<SUBMISSION>
<ACCESSION-NUMBER>0000950136-07-007826
<TYPE>10QSB
<PUBLIC-DOCUMENT-COUNT>8
<PERIOD>20070930
<FILING-DATE>20071114
<DATE-OF-FILING-DATE-CHANGE>20071114
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CKRUSH, INC.
<CIK>0001064539
<ASSIGNED-SIC>3949
<IRS-NUMBER>650648808
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10QSB
<ACT>34
<FILE-NUMBER>000-25563
<FILM-NUMBER>071245377
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>336 WEST 37TH STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10018
<PHONE>212-564-1111
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>336 WEST 37TH STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10018
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDRIC KUSHNER PROMOTIONS INC
<DATE-CHANGED>20030220
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ZENASCENT INC
<DATE-CHANGED>20020329
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>FUSION FUND INC /DE/
<DATE-CHANGED>20000515
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>file1.htm
<DESCRIPTION>FORM 10QSB
<TEXT>


<TITLE>
</TITLE>




<DIV STYLE=""></DIV><BR>
<a name="page"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Securities and Exchange Commission</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Washington, D.C. 20549</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">FORM 10-QSB</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE</font>
<br>
<font style="opacity:100; position:relative; ">SECURITIES EXCHANGE ACT OF 1934</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">For the quarterly period ended September 30,&nbsp;2007</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Commission File Number 0-25563</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:18pt;  width: 456pt; text-align: center; font-style: normal; line-height: 20pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Name of small business issuer in its charter)</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 24px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="475" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="265"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="194"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Delaware</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="t" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">65-0648808</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(State or other jurisdiction of</font>
<br>
<font style="opacity:100; position:relative; "> incorporation or organization)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(I.R.S. Employer</font>
<br>
<font style="opacity:100; position:relative; "> Identification Number)</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">336 West 37</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">th</font></sup><font style="opacity:100; position:relative; "> Street</font>
<br>
<font style="opacity:100; position:relative; ">New York, NY 10018</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Address &amp; Zip code of principal executive offices)</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">(212) 564-1111</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Issuer&rsquo;s telephone number)</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Former name, former address and former fiscal year,</font>
<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;"> if changed since last report)</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the last 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font>
<br>
<font style="opacity:100; position:relative; ">Yes </font><img src="xbox.gif" alt="[X]" width="10" height="10"><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;No </font><img src="ebox.gif" alt="[ ]" width="10" height="10"></p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">APPLICABLE ONLY TO CORPORATE ISSUERS</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">State the number of shares outstanding of each of the issuer&rsquo;s classes of common equity, as of the latest practicable date:</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">As of November&nbsp;13,&nbsp;2007, there were 12,585,921 outstanding shares of common stock, par value $0.01 per share.</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page2"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">INDEX</font>
<br>
<font style="opacity:100; position:relative; ">TO FORM 10-QSB</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<a name="toc"></a>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="498"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="5.47"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="13"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Page</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">PART I</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">FINANCIAL INFORMATION</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Item 1.</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Financial Statements</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page3"><font style="opacity:100; position:relative; ">Condensed Consolidated Balance Sheet at September 30,&nbsp;2007 (unaudited) and December&nbsp;31,&nbsp;2006</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page3"><font style="opacity:100; position:relative; ">3</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page4"><font style="opacity:100; position:relative; ">Condensed Consolidated Statement of Operations for the three and nine months ended September 30,&nbsp;2007 and 2006 (unaudited)</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page4"><font style="opacity:100; position:relative; ">4</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page5"><font style="opacity:100; position:relative; ">Condensed Consolidated Statement of Stockholders&rsquo; Deficiency for the nine months ended September 30,&nbsp;2007 (unaudited)</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page5"><font style="opacity:100; position:relative; ">5</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page6"><font style="opacity:100; position:relative; ">Condensed Consolidated Statement of Cash Flows for the nine months ended September 30,&nbsp;2007 and 2006 (unaudited)</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page6"><font style="opacity:100; position:relative; ">6</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page7"><font style="opacity:100; position:relative; ">Notes to Condensed Consolidated Financial Statements (unaudited)</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page7"><font style="opacity:100; position:relative; ">7</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page19"><font style="opacity:100; position:relative; ">Item 2.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page19"><font style="opacity:100; position:relative; ">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operation</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page19"><font style="opacity:100; position:relative; ">19</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page24"><font style="opacity:100; position:relative; ">Item 3.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page24"><font style="opacity:100; position:relative; ">Controls and Procedures</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page24"><font style="opacity:100; position:relative; ">24</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">PART II</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">OTHER INFORMATION</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page25"><font style="opacity:100; position:relative; ">Item 1.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page25"><font style="opacity:100; position:relative; ">Legal Proceedings</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page25"><font style="opacity:100; position:relative; ">25</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Item 2.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Unregistered Sales of Equity Securities and Use of Proceeds</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27"><font style="opacity:100; position:relative; ">27</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Item 3.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Defaults Upon Senior Securities</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27"><font style="opacity:100; position:relative; ">27</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Item 4.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Submission of Matters to a Vote of Security Holders</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27"><font style="opacity:100; position:relative; ">27</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Item 5.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27"><font style="opacity:100; position:relative; ">Other Information</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27"><font style="opacity:100; position:relative; ">27</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page28"><font style="opacity:100; position:relative; ">Item 6.</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page28"><font style="opacity:100; position:relative; ">Exhibits</font></a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page28"><font style="opacity:100; position:relative; ">28</font></a></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">SIGNATURES</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">CERTIFICATIONS</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page3"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PART I &mdash; FINANCIAL INFORMATION</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; ">CONDENSED CONSOLIDATED BALANCE SHEET</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="416"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="9.06"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="72"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="9.06"></td>
<td><img src="spacer.gif" height="1" width="9.06"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="72"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">September&nbsp;30,</font>
<br>
<font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">December&nbsp;31,</font>
<br>
<font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(Unaudited)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Assets</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Cash</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">65,888</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,504,572</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Accounts receivable</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,011,330</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,000,037</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Prepaid expenses and other assets</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">36,969</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">26,034</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Film costs</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">470,302</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,165,005</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Property and equipment &ndash; net</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">89,534</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">78,582</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Websites &ndash; net</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">478,333</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Goodwill</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">813,049</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cash &ndash; restricted</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">48,397</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Total Assets</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,965,405</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,822,627</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Liabilities and Stockholders&rsquo; Deficiency</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accounts payable and accrued expenses</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,648,488</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,645,642</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Accrued litigation and judgments payable</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,904,744</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,016,795</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Notes and loans payable, including accrued interest</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,097,004</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,536,147</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Due to related parties</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">93,591</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">89,692</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Deferred revenues</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">107,080</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">393,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Derivative liability</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,086,361</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Common stock to be issued</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">650,466</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,563,446</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Minority interest</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,690,723</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">5,232,441</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Commitments, Contingencies and Other Matters</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Stockholders&rsquo; Deficiency</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 8pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Series D, $.01 par value, authorized 399,752 shares, 399,752 shares issued and outstanding</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,998</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,998</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Series E, $.01 par value, authorized 14,000 shares, 760 and 940 shares issued and outstanding (liquidation preference of $273,744 and $338,544)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">8</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">9</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Common stock, $.01 par value, authorized 300,000,000 shares 12,335,921 and 8,539,952 shares issued and outstanding</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">123,360</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">85,400</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Additional paid-in capital</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">55,740,712</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">47,666,752</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accumulated deficit</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(65,464,036</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(60,122,397</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Deferred compensation</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,545,733</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(3,289,659</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Treasury stock, at cost &ndash; 10,479 shares of common stock</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(85,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(85,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Total Stockholders&rsquo; Deficiency</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(11,226,691</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(15,740,897</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Total Liabilities and Stockholders&rsquo; Deficiency</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,965,405</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,822,627</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">See notes to condensed consolidated financial statements</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page4"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; ">CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS</font>
<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="256"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="7.65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="72"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Three Months Ended</font>
<br>
<font style="opacity:100; position:relative; ">September 30,</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Nine Months Ended</font>
<br>
