></P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Salary and benefits</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">68,909 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">200,048 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(131,139)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(65.6%)</FONT></P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Research and development</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">51,075 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(51,075)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Shareholder relations and name branding</FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">7,316 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">2,280 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">5,036 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">220.9%</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%" noWrap>
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">56,383 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">53,966 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">2,417 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">4.5%</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="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">103,219 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">104,254 </FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">&nbsp;(1,035)</FONT></P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">&nbsp;(1.0%)</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="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">38,740 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">41,708 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,968)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(7.1%)</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%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">$</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">274,567 </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">$ </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" color=windowtext face="Times New Roman,serif">453,331 </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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(178,764)</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="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">&nbsp;(39.4%)</FONT></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"><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 $68,909 for the three-month period ended March 31, 2010 which represents a decrease of $131,139 or 65.6% compared to the same period in 2009.&nbsp; The decrease is due primarily to a decrease in stock option compensation expense resulting from the acceleration of vesting of certain options based upon performance during the three-month period ended March 31, 2009.&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:&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Our research and development expenses were significantly reduced during the three-month period ended March 31, 2010 as a result of lower regulatory consulting fees and associated expenses.&nbsp; During this period, the Company did not feel further expense for regulatory consulting was required or warranted, since we have received, we believe, the necessary regulatory guidance in order to best determine the Company&#146;s near-term product development and clinical trials strategy.&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 $7,316 of shareholder relations expense and name branding which represents an increase of $5,036 compared to the same period in 2009.&nbsp; Investor relations costs represent fees paid to publicize our technology within the industry and investor community with the purpose of increasing company recognition. The increase in investor relations expense is due to the Company entering into a Shareholder Communications Agreement as described below.</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">Effective April 15, 2009, the Company entered into a one-year Shareholder Communication Services Agreement (the &#147;Shareholder Communications Agreement&#148;) with a third party consultant to provide shareholder communication and related administrative services.&nbsp; In accordance with the terms of the Shareholder Communications Agreement, the Company pays the third party consultant $1,250 per month. </FONT></P>
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<P style="TEXT-ALIGN: center">18</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">Administrative and general: </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">We incurred $56,383 in administrative and general expenses for the three-month period ended March 31, 2010 which represents an increase of $2,417 or 4.5% compared to the same period in 2009.</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">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 $103,219 in professional fees for the three-month period ended March 31, 2010 which represents a decrease of $1,035 or 1.0% compared to the same period in 2009.&nbsp; Professional fees primarily consist of accounting, audit, tax, and legal fees.&nbsp; These expenses were flat for these two quarters comparatively as there have been no changes in our staffing and recurring nature of their responsibilities.&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">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 $38,740 in director, management and consulting expenses for the three-month period ended March 31, 2010 which representing a decrease of $2,968 or 7.1% compare to the same period in 2009.&nbsp; The decrease is due primarily to lower board fees as one member of&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman">our</FONT>&nbsp;Board resigned effective October 2009.&nbsp; </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">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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The following is a summary of other income and (expense) for the three-month periods ended March 31, 2010 and 2009:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">March 31, 2010</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">March 31, 2009</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">% Change</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Other income and (expenses)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT></B>&nbsp;</P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext 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=windowtext face="Times New Roman,serif">&nbsp;(950)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext 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=windowtext face="Times New Roman,serif">&nbsp;(590)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
</TD>
     <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" color=windowtext face="Times New Roman,serif">360 </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">61.0%</FONT></P>
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<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">Interest income</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=windowtext face="Times New Roman,serif">4,885 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">10,540 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(5,655)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(53.7%)</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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,349)</FONT></P>
</TD>
     <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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,349)</FONT></P>
</TD>
     <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" color=windowtext 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%">
<P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=windowtext 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="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(2,102)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">&nbsp;(420,891)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext 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" color=windowtext face="Times New Roman,serif">418,789 </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; 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" color=windowtext face="Times New Roman,serif">&nbsp;(99.5%)</FONT></P>
</TD></TR></TABLE></DIV>
<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"></FONT></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">Interest income:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> Interest income for the three-month period ended March 31, 2010 and 2009, represents interest earned on cash and cash equivalents.&nbsp;</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">Amortization of discount on notes</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: This account decreased due to the payment-in-full in April 2009 of the note related to the Arbios asset acquisition. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 of warrant liability</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Our 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;Our stock price, remaining term of the warrants and the volatility of our 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="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 to fair value resulted in a net non-cash loss of $2,102 for the three-month period ended March 31, 2010.&nbsp; The decrease from the quarter ended March 31, 2009, is due to fewer warrants accounted for as derivatives during 2010 compared to 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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">Liquidity and Capital Resources</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">We had cash and cash equivalents of $2,077,362 and $2,310,200 as of March 31, 2010 and December 31, 2009, respectively.&nbsp; We had no financing activities during the three-month periods ended March 31, 2010 and 2009.&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">Net cash flow used in operating activities was $232,838 and $306,875 for the three-month periods ended March 31, 2010 and 2009, respectively.&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 $20,509,850 from inception through March 31, 2010.&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 2012. Our future after March 2012