<font style="opacity:100; position:relative; ">September 30,</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">50,451</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,539,845</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">986,297</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,615,315</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Operating costs and expenses</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cost of revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">111,107</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,923,903</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">991,230</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,993,459</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Selling, general and administrative</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,678,626</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,177,753</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">5,454,010</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">11,393,798</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Depreciation and amortization</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">58,013</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,029</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">155,611</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">24,980</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Impairment charges</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">35,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">66,667</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">112,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Settlement costs</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">184,675</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">371,092</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Gain on sale of exclusive promotion agreements</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(21,852</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,847,747</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,327,360</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,667,518</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14,873,477</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Loss from operations</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,797,296</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(4,787,515</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5,681,221</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(13,258,162</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Other income (expenses)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Interest and financing expense &ndash; net</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(51,514</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(41,838</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(324,196</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(409,840</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Interest expense &ndash; related parties</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,287</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,298</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(3,899</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(2,156</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Change in fair value of derivative liability</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">667,677</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Finance costs paid in common stock and warrants</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(33,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Gain on settlement with related parties</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,478,845</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Other</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">25,112</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">25,112</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Minority interest</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">41,550</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">113,878</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(52,801</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">23,526</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">339,582</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,172,839</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net loss</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,850,097</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(4,763,989</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5,341,639</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(12,085,323</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net loss per common share (basic and diluted)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(.15</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(.56</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(.47</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1.55</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Weighted average number of common shares outstanding (basic and diluted)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">12,241,629</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">8,490,092</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">11,249,775</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">7,814,092</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">See notes to condensed consolidated financial statements</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<!-- begin landscape -->
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page5"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; ">CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS&rsquo; DEFICIENCY</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="171"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="35"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="29"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="20"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="35"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="57"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="52"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3.25"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="57"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="22"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Preferred Stock</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Common Stock</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4" rowspan="3"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Additional</font>
<br>
<font style="opacity:100; position:relative; ">Paid in</font>
<br>
<font style="opacity:100; position:relative; ">Capital</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4" rowspan="3"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accumulated</font>
<br>
<font style="opacity:100; position:relative; ">Deficit</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4" rowspan="3"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Deferred</font>
<br>
<font style="opacity:100; position:relative; ">Compensation</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Treasury Stock</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="3"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4" rowspan="3"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Total</font>
<br>
<font style="opacity:100; position:relative; ">Stockholders&rsquo;</font>
<br>
<font style="opacity:100; position:relative; ">Deficiency</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Series D</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Convertible Series E</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom:  1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom:  1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Shares</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Shares</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Shares</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Shares</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Balance &ndash; December 31, 2006</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">399,752</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,998</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">940</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">9</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">8,539,952</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">85,400</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">47,666,752</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(60,122,397</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(3,289,659</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(104,784</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(85,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(15,740,897</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Issuance of common stock in connection with:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">conversion of Preferred Stock</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(180</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">18,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">180</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(179</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">conversion of notes and loans payable</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">474,662</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,747</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">811,823</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">816,570</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">private placements &ndash; net of expenses</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,203,333</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">22,033</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,004,967</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,027,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">cashless exercise of warrants and options</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">68,756</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">688</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(688</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">settlements</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">88,526</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">885</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">182,905</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">183,790</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">consulting arrangements</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">400,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,006,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(725,000)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">285,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">acquisition of Trisoft and AudioStreet</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">400,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">796,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">800,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">financing fees</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">10,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14,900</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">15,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">retirement of CEO</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">132,692</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,327</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">171,173</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">172,500</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Compensation expense &ndash; employee stock options</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">629,375</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">629,375</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Amortization of deferred compensation</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">2,468,926</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,468,926</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Compensation expense &ndash; warrants issued for services</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">39,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">39,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Reclassification of derivative liability</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,418,684</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,418,684</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Net loss</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(5,341,639)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5,341,639</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Balance &ndash; September 30, 2007</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">399,752</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,998</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">760</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">8</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">12,335,921</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">$123,360</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">55,740,712</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">$(65,464,036)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">$(1,545,733)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">(104,784)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">$(85,000)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(11,226,691</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">See notes to condensed consolidated financial statements</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<!-- end landscape -->






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page6"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; ">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="448"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="9.44"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="52"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="9.44"></td>
<td><img src="spacer.gif" height="1" width="9.44"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="57"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Nine Months Ended</font>
<br>
<font style="opacity:100; position:relative; ">September 30,</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Cash Flows From Operating Activities</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Net loss </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5,341,639</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(12,085,323</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Adjustments to reconcile net loss to net cash used in operating activities:</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Depreciation and amortization </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">155,611</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">24,980</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Impairment charges </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">20,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Non-cash compensation expense </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,422,301</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">8,465,333</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Change in fair value of derivative liability </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(667,677</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accrued interest </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">192,853</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">149,447</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Accrued settlement costs </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">123,231</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">371,092</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amortization of debt discount </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">132,422</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Gain on sale of promotional rights </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(21,852</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Financing costs paid with stock and warrants </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">33,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Minority interest </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(113,878</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Gain on settlement with related party </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,478,845</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">(Increase) decrease in operating assets:</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accounts receivable </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,207</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,162,997</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Film costs &ndash; net </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">674,703</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,057,779</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Prepaid expenses and other assets </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(9,551</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(51,461</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Restricted cash </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">48,397</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">99,757</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Increase (decrease) in operating liabilities:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Accounts payable and accrued expenses </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">452,687</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">824,287</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Accrued litigation and judgments payable </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(171,840</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(55,776</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Deferred revenues </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(285,920</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">225,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net Cash Used In Operating Activities</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">(1,385,637</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">(2,587,035</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Cash Flows From Investing Activities </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Acquisition of Trisoft and Audiostreet </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(600,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Purchases of property and equipment </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(17,829</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(88,491</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Proceeds from sale of assets to former president </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">213,559</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Proceeds from sales of exclusive promotional agreements </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">140,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net Cash (Used In) Provided By Investing Activities</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">(617,829</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">265,068</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Cash Flows From Financing Activities </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Proceeds from issuance of:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">common stock</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">939,500</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">952,710</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">notes and loans payable</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">292,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,110,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">production interests (minority interests)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">139,194</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,775,394</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">notes payable &ndash; related party</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">69,346</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Repayment of production interests </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(680,912</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(450,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Repayment of notes and loans payable &ndash; other </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(125,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(197,750</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Payment to related party &ndash; deferred settlement </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(257,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Repayment of notes and loans payable &ndash; related parties </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(45,093</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Net Cash Provided From Financing Activities </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">564,782</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">2,957,607</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Net (Decrease) Increase In Cash</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,438,684</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:10pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">635,640</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cash &ndash; Beginning of Period </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,504,572</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">57,533</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Cash &ndash; End of Period</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">65,888</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: bold; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">693,173</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: bold; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 5pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Supplemental Disclosures: </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 5pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Cash paid during the period for:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Interest </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">68,499</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Income taxes </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">21,737.00</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14,520</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Non-cash investing and financing activities:</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Issuance of common stock in connection with:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">conversion of notes and loans payable </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">816,570</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,016,720</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">consulting arrangements </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">285,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,000,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">settlement of other obligations </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">183,790</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">cashless exercise of warrants </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,876</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">common shares to be issued </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,312,500</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">conversion Series E preferred stock </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,800</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,878</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">acquisition of Trisoft and AudioStreet </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">800,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">financing fees </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">15,000</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 30pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">retirement of CEO </font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">172,500</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Increase in minority interest and issuance of warrants and new note payble upon conversion of notes payable </font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">140,500</font></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 22pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">See notes to condensed consolidated financial statements</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page7"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>
<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 1.&nbsp;&nbsp;&nbsp;&nbsp;Description of Business</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Ckrush, Inc. and subsidiaries (the &lsquo;&lsquo;Company&rsquo;&rsquo;) is an innovative entertainment and interactive media group at the forefront of the convergence of entertainment content with social media, online communities and digital technology. The Company produces feature films and other content and develops and maintains websites, including online communities, primarily geared towards young adults 18-34. The Company&rsquo;s fully interactive online communities include &lsquo;&lsquo;LiveMansion.com&rsquo;&rsquo; (http://www.livemansion.com/), &lsquo;&lsquo;AudioStreet.net&rsquo;&rsquo; (http://www.audiostreet.net/) and &lsquo;&lsquo;MixStreet.net&rsquo;&rsquo; (http://www.mixstreet.net/). Ckrush&rsquo;s feature film productions include &lsquo;&lsquo;Beer League,&rsquo;&rsquo; starring Artie Lange; &lsquo;&lsquo;National Lampoon&rsquo;s TV the Movie,&rsquo;&rsquo; starring Steve O and Wee Man of &lsquo;&lsquo;Jackass&rsquo;&rsquo; fame; and &lsquo;&lsquo;National Lampoon&rsquo;s Pledge This,&rsquo;&rsquo; starring Paris Hilton. Ckrush services also include website design, development, hosting, advertising and media placement.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 2.&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has incurred net losses of $5.3 million&nbsp;during the nine month period ended September&nbsp;30,&nbsp;2007, and $11.8&nbsp;million and $7.7&nbsp;million during the years ended December&nbsp;31, 2006 and 2005, respectively. In addition, the Company is not in compliance with substantially all of its outstanding notes and loans payable including unpaid interest and may not be in compliance with certain of its past settlements including legal judgments. Further, the Company had a stockholders&rsquo; deficiency of $11.2&nbsp;million at September&nbsp;30,&nbsp;2007. Historically, the Company has successfully obtained external financing through short-term borrowings and private placements of equity and convertible debt and thus, the Company hopes to remedy these possible defaults through additional borrowings, conversion of existing debt to equity, ownership contributions, and/or renegotiation of existing terms and conditions of certain of its obligations. However, if the Company&rsquo;s lenders are unwilling to continue to refrain from demanding compliance by the Company to payment terms for its indebtedness, it may significantly impede the Company&rsquo;s ability to raise additional funds and/or to conduct normal business operations. These factors raise substantial doubt about the Company&rsquo;s ability to continue as a going concern and the accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company is taking actions to address liquidity in the following ways:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">continuing to negotiate with existing creditors to convert their indebtedness into equity;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">developing additional sources of financing to satisfy our current operating requirements;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">entering into new initiatives to develop and acquire additional internet websites in order to deliver unique viewers for commercial purposes;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">produce and distribute film properties as well as other entertainment projects; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">pursuing production partnerships and joint ventures to fund projects.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity. The lack of additional capital resulting from the Company&rsquo;s inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on the Company&rsquo;s business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company&rsquo;s existing stockholders.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The accompanying interim consolidated financial statements of the Company are unaudited, but in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page8"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
a fair presentation of the results for the interim period. Accordingly, they do not include all information and notes required by generally accepted accounting principles for complete financial statements. The results of operations for interim periods are not necessarily indicative of results to be expected for the entire fiscal year or any other period. These interim consolidated financial statements should be read in conjunction with the Company&rsquo;s consolidated financial statements and notes for the year ended December&nbsp;31, 2006 filed on Form 10-KSB on April&nbsp;5, 2007.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">All common share amounts have been retroactively restated for the reverse-split of the Company&rsquo;s outstanding common stock on one-for-ten basis as of October&nbsp;9,&nbsp;2007. (See Note 9)</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Principles of Consolidation</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The consolidated financial statements include the accounts of Ckrush, Inc. and all of its majority-owned and controlled subsidiaries, with a provision for minority interests. The Company reviews its relationships with other entities to identify whether it is the primary beneficiary of a variable interest entity (&lsquo;&lsquo;VIE&rsquo;&rsquo;). If the determination is made that the Company is the primary beneficiary, then the entity is consolidated in accordance with Financial Accounting Standards Board (&lsquo;&lsquo;FASB&rsquo;&rsquo;) Interpretation No. (&lsquo;&lsquo;FIN&rsquo;&rsquo;) 46, &lsquo;&lsquo;Consolidation of Variable Interest Entities&rsquo;&rsquo;. The Company accounted for its investment in joint ventures under the consolidation method of accounting since the Company provided all funding and exercised significant control. All inter-company accounts and transactions have been eliminated in consolidation.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Revenue Recognition</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Revenues from the sale or licensing of films are recognized upon meeting all recognition requirements of Statement of Position (SOP) 00-2 &lsquo;&lsquo;Accounting by Producers or Distributors of Films&rsquo;&rsquo;. Revenue from sales to distributors is recognized when access to the feature has been granted or delivery has occurred, as required under the sales contract, and the right to exploit the feature film has commenced.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Revenue related to website development activities is recognized as services are provided. Therefore the consolidated financial statements take into account the revenue earned to date on contracts not yet completed as estimated by management. Advertising and hosting revenues are recognized ratably over the period benefited.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Website Development Expenses</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company&rsquo;s websites are comprised of various features, which contribute to their overall functionality. The Company will capitalize costs incurred for the production of computer software that generates the functionality once technological feasibility is established and it is determined that such costs should be recoverable against future revenues. Website development costs incurred prior to the determination that the product is technologically feasible, as well as maintenance costs for established products, are expensed as incurred. As of September&nbsp;30,&nbsp;2007, the Company has not capitalized any costs incurred for LiveMansion.com and has not earned significant revenues related to the site. The Company&rsquo;s other sites were acquired in February&nbsp;2007 in the transaction described in Note 4.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Stock Based Compensation</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company follows the provisions of Statement of Financial Accounting Standards No.123R, Share-Based Payment (SFAS 123R), which revised SFAS 123, Accounting for Stock-Based Compensation and supersedes Accounting Principles Board Opinion No.&nbsp;25, Accounting for Stock </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page9"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
Issued to Employees (APB 25). SFAS 123R requires that new, modified and unvested share-based payment transactions with employees, such as stock options and restricted stock, be recognized in the financial statements based on their fair value and recognized as compensation expense over the requisite service period. The Company adopted SFAS 123R effective January&nbsp;1, 2006. The implementation of FAS No. 123 (R) has resulted in non-cash compensation charges of $210,000 and $629,000 for the three and nine months ended September&nbsp;30,&nbsp;2007, respectively, and $210,000 and $4.4&nbsp;million for the three and nine months ended September&nbsp;30,&nbsp;2006. The non-cash charge in nine month period ended September&nbsp;30,&nbsp;2006 was principally the result of awarding immediately vested options in the February and June&nbsp;2006.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Income Taxes</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company accounts for income taxes under the asset and liability method using SFAS No. 109, &lsquo;&lsquo;Accounting for Income Taxes.&rsquo;&rsquo; Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The tax effects of temporary differences that gave rise to the deferred tax assets and deferred tax liabilities are primarily attributable to net operating loss carry-forwards. Since the Company has a history of losses, a full valuation allowance has been established. In addition, utilization of net operating loss carry-forwards are subject to a substantial annual limitation due to the &lsquo;&lsquo;change in ownership&rsquo;&rsquo; provisions of the Internal Revenue Code. The annual limitation may result in the expiration of net operating loss carry-forwards before utilization.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Loss per share</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Loss per common share is based upon the weighted average number of common shares outstanding during the year. Diluted loss per common share is the same as basic loss per share, as the effect of potentially dilutive securities (options &ndash; 3,170,000 (2007) and 3,184,900 (2006) and warrants 4,888,496 (2007) and 3,069,398 (2006)) are anti-dilutive.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Use of Estimates</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Actual results could differ from those estimates. Significant estimates relate to ultimate revenue and costs for investment in films, provision for doubtful accounts, income taxes and accruals for contingent liabilities; and impairment assessments for investment in films and other projects, property and equipment, and intangible assets. Actual results could differ from such estimates.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page10"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Recently Issued Accounting Pronouncements</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SAB 108</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In September&nbsp;2006, the SEC staff issued Staff Accounting Bulletin No.&nbsp;108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB&nbsp;108). SAB 108 was issued in order to eliminate the diversity in practice surrounding how public companies quantify financial statement misstatements. SAB 108 requires that registrants quantify errors using both a balance sheet and income statement approach and evaluate whether either approach results in a misstated amount that, when all relevant quantitative and qualitative factors are considered, is material. The Company has considered SAB 108 to be not material.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SFAS 157</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In September&nbsp;2006, the FASB&nbsp;issued Statement of Financial Accounting Standards No.&nbsp;157, Fair Value Measurements (SFAS&nbsp;157). SFAS 157 provides a common definition of fair value and establishes a framework to make the measurement of fair value in generally accepted accounting principles more consistent and comparable. SFAS 157 also requires expanded disclosures to provide information about the extent to which fair value is used to measure assets and liabilities, the methods and assumptions used to measure fair value, and the effect of fair value measures on earnings. SFAS&nbsp;157 is effective for the Company&rsquo;s year end 2008, although early adoption is permitted. The Company is assessing the potential effect of SFAS 157 on its financial statements.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Note 4.&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Trisoft Media, Inc. and AudioStreet, Inc.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On February&nbsp;5, 2007, the Company entered into and completed an agreement to acquire the businesses and certain assets of Trisoft Media, Inc. and AudioStreet, Inc. including two online community websites that focus primarily on music and music-based content.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The acquired businesses consist of website design, development, hosting, advertising and media placement. The principal assets acquired consist of the websites AudioStreet.net and MixStreet.net. The Company had no material relationship with the selling companies Trisoft Media, Inc. and AudioStreet, Inc. or their shareholders. However, the Company had previously retained Trisoft to provide website design and development services and hosting for our LiveMansion.com website.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The purchase price for the assets of $1.4&nbsp;million consisted of a cash payment of $600,000 plus the issuance of 4&nbsp;million shares of common stock to the shareholders of the selling corporations and their agent and $49,000 in direct acquisition costs. The purchase consideration has been allocated to the estimated fair values of the assets acquired and liabilities assumed as follows:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="496" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="341"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="11.97"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.97"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="49"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Total</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Life</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Accounts receivable</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">12,500</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Equipment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">12,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Security deposit</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amortizable intangible assets &ndash;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Websites and related registered users</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">615,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">3 years</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Goodwill</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">813,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Total assets acquired</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,454,500</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Liabilities assumed</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Net assets acquired</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,449,500</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom:  1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The results of operations of the acquired businesses are included in the results of the Company since the date of acquisition. Pro forma results of operations for 2007 and 2006 are not presented as the impact of the acquisition on the Company&rsquo;s results of operation prior to the acquisition was not material.