 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">&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">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">Executive Management:</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> For the three-month periods ended March 31, 2010 and 2009, we incurred $21,000 and $0 in fees paid to Mr. Amit Dang the President, Chief Executive Officer, Chief Financial Officer and Secretary of the Company. In addition, for the three-month periods ended March 31, 2010 and 2009, we recorded $7,834 and $0 as stock compensation expense for </FONT> </P>
<DIV>
<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>
</DIV>
<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 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">stock option awards granted to Mr. Dang in October 2009 upon his appointment to 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"><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 three-month periods ended March 31, 2010 and 2009, we incurred $7,500 and $10,000, respectively, in board fees for non-employee directors of the Company.&nbsp; In addition, for the three-month periods ended March 31, 2010 and 2009, we recorded $2,406 and $6,508, respectively, as stock compensation expense relating to initial stock option&nbsp;awards granted&nbsp;to non-employee directors for <FONT style="FONT-SIZE: 10pt" face="Times New Roman">50</FONT>,000 shares each (refer to &#147;Note 9. Stock Options&#148; in the Notes to Consolidated Financial Statements in this Form 10-Q).&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">Our Board of Directors recently approved a change of control Severance Plan (the &#147;Severance Plan&#148;) that affects the Company&#146;s Board of Directors.&nbsp; Pursuant to the Severance Plan, if a Director resigns or is removed following a change in control, the Director will be entitled to receive a cash severance payment equal to $1,200 per month served as a Director, up to a maximum amount of $24,000.</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">Legal Fees</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">: Legal fees expensed for the three-month periods ended March 31, 2010 and 2009 that were paid or are due to our attorney who also serves as a board member totaled $56,143 and $35,988, respectively.&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">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>
<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">Off Balance Sheet Arrangements</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">We have no off-balance sheet arrangements.</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">Recent Accounting Pronouncements</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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">See &#147;Note 2. Significant Accounting Policies&#148; <FONT style="FONT-SIZE: 10pt" face="Times New Roman">in the Notes to </FONT>Consolidated Financial Statements in this Form 10-Q.</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">&nbsp;</P>
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<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>
</DIV>
<P style="TEXT-ALIGN: center">20</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>
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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">ITEM 3. Quantitative and Qualitative Disclosures About Market Risk</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 exposure to market risk is confined to our cash equivalents and short-term investments. We invest in high-quality financial instruments; primarily money market funds, federal agency notes, and US Treasury obligations, with the effective duration of the portfolio within one year which we believe are subject to limited credit risk. We currently do not hedge interest rate exposure. Due to the short-term nature of our investments, we do not believe that we have any material exposure to interest rate risk arising from our investments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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">ITEM 4T. Controls and Procedures</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-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&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">Evaluation of Disclosure Controls and Procedures.</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" 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">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 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 quarterly report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of March 31, 2010 that our disclosure controls and procedures were effective such that the information required to be disclosed in our United States Securities and Exchange Commission (&#147;SEC&#148;) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including 
our 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: 10pt" lang=EN-US color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&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">Internal Control Over Financial Reporting.</FONT></U></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">There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV>
<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>
</DIV>
<P style="TEXT-ALIGN: center">21</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">PART II &#150; OTHER INFORMATION</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>
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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">Item 1.&nbsp;&nbsp; Legal Proceedings</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">None</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">Item 2.&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds</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">None</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">Item 3.&nbsp;&nbsp; Defaults Upon Senior Securities</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">None</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">Item 5.&nbsp;&nbsp; Other Information</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">None</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">Item 6.&nbsp;&nbsp; Exhibits</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black 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><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif">Exhibit</FONT></B></P>
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<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" color=black face="Times New Roman,serif">Exhibit Description</FONT></B></P>
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</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.4pt; PADDING-TOP: 0in" width="1%">
<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: 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="12%">
<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">3</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">.1</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">Articles of Incorporation of HepaLife Technologies, Inc.</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">10-SB12G</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; 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">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">3/7/2000</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="11%">
<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">3</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">(i)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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></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="12%">
<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">3</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">.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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: 24.75pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black 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: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">10-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; 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">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">12/31/09</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="11%">
<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">3</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">.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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: 24.75pt; 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></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="12%">