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page11"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 5.&nbsp;&nbsp;&nbsp;&nbsp;Film Costs and Minority Interests</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Film costs consist of production costs ($470,000) for </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">TV: the Movie</font><font style="opacity:100; position:relative; ">, which was released principally for the home marketplace and management anticipates that the costs will be fully amortized within the next operating cycle. The reduction in film costs during the nine months ended September&nbsp;30,&nbsp;2007 of $675,000 relates to the amortization of the </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">TV: the Movie</font><font style="opacity:100; position:relative; "> production costs to cost of sales.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In July&nbsp;2006, the Company announced that it would produce &lsquo;&lsquo;LiveMansion: The Movie&rsquo;&rsquo; which will be cast online by members of the LiveMansion.com social networking community. To assist in the financing of the movie, the Company sold minority ownership interests for which to the extent of available cash flow from the film, the investors are entitled to a return of 100% of the purchase price plus a 20% preferred return. The Company received approximately $1.1&nbsp;million, net of expenses for the interests sold, including $139,000 received in 2007. The Company is permitted to use the proceeds from the sale of minority interests for working capital purposes prior to use for production of the film. As of September&nbsp;30,&nbsp;2007, the Company utilized approximately $823,000 for working capital needs and used $320,000 in the promotion of the film project.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During 2005 and 2006, the Company through a private placement offering pursuant to which two of the Company&rsquo;s subsidiaries sold and issued an aggregate of approximately 86 units of revenue participation rights (&lsquo;&lsquo;RPRs&rsquo;&rsquo;) in film projects for an aggregate purchase price of approximately $5.5&nbsp;million representing a minority ownership interests in the subsidiaries. To the extent of available cash flow from the Company&rsquo;s subsidiaries, the RPRs entitle the investors to a return of 100% of their respective purchase price plus a 20% preferred return and an aggregate 15% interest in the residual cash flow.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">As of September&nbsp;30,&nbsp;2007, the holders of the RPR units related to the </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Beer League</font><font style="opacity:100; position:relative; "> and </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">TV: the Movie</font><font style="opacity:100; position:relative; "> projects were repaid $1.1&nbsp;million, of which $681,000 was paid in February&nbsp;2007 and $111,000 was paid in the quarter ended September&nbsp;30,&nbsp;2007, from advances received from the domestic and foreign distributors of the film projects. The payments to the holders were recorded as a reduction of the &lsquo;&lsquo;Minority Interest&rsquo;&rsquo; included in the accompanying consolidated balance sheet. In accordance with agreements from the distributors of these films, the Company is scheduled to receive approximately $700,000 before December&nbsp;31,&nbsp;2007 which will be principally available for distribution to the RPR holders.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has guaranteed the repayment of one investor&rsquo;s investment of $2.7&nbsp;million in the RPR&rsquo;s plus its preferred return of $540,000. The investor has the right to enforce the guaranty at any time commencing in June&nbsp;2007, or earlier under certain circumstances. The Company also granted the investor a security interest in the Company&rsquo;s rights and interests in the related film projects and to escrow a maximum of 900,000 shares of its common stock as further security for repayment of the obligation. In the opinion of management, the future revenue streams from the films produced through the financing from this private placement indicate that it is unlikely that the investor will be fully repaid from the films&rsquo; cash flow and the Company is in discussions with the investor as to the means to liquidate the obligation which is approximately $2.7&nbsp;million as of September 30, 2007.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During June&nbsp;2005, the Company entered into a joint venture operating agreement for the purpose of arranging, developing and producing film, television, music, publishing and related properties to be acquired by the joint venture including certain properties contributed by the other joint venture partner. The Company was required to make capital contributions of $748,000 over a 2 year period, of which the Company contributed $401,000 through September&nbsp;30,&nbsp;2007, net of repayments of $98,000.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During 2006, the Company and the joint venture partner entered into negotiations in order to adjust the capital contribution requirement and net income allocations, among other matters. In March&nbsp;2007, the Company and a principal of the joint venture partner agreed subject to the consent of the other principal to allow for a reduction in the monthly funding obligations by the Company retroactive to </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page12"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
October&nbsp;1, 2006 and agreed to a new recoupment formula. As of June&nbsp;30,&nbsp;2007, the Company, in accordance with the terms of the original operating agreement terminated its participation in the venture and, accordingly, the termination resulted in an impairment loss of $20,000.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In 2004, the Company and other parties entered into an agreement to form and become members of Pledge This Holdings, LLC (&lsquo;&lsquo;PTH&rsquo;&rsquo;). PTH was formed to finance, produce and distribute a feature-length motion picture.&nbsp;&nbsp;In order to induce a group of investors to invest in and make other accommodations to PTH, as well as, in partial consideration of its then 22.5% membership interest in PTH, the Company entered into an agreement to guarantee the repayment of the investors&rsquo; investment of $1&nbsp;million if not recouped on or before June&nbsp;30,&nbsp;2005 and to pay interest on the investment at the rate of 12.4%. As further consideration, the Company issued, in 2004, 1,000,000 shares of its common stock, fair valued at $510,000. In connection with PTH obtaining additional financing, in 2005, the Company&rsquo;s membership interest was reduced to 10% and another investor agreed to participate in the guarantee of the aforementioned $1&nbsp;million investment to a maximum of 80%. Prior to 2007 the Company paid to the investors $1,800,000 (of which 750,000 shares were issued in lieu of cash) for interest on the investment and PTH repaid $420,000 from proceeds from the sale of domestic distribution rights for the film. In February, 2007, the investors received $600,000 in full settlement of the investment from PTH and the Company issued 768,306 shares of its common stock in full settlement of the interest due amounting to $144,000.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 6.&nbsp;&nbsp;&nbsp;&nbsp;Accrued Litigation and Judgments Payable</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Designscape</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In April&nbsp;2005 Designscape, Inc. filed an action in New York State Supreme Court against the Company and a former officer/director, alleging breach of contract and misrepresentations with respect to an alleged oral agreement to provide goods and services in connection with the production and staging of a television series and seeking approximately $550,000 and unspecified damages. In September&nbsp;2006, the Company and Designscape agreed to settle the matter. On September&nbsp;18, 2006, the Company agreed to pay Designscape $300,000 in installments through March&nbsp;31, 2009 with interest at 9% accumulating on unpaid balance from September&nbsp;25,&nbsp;2005 payable on September&nbsp;30, 2009. The Company is in compliance with the agreement and as of September&nbsp;30,&nbsp;2007, the Company&rsquo;s obligation amounted to $222,000, including accrued interest.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Dewayne Layfield</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In April&nbsp;2005, Dewayne Layfield, a holder of a note payable from a former subsidiary of the Company, arising from a previous settlement agreement, instituted a second arbitration proceeding against the Company seeking to recover $172,000 plus attorneys&rsquo; fees and costs. In September&nbsp;2006, the Company and Layfield entered into a settlement agreement in which the Company agreed to pay Layfield $170,000 in four payments from October&nbsp;2006 through August&nbsp;2007. The Company has made all the required payments and is awaiting a release.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Shane Mosley</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In November&nbsp;2005, the Company and the Company&rsquo;s former President entered into a settlement agreement with Shane Mosley, a boxer, related to a judgment in connection with an unpaid boxing purse. The Company agreed to pay $565,000 to Mosley in installments out of 60% of the net profits from any boxing events promoted or co-promoted by the Company (retroactively to September&nbsp;2005) plus accrued interest. In addition, the Company was entitled to a $100,000 credit against the above settlement amount, contingent upon the transfer and assignment of the Company&rsquo;s rights to the Mosley Video Library. Any amounts unpaid by December&nbsp;31,&nbsp;2008 were to be immediately due.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page13"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In December&nbsp;2006, Mosley filed a motion to restore the judgment as a result of a breach of the settlement because of alledged non compliance to the settlement including the decision to exit the boxing business. On September&nbsp;26,&nbsp;2007, after a hearing on the merits, the United States District Court found in favor of Mosley and entered a judgment in the amount of $529,368 against the Company. On October&nbsp;5,&nbsp;2007, the Company entered into a settlement agreement with Mosley in which the Company was required to pay $250,000 by October&nbsp;12,&nbsp;2007 or be subject to the full judgment amount plus interest, past legal fees of $75,000 and future legal fees. In addition, the Company and the Company&rsquo;s former President agreed to waive any indemnification or contribution rights against the other related to this matter, if the Company made the required payment to Mosley on time.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On October&nbsp;12,&nbsp;2007, the Company made the required payment of $250,000 from the proceeds of short-term bridge loans and is awaiting a general release. As consideration for the short-term loans the Company will issue 125,000 shares of its common stock.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Prior to September&nbsp;30,&nbsp;2007, the Company had recorded as a liability $565,000 for this matter. As a result of the Company&rsquo;s compliance with the settlement in October&nbsp;2007, the Company will record a gain of $315,000 in the fourth quarter 2007.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">First Equity</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In June&nbsp;2005, First Equity Capital Corporation (&lsquo;&lsquo;First Equity&rsquo;&rsquo;) filed an action against the Company in state court in Florida, alleging that the Company breached an unsigned agreement pursuant to which the Company allegedly hired First Equity to provide certain services. First Equity alleges that the Company is obligated to pay First Equity $1.5&nbsp;million and to issue First Equity up to 4&nbsp;million registered shares of common stock. In December&nbsp;2005, William Nichols &amp; Associates, Inc. (&lsquo;&lsquo;Nichols&rsquo;&rsquo;) and Norman Brodeur filed a motion to intervene alleging that First Equity, acting as an agent for the Company, engaged Nichols to raise capital on behalf of the Company and was entitled to $250,000 of First Equity&rsquo;s fee and 3&nbsp;million of the shares of stock claimed by First Equity. This motion was granted in March&nbsp;2006.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has filed answers denying any liability to First Equity and Nichols and raised numerous affirmative defenses. The Company is in the process of taking discovery in these matters and intends to vigorously defend.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">National Sports Partners</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In May&nbsp;2003, National Sports Partners (&lsquo;&lsquo;NSP&rsquo;&rsquo;), the owner of Fox Sports Net Broadcast Service, commenced an action in California against us to collect approximately $239,000 for advertising time and production fees and costs for airing boxing events on Fox, plus interest, costs and attorney fees. In August&nbsp;2004, the Company reached an agreement with NSP in which NSP agreed to forbear from further action against us in exchange for full payment over time of $239,000, plus deferred interest. The Company paid only $65,000 of such amount. In November&nbsp;2006, NSP was awarded a judgment in the amount of $256,000 plus interest. As of September&nbsp;30,&nbsp;2007, the Company&rsquo;s recorded liability for this matter is $191,000, including accrued interest.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Golden Gloves (PTY) Limited</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On November&nbsp;13,&nbsp;2001, Golden Gloves (PTY) Limited, a boxing promoter based in Johannesburg, South Africa, commenced an action against the Company and our former President, alleging that the Company breached an agreement to share certain profits related to certain boxers. In February&nbsp;2003, the Company agreed to pay $580,000 which is included in accrued litigation and judgments payable as of September&nbsp;30,&nbsp;2007 since the Company has not made any payments pursuant to the settlement agreement.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page14"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">J.P. Morgan Chase &amp; Company</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On January&nbsp;13,&nbsp;2004, J.P. Morgan Chase &amp; Company (&lsquo;&lsquo;Chase&rsquo;&rsquo;) obtained a judgment in the amount of $95,000 against the Company&rsquo;s former President and the Company in connection with the Company&rsquo;s default on an outstanding note. In May&nbsp;2004, Chase agreed to allow the Company to pay the outstanding principal amount, plus interest at 4% per annum, in 60 monthly payments of $2,000 each, in exchange for forbearance on any additional efforts to collect upon the unsatisfied portion of the balance. The balance on this obligation at September&nbsp;30,2007 amounted to $87,800, including accrued interest. The Company is not in compliance with the terms set forth in the forbearance agreement.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Other</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">There are other matters in which the Company has entered into settlements in prior years for which the Company has not made the required payments. In the opinion of management, on the advice of counsel, the Company has made adequate provision for potential liabilities, if any, arising from litigation settlements and other claims arising from the above matters. As of September&nbsp;30,&nbsp;2007, the Company had accrued $1.9&nbsp;million, with respect to such matters. However, the costs and other effects of pending or future litigation, governmental investigations, legal and administrative cases and proceedings (whether civil or criminal), settlements, judgments and investigations, claims and changes in those matters (including those matters described above), and developments or assertions by or against the Company relating to contractual rights related to boxers and the promotion of boxing events, intellectual property rights and intellectual property licenses, could have a material adverse effect on the Company&rsquo;s business, financial condition and operating results.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 7.&nbsp;&nbsp;&nbsp;&nbsp;Notes and Loans Payable</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Notes and loan payable includes accrued interest (6.94% &ndash; weighted average) of $420,000. During the nine months ended September&nbsp;30,&nbsp;2007, the holders of $708,000 of notes payable, including accrued interest, allowed the Company to convert the indebtedness into 474,662 shares of common stock.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During the nine months ended September&nbsp;30,&nbsp;2007 the Company borrowed $117,000 from the consultant discussed in Note 8. The note is payable on demand without interest.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company is not in compliance with the payment terms for substantially all of the notes and loans payable including unpaid interest.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 8.&nbsp;&nbsp;&nbsp;&nbsp;Related Party Transactions&nbsp;&nbsp;&nbsp;&nbsp;</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Due to related parties at September&nbsp;30,&nbsp;2007 includes the Company obligations to the Company&rsquo;s CEO and President arising from a loan provided in a prior year, including accrued interest. The loan is unsecured, has no specific terms, conditions or maturities.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During the three months ended September&nbsp;30,&nbsp;2007, the Company provided website, hosting and graphic design services to a client for which our Executive Vice President and Chief Financial Officer also serves as the client&rsquo;s Chief Financial Officer. A consultant to the Company is also a significant stockholder of the client. The Company was paid $90,000 for these services including a prepayment as of September&nbsp;30,&nbsp;2007.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 9.&nbsp;&nbsp;&nbsp;&nbsp;Stockholders&rsquo; Deficiency</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On January&nbsp;25, 2007, at a special meeting of the stockholders, the stockholders approved the following:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Ckrush, Inc. 2006 Stock Incentive Plan;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">An amendment to the Company&rsquo;s Certificate of Incorporation (as amended) to Increase the authorized shares of the Company&rsquo;s common stock from 100&nbsp;million 300&nbsp;million shares;</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page15"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">A reverse stock split of the Company&rsquo;s outstanding shares of common stock; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">An amendment to the Company&rsquo;s Certificate of Incorporation (as amended) to create staggered three-year terms for the Board of Directors.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Effective at 5:00 PM EDT on October 9, 2007, the Company effected a reverse stock split of its outstanding common stock on a one-for-ten basis. All common share amounts have been retroactively restated for the reverse split.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Common Stock</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During the nine months ended September&nbsp;30,&nbsp;2007, the Company issued 23,000 shares of common stock in connection with a private placement at $1 per share together with warrants to purchase 23,000&nbsp;shares of common stock at $1 per share for $225,000. The Company also issued 120,000 shares of common shares related to the same offering which had begun in the prior year. As of December&nbsp;31, 2006, the net proceeds from these transactions were classified as &lsquo;&lsquo;obligations for common stock to be issued&rsquo;&rsquo;, in accordance with the subscription agreement which allowed for the delay in the issuance of the shares subject to the above mentioned approval by the Company&rsquo;s stockholders of an increase in the authorized number of shares. In addition, during April&nbsp;2007, the Company issued 73,334 shares of common stock in connection with a private placement at $1.50 per share together with warrants to purchase 36,667 shares of common stock at $1.50 per share.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In July&nbsp;2007, the Company initiated a private offering of units consisting of shares of common stock and warrants to purchase its common stock at an offering price of $25,000 per unit for up to 42.5 units plus an over-allotment option of .8 units. Each unit consisted of 25,000 shares of common stock and warrants to purchase 12,500 shares The warrants have an exercise price of $1 per share are exercisable for cash for a period of three years. The terms of the offering provided that the first $1.5&nbsp;million of net proceeds raised were immediately available to the Company for working capital purposes. The next $2.5&nbsp;million of net capital was to be held in escrow by counsel to the Company to be released upon the Company obtaining written agreements from creditors to settle such claims such that the Company&rsquo;s liabilities would be reduced by at least 60% in exchange for not more than $2,500,000 plus shares and any other non-cash consideration. The liability reduction requirement was reduced pro rata if less than $4,000,000 of net capital was raised. The proceeds from the over-allotment option, if any, were to be available for working capital, if exercised. The shares, including those exercisable upon exercise of the warrants, are subject to piggyback registration rights. As of September&nbsp;30,&nbsp;2007, the Company received $630,000, net of fees, in connection with the offering and terminated the offering.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has outstanding stock options, warrants, convertible securities and other contingent obligations, all of which could require the Company to issue common stock in a number which exceeded the authorized amount prior to an increase approved by the shareholders. In accordance with Emerging Issues Task Force Issue 00-19 (&lsquo;&lsquo;EITF 00-19&rsquo;&rsquo;), &lsquo;&lsquo;Accounting for Derivative Financial Instruments Indexed To, and Potentially Settled in, a Company&rsquo;s Own Stock&rsquo;&rsquo;, the lack of a sufficient number of authorized shares to meet the Company&rsquo;s obligations to issue common shares resulted in a requirement to account for certain of the Company&rsquo;s outstanding securities as liabilities. Accordingly, during 2006 and through January&nbsp;25, 2007, the Company reclassified certain outstanding warrants and options as derivative liabilities for financial statement reporting, which were marked to fair value periodically pursuant EITF 00-19. The Company valued these options and warrants utilizing the Black-Scholes method of valuation resulting in a reclassification from stockholders&rsquo; equity of $3.2&nbsp;million as of December&nbsp;31,&nbsp;2006, and, during 2007, the Company recorded a non-cash gain of $668,000 to reflect the associated change in fair value of the warrants during the period. In January&nbsp;2007, as a result of the stockholder approval of the increase in authorized number of common shares, the liability was reclassified to equity.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page16"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Warrants</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">A summary of warrant activity for the three months ended September&nbsp;30,&nbsp;2007 and 2006 is as follows:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="287"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Number of</font>
<br>
<font style="opacity:100; position:relative; ">Warrants</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Weighted</font>
<br>
<font style="opacity:100; position:relative; ">Average</font>
<br>
<font style="opacity:100; position:relative; "> Exercise Price</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Number of</font>
<br>
<font style="opacity:100; position:relative; ">Warrants</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Weighted</font>
<br>
<font style="opacity:100; position:relative; "> Average</font>
<br>
<font style="opacity:100; position:relative; "> Exercise Price</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Balance &ndash; beginning of period</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,472,149</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2.10</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,005,137</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2.60</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Issued</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">772,767</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">580,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Exercised &ndash; cashless</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(230,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.30</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(250,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Expired</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(126,419</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(265,739</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3.30</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Balance &ndash; end of period</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">4,888,497</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.30</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,069,398</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Stock Options</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Stock option share activity and weighted average exercise price under these plans for the three months ended September&nbsp;30,&nbsp;2007 and 2006 is as follows:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="287"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="7.34"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Number of</font>
<br>
<font style="opacity:100; position:relative; "> Options</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Weighted</font>
<br>
<font style="opacity:100; position:relative; ">Average</font>
<br>
<font style="opacity:100; position:relative; ">Exercise Price</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Number of</font>
<br>
<font style="opacity:100; position:relative; ">Options</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Weighted</font>
<br>
<font style="opacity:100; position:relative; "> Average</font>
<br>
<font style="opacity:100; position:relative; "> Exercise Price</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Balance &ndash; beginning of period</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,184,900</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">29,900</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">10.90</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Issued</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,155,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Expired</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(14,900</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14.30</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Balance &ndash; end of period</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,170,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,184,900</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.70</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 10.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">At December&nbsp;31, 2006, the Company had net operating loss carry forwards for Federal tax purposes of approximately $48&nbsp;million, which are available to offset future taxable income, if any, through 2025. Under Federal Tax Law IRC Section 382, certain significant changes in ownership of the Company, including the reverse merger transaction of 2002, may restrict the future utilization of these tax loss carry forwards.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 11.&nbsp;&nbsp;&nbsp;&nbsp;Segment Data</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">SFAS No. 131 &lsquo;&lsquo;Disclosures about Segments of an Enterprise and Related Information&rsquo;&rsquo; requires the Company to make certain disclosures about each reportable segment. The Company&rsquo;s reportable segments are determined based on the distinct nature of their operations and each segment is a strategic business unit that offers different products and services and is managed separately. SFAS No.&nbsp;131 defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has two reportable segments: entertainment and digital media. The entertainment segment activities consist of development and production of digital and filmed content for global distribution to all media platforms including the internet. The digital media segment includes our activities related to the development and maintenance of websites, online communities and technology platforms that allow users to electronically create and publish content, including video, share that content with others and/or connect with others based upon common interests. In prior years the </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page17"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
Company was also a promoter of professional boxers and boxing events which was a separate segment for financial reporting purposes.</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="188"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="4"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="11"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="11"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="4.53"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="34"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Nine months ended September&nbsp;30,</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consolidated</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Digital</font>
<br>
<font style="opacity:100; position:relative; "> Media</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consolidated</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Net revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">986,297</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">251,297</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">735,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,615,315</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,615,315</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Operating costs and expenses</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cost of revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">991,230</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">281,787</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">709,443</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,993,459</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,993,459</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Depreciation and amortization</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">155,611</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">140,873</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14,738</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">24,980</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">15,625</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">9,355</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Impairment charges</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">66,667</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">66,667</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">112,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">112,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Minority interest</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(113,878</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(113,878</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Gain on sale of exclusive promotion agreement</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(21,852</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(21,852</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,213,508</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">422,660</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">790,848</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,994,709</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">15,625</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,979,084</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt;  padding-right:10pt;padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Segment profit/(loss)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(227,211</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; "> 171,363</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">55,848</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,379,394</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">15,625</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,363,769</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Less: Selling, general and administrative</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">5,454,010</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">11,368,686</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Interest expense</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">328,095</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">411,996</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Change in fair value of derivative</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(667,677</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Settlement costs</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">371,092</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Gain on settlement with related parties</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,478,845</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Financing costs paid in stocks and warrants</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">33,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Net loss</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">5,341,639</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">12,085,323</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
</table>
</div>
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="189"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="14"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="14"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5.11"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="34"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Three months ended September&nbsp;30,</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consolidated</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Digital</font>
<br>
<font style="opacity:100; position:relative; "> Media</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consolidated</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Net revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">50,451</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">50,451</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,539,845</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,539,845</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Operating costs and expenses</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cost of revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">111,107</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">101,414</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">9,693</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,923,903</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,923,903</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Depreciation and amortization</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">58,014</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">52,828</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">5,186</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,029</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">6,029</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Impairment charges</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">35,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">35,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Minority interest</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(41,550</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(41,550</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">169,121</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">154,242</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">14,879</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,923,382</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,923,382</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;  padding-right:10pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Segment profit/(loss)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(181,670</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">103,791</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">($</font><font style="opacity:100; position:relative; ">14,879</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,383,537</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,383,537</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Less: Selling, general and administrative</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,678,626</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">3,152,641</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Interest expense</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">52,801</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">43,136</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Settlement costs</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">186,417</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #cceeff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Net loss</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,850,097</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(4,763,989</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:11pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="right" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page18"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CKRUSH, INC. AND SUBSIDIARIES</font>