<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">10</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">.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">2001 Incentive Stock Purchase Plan</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">S-8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; 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>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top 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">5/8/03</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=top width="11%">
<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">10</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">.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=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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.75pt; 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></TR>
<TR style="HEIGHT: 61.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top width="12%">
<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: 61.9pt; 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">10</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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; 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: 61.9pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black 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: 61.9pt; 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; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top 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">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; 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; HEIGHT: 61.9pt; 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">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 61.9pt; 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; HEIGHT: 61.9pt; PADDING-TOP: 0in" vAlign=top 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">7/13/05</FONT></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="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: 61.9pt; PADDING-TOP: 0in" vAlign=top width="11%">
<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: 61.9pt; 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>&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>
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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"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
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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; BACKGROUND-COLOR: #cceeff; 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" color=black face="Times New Roman,serif">10</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.3</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">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" color=black face="Times New Roman,serif"></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top 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">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; 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" 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: 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">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; 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" 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: 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" color=black face="Times New Roman,serif">5/16/07</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: 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: 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" 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>
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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"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 86.6pt">
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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: 86.6pt; 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">10</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 86.6pt; 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">.4</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">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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<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">8-K</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 86.6pt; 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; HEIGHT: 86.6pt; 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">000-29819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 86.6pt; 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; HEIGHT: 86.6pt; PADDING-TOP: 0in" vAlign=top 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">5/28/08</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: 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: 86.6pt; 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">10</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">10</FONT></P>
<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">.1</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.2</FONT></P>
<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"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 37.1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="12%">
<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: 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" color=black face="Times New Roman,serif">10</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; 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">.5</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; 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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="22%">
<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>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; 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" 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: 37.1pt; PADDING-TOP: 0in" vAlign=top 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">8-K</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; BACKGROUND-COLOR: #cceeff; 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">000-20819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; 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" 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: 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" color=black face="Times New Roman,serif">10/19/09</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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; PADDING-TOP: 0in" vAlign=top width="11%">
<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: 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" 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: 37.1pt; 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: 37.1pt; 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; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 37.1pt; 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></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="12%">
<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: 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" color=black 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="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.6</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="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: 37.1pt; PADDING-TOP: 0in" vAlign=top width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black 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" color=black 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="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black 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" color=black 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">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" 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">10/28/09</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="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">10</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.1</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"></FONT>&nbsp;</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><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><B><FONT style="FONT-SIZE: 8pt" color=black 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: 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><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif">Exhibit</FONT></B></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"></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"></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"></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"></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"></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"></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"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif">Date of</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif">Exhibit</FONT></B></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"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face="Times New Roman,serif">Filed</FONT></B></P>
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<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" color=black face="Times New Roman,serif">Number</FONT></B></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"></FONT>&nbsp;</P>
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     <TD style="HEIGHT: 12.4pt" vAlign=bottom width="22%">