<br>
<font style="opacity:100; position:relative; "> NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font>&nbsp;&mdash;&nbsp;(continued)<br>
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Unaudited)</font>
<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 12.&nbsp;&nbsp;&nbsp;&nbsp;Other Matters</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On June&nbsp;28,&nbsp;2007, our chief executive officer voluntarily resigned his officer position and as a member of our Board of Directors. In accordance with a Termination and Separation Agreement with the officer, the Company agreed to pay back salary of $345,000 through the issuance of shares of common stock, and agreed to retain him as a consultant through February&nbsp;17,&nbsp;2009 for annual compensation of $63,000.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On January&nbsp;5, 2007, the Company entered into an amendment to the consulting agreement with Joe Abrams. The amendment expands Mr.&nbsp;Abrams&rsquo; role with the Company to Chairman of Ckrush Digital Media, Inc., one of the Company&rsquo;s subsidiaries. The term of the consulting agreement was extended through December&nbsp;31,&nbsp;2008, subject to either party&rsquo;s right to terminate sooner for any reason. The Company agreed to issue to Mr.&nbsp;Abrams an aggregate of 400,000 shares of common stock in equal quarterly installments over the remaining two year term of the agreement. During the nine months ended September&nbsp;30,&nbsp;2007, the Company recorded non-cash charges aggregating $285,000 in connection with the installments during the period based upon the fair value at the date of issuance.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">During the nine month period ended September&nbsp;30,&nbsp;2007 the Company issued warrants to acquire an aggregate of 30,000 shares of common stock at $1.00 per share for services provided to the Company and recorded $39,000 measured by the fair value of the securities issued. Additionally, in connection with contracts for services to be performed, the Company issued 250,000 restricted shares of common stock and a warrant for 50,000 shares of common stock at $.10 per share. The fair valued of the securities issued in connection with these arrangements ($725,000) was recorded as deferred compensation and during the three and nine months ended September&nbsp;30,&nbsp;2007. The Company also expensed $811,000 and $2,424,000 as non cash compensation expense as a result of amortization of the deferred compensation for consulting arrangements.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In February&nbsp;2006, the Company assigned its exclusive promotional agreement with a boxer for $140,000. As a result of this transaction the Company recorded a gain of approximately $19,000. In addition, if the boxer wins a major bout during the term of the agreement, the Company is entitled to an additional payment of $250,000. In a later quarter of 2006, the fighter achieved a major title win; however, the Company only received a partial payment towards the $250,000. The Company has not recorded the unpaid portion due to the uncertainty as to its collection.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Note 13.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In October&nbsp;2007, the Company initiated a private offering of units each consisting of a note payable for $50,000 and 25,000 shares of the Company&rsquo;s common stock, for a purchase price of $50,000 per Unit, up to an aggregate purchase price of up to $1,000,000 plus an over-allotment option of $500,000. The notes payable will not bear interest and will be repayable upon the earlier of (i) the Company closing on the receipt of the first $1,500,000 from the Company&rsquo;s next private offering of common stock, from which the note holders are to be paid back, or (ii) three months from the date of the notes.&nbsp;In the event of default, as defined, the note holders have the option to convert the outstanding principal amount into shares of common stock equal to 150% of the principal amount at a conversion price equal to the five-day closing bid average of the common stock prior to the date of the default. All the common stock issuable under this arrangement are subject to piggyback registration rights.&nbsp;As of November&nbsp;13,&nbsp;2007, the Company received $150,000 in connection with this offering.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">See also Note 6 for settlement with Shane Mosley in October 2007 and Note 9 for the Company&rsquo;s reverse stock split of its outstanding common stock on a one-for-ten basis.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page19"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="536"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 50pt;"><font style="opacity:100; position:relative; ">Item 2.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 406pt;"><font style="opacity:100; position:relative; ">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">OVERVIEW</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We are an innovative entertainment and interactive media group that seeks to capitalize on the global convergence of entertainment content with social media, online communities and digital technology. We produce feature films and other content and develop and maintain websites, including online communities, primarily geared towards young adults 18-34. Our feature film productions include &lsquo;&lsquo;Beer League,&rsquo;&rsquo; starring Artie Lange, and &lsquo;&lsquo;National Lampoon&rsquo;s TV the Movie,&rsquo;&rsquo; starring Steve O and Wee Man of &lsquo;&lsquo;Jackass&rsquo;&rsquo; fame; and &lsquo;&lsquo;National Lampoon&rsquo;s Pledge This,&rsquo;&rsquo; starring Paris Hilton. Our fully interactive online communities include &lsquo;&lsquo;LiveMansion.com&rsquo;&rsquo; ( http://www.livemansion.com/ ), &lsquo;&lsquo;AudioStreet.com&rsquo;&rsquo; (http://www.audiostreet.net/) and &lsquo;&lsquo;MixStreet.net&rsquo;&rsquo; (http://www.mixStreet.net/). Our services also include website design, development, hosting, advertising and media placement.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Reportable Segments</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has two reportable segments: entertainment and digital media. The media entertainment segment activities consist of development and production of digital and filmed content for global distribution to all media platforms including the internet. The digital media segment includes our activities related to the development and maintenance of websites, online communities and technology platforms that allow users to electronically create and publish content, including video, share that content with others and/or connect with others based upon common interests. In prior years the Company was also a promoter of professional boxers and boxing events which was a separate segment for financial reporting purposes.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Critical Accounting Policies</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (&lsquo;&lsquo;US GAAP&rsquo;&rsquo;). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We base our estimates and judgments on historical experience and all available information. However, future events are subject to change, and the best estimates and judgments routinely require adjustment. US GAAP requires us to make estimates and judgments in several areas, including those related to recording various accruals (such as incentive compensation and restructuring costs), income taxes, the useful lives of long-lived assets, such as property and equipment and intangible assets, and potential losses from contingencies and litigation. We believe the policies discussed below are the most critical to our consolidated financial statements because they are affected significantly by management&rsquo;s judgments, assumptions and estimates.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Revenue Recognition</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Revenues from the sale or licensing of films is recognized upon meeting all recognition requirements of Statement of Position (SOP) 00-2 &lsquo;&lsquo;Accounting by Producers or Distributors of Films&rsquo;&rsquo;. Revenue from sales to distributors is recognized when access to the feature has been granted or delivery has occurred, as required under the sales contract, and the right to exploit the feature film has commenced.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">Revenue related to website development activities is recognized as services are provided. Therefore the consolidated financial statements take into account the revenue earned to date on contracts not yet completed as estimated by management. Advertising and hosting revenues are recognized ratably over the period benefited.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page20"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Income Taxes</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We utilize the asset and liability method to account for income taxes whereby deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to temporary differences between the financial reporting basis of existing assets and liabilities and their respective tax losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered and settled.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">At September 30,&nbsp;2007, we provided a 100% valuation allowance for the deferred tax assets, because the ultimate realizations of those assets are uncertain. Utilization of net operating loss carry-forwards are subject to a substantial annual limitation due to the &lsquo;&lsquo;change in ownership&rsquo;&rsquo; provisions of the Internal Revenue Code. The annual limitation may result in the expiration of net operating loss carry-forwards before utilization.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER&nbsp;30, 2006</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The following represents a comparison of segment operating results for the three months ended September&nbsp;30,&nbsp;2007 and 2006:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="293"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="11.84"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">%</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">%</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Net revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,540,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">50,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">50,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,540,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Cost of revenues and other costs</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">15,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">30.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(2,923,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(189.8</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">154,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">308.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">169,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">338.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(2,923,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(189.8</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt;  padding-right:10pt;padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Segment profit/(loss)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(15,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(30.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,383,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(89.8</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(104,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(208.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(119,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(238.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,383,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(89.8</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Net revenues decreased by $1.5&nbsp;million to $50,000 for the three months ended September 30,&nbsp;2007. The 2007 net revenues represents revenues earned from businesses acquired in 2007 principally web development services. There were no revenues in the other segments, in 2007. Our 2006 net revenues were principally derived form the minimum guarantee earned as a result of the release of &lsquo;&lsquo;Beer League&rsquo;&rsquo;.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Cost of revenues decreased during the 2007 period by $2.7&nbsp;million. Costs in 2007 were principally related to web development costs for both internal and external projects. The 2006 quarter film production costs amortized to cost of revenues upon the individual-film-forecast method were related to the release of our movie project &lsquo;&lsquo;Beer League&rsquo;&rsquo; during the 2006 period. Other operating costs include depreciation and amortization net of minority interest credit.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Selling, general and administrative expenses decreased by 46.8%, or $1.5&nbsp;million, to $1.7&nbsp;million for the quarter ended September&nbsp;30,&nbsp;2007, from $3.2&nbsp;million in the prior year period. The decrease is principally attributable to the reduction in non cash compensation charges of $1&nbsp;million, in the 2007, period as compared to the prior period and a decrease in professional fees related to our compliance with our settlement agreement with the SEC.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page21"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">COMPARISON OF THE NINE MONTHS ENDED SEPTEMBER 30, 2007 AND SEPTEMBER&nbsp;30, 2006</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The following represents a comparison of segment operating results for the nine months ended September&nbsp;30,&nbsp;2007 and 2006:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="292"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="65"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="11.39"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">%</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2006</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">%</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Net revenues</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">735,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">25.5</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,615,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">251,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">74.5</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">986,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,615,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">100.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Cost of revenues and other costs</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">791,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">80.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,979,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">184.5</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">423,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">42.9</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">16,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,214,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">123.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,995,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">185.5</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt;  padding-right:10pt;padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Segment profit/(loss)</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Entertainment</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(56,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(5.7</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,364,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(84.5</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">Digital Media</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(172,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(17.4</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">0.00</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Sports</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&mdash;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(16,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1.0</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #cceeff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #cceeff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(228,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(23.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)%</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">(1,380,000</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">)</font></font>&nbsp;
								</td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #cceeff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #cceeff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">5.33</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 3px solid #cceeff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><font style="position:absolute;white-space:nowrap;line-height:12pt"><font style="opacity:100; position:relative; ">%</font></font>&nbsp;
								</td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Net revenues decreased by $629,000 or 38.9% to $986,000 for the nine months ended September 30,&nbsp;2007 from $1.6&nbsp;million in the prior year period. The 2007 net revenues principally included distribution fees earned from the release of our film production &lsquo;&lsquo;</font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">TV: the Movie</font><font style="opacity:100; position:relative; ">&rsquo;&rsquo; ($735,000) in our entertainment segment and includes revenues earned from our 2007 acquisition principally web development services ($251,000) in the digital media segment. There were no revenues in either year in the sports segment. Our 2006 net revenues were principally derived form the minimum guarantee earned as a result of the release of &lsquo;&lsquo;Beer League&rsquo;&rsquo;.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Cost of revenues which relate to the production costs for filmed products in the entertainment segment and web development costs for both internal and external projects decreased by $1.8&nbsp;million to $1.2&nbsp;million for the nine months ended September 30,&nbsp;2007, compared to $3&nbsp;million incurred in period year period. The production costs recognized during the nine months ended September&nbsp;30,&nbsp;2006 for </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Beer League</font><font style="opacity:100; position:relative; ">, released in 2006, was greater than the costs amortized to cost of sales in the 2007 period for </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">TV: the Movie</font><font style="opacity:100; position:relative; ">, released in 2007, as well as, the costs incurred in the digital media segment since the Trisoft and AudioStreet acquisition in 2007. Other operating costs include depreciation and amortization, impairment charges minority interest credits and, in 2006, offset by the minority interest credit of $114,000 and gain on sale of exclusive promotion agreement of $24,000.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Selling, general and administrative expenses decreased by 52.0 % or $5.9&nbsp;million, to $5.5&nbsp;million for the nine months ended September 30,&nbsp;2007, from $11.4&nbsp;million in the prior year period. The decrease is principally attributable to the decrease of $5&nbsp;million in non cash compensation charges in 2007 from $8.5&nbsp;million in the prior year period. In the prior year the Company adopted an employee stock option and granted immediately vested options which caused a charge in June&nbsp;2006 of $2.0&nbsp;million.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has outstanding stock options, warrants, convertible securities and other contingent obligations, all of which could require the Company to issue common stock in a number which exceeded the authorized amount prior to an increase approved by the shareholders. In accordance with Emerging Issues Task Force Issue 00-19 (&lsquo;&lsquo;EITF 00-19&rsquo;&rsquo;), &lsquo;&lsquo;Accounting for Derivative Financial Instruments Indexed To, and Potentially Settled in, a Company&rsquo;s Own Stock&rsquo;&rsquo;, the lack of a sufficient number of authorized shares to meet the Company&rsquo;s obligations to issue common shares resulted in a requirement to account for certain of the Company&rsquo;s outstanding securities as liabilities. Accordingly, </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page22"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
through January&nbsp;25,&nbsp;2007, the Company reclassified certain outstanding warrants and options as derivative liabilities for financial statement reporting, which were marked to fair value periodically pursuant EITF 00-19. The Company valued these options and warrants utilizing the Black-Scholes method of valuation resulting in a reclassification from stockholders&rsquo; equity of $3.2&nbsp;million, and, during 2007, the Company recorded a non-cash gain of $668,000 to reflect the associated change in fair value of the warrants during the period. In January&nbsp;2007, as a result of the stockholder approval of the increase in authorized number of common shares, the liability was reclassified to equity.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Interest expense for the nine months ended September&nbsp;30,&nbsp;2007 decreased by $84,000, or 20.3%, principally as a result of a decrease in the related outstanding indebtedness.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Other income in the 2006 period principally represents gains associated with termination of obligations to related parties including the Company&rsquo;s former President. These transactions represented the (i) liquidation of $3.3&nbsp;million of liabilites through the issuance of 80,000 shares of common stock, warrants to purchase 750,000 shares and cash payments aggregating $400,000 and (ii)&nbsp;liquidation of certain indebtedness to our former President through the assignment to the former President of certain portions of the Company&rsquo;s boxing film library and a consulting role related to the promotion of a boxer, among other matters.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Off-Balance Sheet Arrangements</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We had no off-balance sheet arrangements. Additionally, we review our relationships with other entities to identify whether it is the primary beneficiary of a variable interest entity. If the determination is made that we are the primary beneficiary, then the entity is consolidated in accordance with Financial Accounting Standards Board (&lsquo;&lsquo;FASB&rsquo;&rsquo;) Interpretation No. (&lsquo;&lsquo;FIN&rsquo;&rsquo;) 46, &lsquo;&lsquo;Consolidation of Variable Interest Entities&rsquo;&rsquo;. Investments in which we exercise significant influence, but do not control, are accounted for using the equity method of accounting. Investments in which there is no significant influence are accounted for using the cost method of accounting.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">LIQUIDITY AND CAPITAL RESOURCES</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We have incurred net losses of $5.3&nbsp;million during the nine months ended September 30,&nbsp;2007, and $11.8&nbsp;million and $7.7&nbsp;million during the years ended December&nbsp;31,&nbsp;2006 and 2005, respectively. In addition, we are not in compliance with substantially all of our outstanding notes and loans payable including unpaid interest and may not be in compliance with certain past settlements including legal judgments. Further, we had a stockholders&rsquo; deficiency of $11.2&nbsp;million at September 30,&nbsp;2007. Historically, we have successfully obtained external financing through short-term borrowings and private placements of equity and convertible debt and thus, we hope to remedy these possible defaults through additional borrowings, conversion of existing debt to equity, ownership contributions, and/or renegotiation of existing terms and conditions of certain of its obligations. However, if ours lenders are unwilling to continue to refrain from demanding compliance by us to payment terms for indebtedness, it may significantly impede our ability to raise additional funds and/or to conduct normal business operations. While officers of the Company have provided loans to the Company in the past we have no commitments from them to do so in the future. These factors raise substantial doubt about the Company&rsquo;s ability to continue as a going concern and the accompanying consolidated financial statements do not include any adjustments related to the recoverability or classification of asset carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. Our external auditors in their report on the Company&rsquo;s consolidated financials included in our Report on Form 10-K for the year ended December&nbsp;31,&nbsp;2006 included an explanatory paragraph which noted the &lsquo;&lsquo;substantial doubt&rsquo;&rsquo; about our ability to continue as a going concern.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We are taking actions to address liquidity in the following ways:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">continuing to negotiate with existing creditors to convert their indebtedness into equity;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">developing additional sources of financing to satisfy our current operating requirements;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">entering into new initiatives to develop and acquire additional internet websites in order to deliver unique viewers for commercial purposes;</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page23"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">produce and distribute film properties as well as other entertainment projects; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">&bull;</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-bottom: 3pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">pursuing production partnerships and joint ventures to fund projects.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from our inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on the Company&rsquo;s business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company&rsquo;s existing stockholders.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Commitments and Contingencies</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In connection with both our media and our previous sports operations, we guaranteed investors and other participants in our projects the return of their investments and in some cases with a preferred return.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We are of the opinion, based upon advice of counsel, that we have made adequate provision for potential liabilities, if any, arising from litigation settlements and other claims described in Item 2 &mdash;&nbsp;Legal Proceedings. As of September 30,&nbsp;2007, we had accrued approximately $1.9&nbsp;million, with respect to such matters. However, the costs and other effects of pending or future litigation, governmental investigations, legal and administrative cases and proceedings (whether civil or criminal), settlements, judgments and investigations, claims and changes in those matters (including those matters described above), and developments or assertions by or against us relating to contractual rights related to boxers and the promotion of boxing events, intellectual property rights and intellectual property licenses, could have a material adverse effect on the our business, financial condition and operating results.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Cash Flows</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">At September&nbsp;30,&nbsp;2007, our cash position reflected a balance of $66,000, as compared to the $1.5&nbsp;million balance at year end 2006.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Operating Cash Flows.</font><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;Our principal operating source of cash during the nine months ended September&nbsp;30,&nbsp;2007 was net revenues from film projects and website development activities. During the period, we significantly reduced our cash burn to approximately $1.4&nbsp;million from $2.6&nbsp;million in the prior year.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Investing Cash Flows.</font><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities for the quarter ended September 30,&nbsp;2007 was related to acquisition of the business and net assets of Trisoft and AudioStreet ($600,000) and office equipment ($18,000).</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">Financing Cash Flows.</font><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities for the nine months ended September 30,&nbsp;2007 was $565,000 which consisted, of net proceeds from the issuance of common stock ($940,000), sale of production interests for $139,000 and short-term borrowings of $292,000 net of repayments of production interests of $681,000 and repayment of notes payable of $125,000.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">EFFECT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SAB 108</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In September&nbsp;2006, the SEC staff issued Staff Accounting Bulletin No.&nbsp;108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB&nbsp;108). SAB 108 was issued in order to eliminate the diversity in practice surrounding how public companies quantify financial statement misstatements. SAB 108 requires that registrants quantify errors using both a balance sheet and income statement approach and evaluate whether either approach results in a misstated amount that, when all relevant quantitative and qualitative factors are considered, is material. The Company has considered SAB 108 to be not material.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">23</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page24"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SFAS 157</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In September&nbsp;2006, the FASB&nbsp;issued Statement of Financial Accounting Standards No.&nbsp;157, Fair Value Measurements (SFAS&nbsp;157). SFAS 157 provides a common definition of fair value and establishes a framework to make the measurement of fair value in generally accepted accounting principles more consistent and comparable. SFAS 157 also requires expanded disclosures to provide information about the extent to which fair value is used to measure assets and liabilities, the methods and assumptions used to measure fair value, and the effect of fair value measures on earnings. SFAS&nbsp;157 is effective for the Company&rsquo;s year end 2008, although early adoption is permitted. The Company is assessing the potential effect of SFAS 157 on its financial statements.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e) and 15d-15(e), as of the end of the period covered by this report.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In designing and evaluating our disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">While we believe our disclosure controls and procedures and our internal control over financial reporting have improved, no system of controls can prevent errors and fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system&rsquo;s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur. Controls can also be circumvented by individual acts of some people, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with its policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Subject to the limitations above, management believes that the consolidated financial statements and other financial information contained in this report, fairly present in all material respects our financial condition, results of operations, and cash flows for the periods presented.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Based on the evaluation of the effectiveness of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) were effective at a reasonable assurance level. There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">24</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page25"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PART II &mdash; OTHER INFORMATION</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Designscape</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In April&nbsp;2005 Designscape, Inc. filed an action in New York State Supreme Court against us and a former officer/director, alleging breach of contract and misrepresentations with respect to an alleged oral agreement to provide goods and services in connection with the production and staging of a television series and seeking approximately $550,000 and unspecified damages. In September&nbsp;2006, we agreed with Designscape to settle the matter. On September&nbsp;18, 2006, we agreed to pay Designscape $300,000 in installments through March&nbsp;31, 2009 with interest at 9% accumulating on unpaid balance from September&nbsp;25,&nbsp;2005 payable on September&nbsp;30, 2009. We are in compliance with the agreement and as of September&nbsp;30,&nbsp;2007, our obligation amounted to $222,000, including accrued interest.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Dewayne Layfield</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In April&nbsp;2005, Dewayne Layfield, a holder of a note payable from one of our former subsidiaries of the Company, arising from a previous settlement agreement, instituted a second arbitration proceeding against us seeking to recover $172,000 plus attorneys&rsquo; fees and costs. In September&nbsp;2006, we and Layfield entered into a settlement agreement in which we agreed to pay Layfield $170,000 in four payments from October&nbsp;2006 through August&nbsp;2007. We have made all the required payments and are awaiting a release.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Shane Mosley</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In November&nbsp;2005, we and our former President entered into a settlement agreement with Shane Mosley, a boxer, related to a judgment in connection with an unpaid boxing purse. We agreed to pay $565,000 to Mosley in installments out of 60% of the net profits from any boxing events we promoted or co-promoted (retroactively to September&nbsp;2005) plus accrued interest. In addition, we were entitled to a $100,000 credit against the above settlement amount, contingent upon the transfer and assignment of our rights to the Mosley Video Library. Any amounts unpaid by December&nbsp;31,&nbsp;2008 were to be immediately due.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In December&nbsp;2006, Mosley filed a motion to restore the judgment as a result of a breach of the settlement because of alledged non compliance to the settlement including the decision to exit the boxing business. On September&nbsp;26,&nbsp;2007, after a hearing on the merits, the United States District Court found in favor of Mosley and entered a judgment in the amount of $529,368 against us. On October&nbsp;5,&nbsp;2007, we entered into a settlement agreement with Mosley in which we were required to pay $250,000 by October&nbsp;12,&nbsp;2007 or be subject to the full judgment amount plus interest, past legal fees of $75,000 and future legal fees. In addition, the Company and our former President agreed to waive any indemnification or contribution rights against the other related to this matter, if we made the required payment to Mosley on time.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On October&nbsp;12,&nbsp;2007, we made the required payment of $250,000 from the proceeds of short-term bridge loans and we are awaiting a general release. As consideration for the short-term loans we will issue 125,000 shares of its common stock.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Prior to September&nbsp;30,&nbsp;2007, we had recorded as a liability $565,000 for this matter. As a result of our compliance with the settlement in October&nbsp;2007, we will record a gain of $315,000 in the fourth quarter 2007.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">First Equity</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In June&nbsp;2005, First Equity Capital Corporation (&lsquo;&lsquo;First Equity&rsquo;&rsquo;) filed an action against us in state court in Florida, alleging that we breached an unsigned agreement pursuant to which we allegedly hired First Equity to provide certain services. First Equity alleges that we are obligated to pay First Equity </font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">25</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page26"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">