<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" color=black face="Times New Roman,serif">Exhibit Description</FONT></B></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"></FONT>&nbsp;</P>
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     <TD style="HEIGHT: 12.4pt" vAlign=bottom width="14%">
<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" color=black face="Times New Roman,serif">Form</FONT></B></P>
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     <TD style="HEIGHT: 12.4pt" 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" color=black face="Times New Roman,serif">File No.</FONT></B></P>
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     <TD style="HEIGHT: 12.4pt" 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" color=black face="Times New Roman,serif">First Filing</FONT></B></P>
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     <TD style="HEIGHT: 12.4pt" vAlign=bottom width="15%" 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" color=black face="Times New Roman,serif">Number</FONT></B></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"></FONT>&nbsp;</P>
</TD>
     <TD style="HEIGHT: 12.4pt" vAlign=bottom width="1%">
<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" color=black face="Times New Roman,serif">Herewith</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"></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>
</TD></TR>
<TR style="HEIGHT: 99pt">
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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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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">31</FONT></P>
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     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.1</FONT></P>
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     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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">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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     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" vAlign=top 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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"></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" vAlign=top 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" vAlign=top width="11%">
<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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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="BACKGROUND-COLOR: #cceeff; HEIGHT: 99pt" 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></P>
</TD></TR>
<TR style="HEIGHT: 86.6pt">
     <TD style="HEIGHT: 86.6pt" vAlign=top width="12%">
<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="HEIGHT: 86.6pt" 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">32</FONT></P>
</TD>
     <TD style="HEIGHT: 86.6pt" vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman,serif">.1</FONT></P>
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     <TD style="HEIGHT: 86.6pt" 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">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">23</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 color=windowtext 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=windowtext 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 report on Form 10-Q for the quarter ended March 31, 2010, to be signed on its behalf by the undersigned, thereunto duly authorized on this <FONT face="Times New Roman">4<FONT color=#000000><SUP>th</SUP></FONT>&nbsp;</FONT> day of May, 2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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=windowtext 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; HepaLife Technologies, Inc.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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=windowtext 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=windowtext 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; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 color=windowtext 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; Amit Dang</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; President, Chief Executive Officer,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; Principal Executive Officer, Secretary</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; Chief Financial Officer, Principal</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; Financial Officer and Principal Accounting Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 color=windowtext 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=windowtext 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=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; 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: justify; 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"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Signature&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">/s/ Amit Dang</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; President, Chief Executive Officer,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May <FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT>, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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 color=windowtext 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 color=windowtext 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nb
sp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 4, 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">/s/ Javier Jimenez</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 4, 2010</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Javier Jimenez</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext 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;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May <FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT>, 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>
<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: center">24</P>
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<TYPE>EX-31.1
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<DESCRIPTION>EXHIBIT 31.1
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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">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: 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">I, Amit S. Dang, certify that:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 13.2pt 0in 0pt 13.2pt"><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; </FONT>&nbsp;&nbsp; I have reviewed this quarterly report on Form 10-Q of HepaLife Technologies, Inc. (the &#147;registrant&#148;);</FONT><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; MARGIN: 13.2pt 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; 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; 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; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(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; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">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; 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; 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; 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>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 27.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(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; 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>
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     <TD vAlign=top width="15%"><FONT size=2>Date: May 4, 2010&nbsp;</FONT></TD>
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<P><FONT size=2>By:<U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman,serif">/s/ Amit S. Dang<BR>
</FONT></U></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman,serif">Amit S. Dang<BR>
Officer, and Principal Accou<FONT style="FONT-SIZE: 10pt" face="Times New Roman">n</FONT>ting Officer<BR>
Chief Financial Officer, Principal Financial <BR>
Principal Executive Officer, Secretary,<BR>
President, Chief Executive Officer,&nbsp; </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">Exhibit&nbsp;32.1</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 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>
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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">In connection with the Quarterly Report of HepaLife Technologies, Inc. (the &#147;Company&#148;) on Form&nbsp;10-Q for the quarter ended March 31, 2010 as filed with the Securities and Exchange Commission on May <FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</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>
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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">(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 71.35pt 0pt 0in"><B><FONT style="FONT-SIZE: 9pt" color=black 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: May <FONT style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT>, 2010</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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<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>
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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">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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