$1.5&nbsp;million and to issue First Equity up to 4&nbsp;million registered shares of common stock. In December&nbsp;2005, William Nichols &amp; Associates, Inc. (&lsquo;&lsquo;Nichols&rsquo;&rsquo;) and Norman Brodeur filed a motion to intervene alleging that First Equity, acting as an agent for us engaged Nichols to raise capital on our behalf and was entitled to $250,000 of First Equity&rsquo;s fee and 3&nbsp;million of the shares of stock claimed by First Equity. This motion was granted in March&nbsp;2006.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We have filed answers denying any liability to First Equity and Nichols and raised numerous affirmative defenses. We are in the process of taking discovery in these matters and intend to vigorously defend.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">National Sports Partners</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In May&nbsp;2003, National Sports Partners (&lsquo;&lsquo;NSP&rsquo;&rsquo;), the owner of Fox Sports Net Broadcast Service, commenced an action in California against us to collect approximately $239,000 for advertising time and production fees and costs for airing boxing events on Fox, plus interest, costs and attorney fees. In August&nbsp;2004, we reached an agreement with NSP in which NSP agreed to forbear from further action against us in exchange for full payment over time of $239,000, plus deferred interest. We paid only $65,000 of such amount. In November&nbsp;2006, NSP was awarded a judgment in the amount of $256,000 plus interest. As of September&nbsp;30,&nbsp;2007, our recorded liability for this matter is $191,000,&nbsp;including accrued interest.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Golden Gloves (PTY) Limited</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On November&nbsp;13,&nbsp;2001, Golden Gloves (PTY) Limited, a boxing promoter based in Johannesburg, South Africa, commenced an action in the Supreme Court of the State of New York against us and our former president, alleging that we breached an agreement to share certain profits related to certain boxers. In February&nbsp;2003, we agreed to pay $580,000. We have not made any payments pursuant to the settlement agreement.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">J.P. Morgan Chase &amp; Company</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">On January&nbsp;13,&nbsp;2004, J.P. Morgan Chase &amp; Company (&lsquo;&lsquo;Chase&rsquo;&rsquo;) obtained a judgment in the amount of $95,000 against Cedric Kushner, our former President, and us in connection with our default on an outstanding note. In May&nbsp;2004, Chase agreed to allow us to pay the outstanding principal amount, plus interest at 4% per annum, in 60 monthly payments of $2,000 each, in exchange for forbearance on any additional efforts to collect upon the unsatisfied portion of the balance. The balance on this obligation at September&nbsp;30,&nbsp;2007 amounted to $88,000, including accrued interest. We are not in compliance with the terms set forth in the forbearance agreement.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Other</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">There are other matters in which we entered into settlements in prior years for which we have not made the required payments.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In the opinion of management, on the advice of counsel, we have made adequate provision for potential liabilities, if any, arising from litigation settlements and other claims arising from the above matters. As of September&nbsp;30,&nbsp;2007, we accrued $1.9&nbsp;million, with respect to such matters. However, the costs and other effects of pending or future litigation, governmental investigations, legal and administrative cases and proceedings (whether civil or criminal), settlements, judgments and investigations, claims and changes in those matters (including those matters described above), and developments or assertions by or against us relating to contractual rights related to boxers and the promotion of boxing events, intellectual property rights and intellectual property licenses, could have a material adverse effect on the our business, financial condition and operating results.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">26</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page27"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In October&nbsp;2007, the Company initiated a private offering of units each consisting of a note payable for $50,000 and 25,000 shares of the Company&rsquo;s common stock, for a purchase price of $50,000 per Unit, up to an aggregate purchase price of up to $1,000,000 plus and over-allotment option of $500,000. &nbsp;&nbsp;The notes payble will not bear interest and will be repayable upon the earlier of (i) the Company closing on the receipt of the first $1,500,000 from the Company&rsquo;s next private offering of common stock, from which the note holders are to be paid back , or (ii) three months from the date of the notes.&nbsp;In the event of default, as defined, the note holders have the option to convert the outstanding principal amount into shares of common stock equal to 150% of the principal amount at a conversion price equal to the five-day closing bid average of the common stock prior to the date of the default.&nbsp;&nbsp;All the common stock issuable under this arrangement are subject to piggyback registration rights.&nbsp;As of November&nbsp;13,&nbsp;2007, the Company received $150,000 in connection with this offering.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In July&nbsp;2007, the Company initiated a private offering of units consisting of shares of common stock and warrants to purchase its common stock at an offering price of $25,000 per unit for up to 42.5 units plus an over-allotment option of .8 units. Each unit consisted of 25,000 shares of common stock and warrants to purchase 12,500 shares The warrants have an exercise price of $1 per share are exercisable for cash for a period of three years. The terms of the offering provided that the first $1.5&nbsp;million of net proceeds raised were immediately available to the Company for working capital purposes. The next $2.5&nbsp;million of net capital was to be held in escrow by counsel to the Company to be released upon the Company obtaining written agreements from creditors to settle such claims such that the Company&rsquo;s liabilities would be reduced by at least 60% in exchange for not more than $2,500,000 plus shares and any other non-cash consideration. The liability reduction requirement was reduced pro rata if less than $4,000,000 of net capital was raised. The proceeds from the over-allotment option, if any, were to be available for working capital, if exercised. The shares, including those exercisable upon exercise of the warrants, are subject to piggyback registration rights. As of September&nbsp;30,&nbsp;2007, the Company received $630,000, net of fees, in connection with the offering and terminated the offering.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Also in July&nbsp;2007 in accordance with a consulting agreement entered into in 2006, we issued the third quarterly installments of 50,000 shares to the consultant&rsquo;s designees.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company is in default of substantially all of its outstanding notes and loans payable. The Company hopes to remedy these defaults through additional borrowings, conversion of existing debt to equity, ownership contributions, and/or renegotiation of existing terms and conditions of notes and loans payable in default. If the Company is unable to cure these defaults, it may significantly impede the Company&rsquo;s ability to raise additional funds and/or to conduct normal business operations.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company has no other information to report, which might otherwise be reported under Form 8-K.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">27</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page28"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Exhibit</font>
<br>
<font style="opacity:100; position:relative; "> Number</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Description</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2.1*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Agreement and Plan of Merger, dated as of August&nbsp;2,&nbsp;2001, by and among the Company, Zenascent Newco, Inc., Cedric Kushner Boxing, Inc., Cedric Kushner and James DiLorenzo. (2)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2.2*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Agreement and Plan of Merger, dated as of September&nbsp;17,&nbsp;2001, by and among the Company, Zenascent Newco, Inc., Cedric Kushner Boxing, Inc., Cedric Kushner Promotions, Ltd., Cedric Kushner and James DiLorenzo. (2)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2.3*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Agreement and Plan of Merger, dated as of February&nbsp;21,&nbsp;2002, by and among the Company, Zenascent Newco, Inc., Cedric Kushner Boxing, Inc., Cedric Kushner Promotions, Ltd., Cedric Kushner and James DiLorenzo. (2)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2.4*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certificate of Ownership and Merger of Cedric Kushner Promotions, Inc. (15)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.1*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Articles of Incorporation of the Registrant (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.2*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certificate of Amendment of Certificate of Designation, Preferences and Rights of Series B Convertible Stock of Cedric Kushner Promotions, Inc., dated February&nbsp;19,&nbsp;2004. (4)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.3*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">By-laws of Registrant (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.4*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certificate of Designation, Preferences and Rights of Series E Convertible Preferred Stock of Cedric Kushner Promotions, Inc., dated October&nbsp;25,&nbsp;2004. (5)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.5*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amendment to the By-Laws of the Registrant (8)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">3.6*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amendments to the Certificate of Incorporation of the Registrant (8)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">4.1*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Specimen common stock Certificate (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.1*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">1998 Incentive and Non-qualified Stock Option Plan (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.2*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form of Incentive Stock Option Agreement under 1998 Incentive and Non-qualified Stock Option Plan (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.3*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form of Non-qualified Stock Option Agreement under 1998 Incentive and Non-qualified Stock Option Plan (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.4*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form of Non-qualified Stock Option Agreement for Outside Directors under 1998 Incentive and Non-qualified Stock Option Plan (1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.5*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consulting Agreement, effective August&nbsp;1,&nbsp;2001, between the Company and Investor Relations Services, Inc. (2)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.6*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consulting Agreement, effective March&nbsp;24,&nbsp;2004, between the Company and</font>
<br>
<font style="opacity:100; position:relative; "> Buster Mathis, Jr. (3) (6)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.7*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Promissory Note, dated September&nbsp;1,&nbsp;2003, between the Company and Dewayne Layfield.&nbsp;(3)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.8*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">2002 Incentive and Non-qualified Stock Option Plan (5)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.9*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form of Warrant to Purchase Common Stock, executed between July&nbsp;2004 and August&nbsp;2004, between the Company and various purchasers in a private placement. (4)</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">28</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page29"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Exhibit</font>
<br>
<font style="opacity:100; position:relative; "> Number</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Description</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.10*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Term Sheet for Modification of Loan and Consulting Arrangements dated as of February&nbsp;10,&nbsp;2005, by and among Livingston Investments, LLC, Mackin Charitable Remainder Trust, Cedric Kushner Promotions, Inc., Cedric Kushner Promotions, Ltd. and Cedric Kushner Boxing, Inc. (7)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.11*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Conversion Agreement, dated February&nbsp;15,&nbsp;2005, between the Company and a Note Holder (8)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.12*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form of Conversion Agreement dated as of June&nbsp;15,&nbsp;2005. (9)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.13*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Subscription Agreement dated as of June&nbsp;28,&nbsp;2005 by and between Ckrush Entertainment, Inc. and the investors named on the signature pages thereto. (10)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.14*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Guaranty Agreement dated as of June&nbsp;28,&nbsp;2005 by and between Ckrush Entertainment, Inc., Cedric Kushner Promotions, Inc. and Cornell Capital Partners, L.P. (10)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.15*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Security Agreement dated as of June&nbsp;28,&nbsp;2005 by and between Ckrush Entertainment, Inc., and Cornell Capital Partners, L.P. (10)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.16*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Pledge and Escrow Agreement dated as of June&nbsp;28,&nbsp;2005 by and between Cedric Kushner Promotions, Inc., Cornell Capital Partners, L.P. and David Gonzalez, Esq. (10)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.17*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Operating Agreement of Identity Films &amp; Company, LLC dated as of June&nbsp;27,&nbsp;2005 by and between Ckrush Entertainment, Inc. and Identity Films, LLC. (11)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.18*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Contribution and Indemnification Agreement dated as of June&nbsp;30,&nbsp;2005 by and between Cedric Kushner Promotions, Inc. and World Wide South Beach, LLC. (12)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.19*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amendment No. 1 to the Class A Common Stock and Installment Payment Agreement dated as of June&nbsp;30,&nbsp;2005 by and between Cedric Kushner Promotions, Inc. and the investors named on the signature page thereto. (12)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.20*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consulting Agreement dated September&nbsp;24,&nbsp;2005 by and between Ckrush Sports, Inc. and Dino Duva. (13)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.21*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">License Agreement dated November&nbsp;1,&nbsp;2005 by and between Big Content, Inc. and English Distribution, LLC. (14)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.22*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Termination of Loan and Related Agreements dated as of November&nbsp;1,&nbsp;2005, by and among Livingston Investments, LLC, Mackin Charitable Remainder Trust, Cedric Kushner Promotions, Inc., Cedric Kushner Promotions, Ltd. and Cedric Kushner Boxing, Inc. (14)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.23*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Termination of Guarantee dated November&nbsp;1,&nbsp;2005 by and between Livingston Investments, LLC, Cedric Kushner Promotions, Inc. and James DiLorenzo. (14)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.24*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Executive Employment Agreement dated February&nbsp;13,&nbsp;2006 with Jan E. Chason. (18)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.25*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consulting Agreement dated October&nbsp;12,&nbsp;2006 between the Registrant and Joe Abrams&nbsp;(15)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.26*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Employment Agreement, dated November&nbsp;20,&nbsp;2006 between the Registrant and Roy Roberts (16)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.27*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Employment Agreement, dated November&nbsp;20,&nbsp;2006 between the Registrant and Jeremy Dallow (16)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">10.28*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consulting Agreement dated November&nbsp;20,&nbsp;2006 between the Registrant and Philabelle Consulting LLC (16)</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">29</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page30"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Exhibit</font>
<br>
<font style="opacity:100; position:relative; "> Number</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Description</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">14.1*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Code of Ethics.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">21*</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Ckrush, Inc. subsidiaries</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">31.1</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">31.2</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">32.1</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">32.2</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">99.1</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Final Judgment dated December&nbsp;1,&nbsp;2005 as to Defendant Cedric Kushner</font>
<br>
<font style="opacity:100; position:relative; "> Promotions, Inc. (17)</font></font></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 18pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">*</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Previously filed.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(1)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form SB-2 filed with the Securities and Exchange Commission on July&nbsp;7,&nbsp;1998</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(2)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on May&nbsp;15,&nbsp;2002</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(3)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 10-KSB filed with the Securities and Exchange Commission on June&nbsp;25,&nbsp;2004</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(4)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 10-QSB filed with the Securities and Exchange Commission on August&nbsp;13,&nbsp;2004</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(5)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Information Statement on Schedule 14A-6 filed with the Securities and Exchange Commission on November&nbsp;12,&nbsp;2004</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(6)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Registration Statement on Form S-8 filed with the Securities and Exchange Commission on January&nbsp;18,&nbsp;2005</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(7)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 15,&nbsp;2005</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(8)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 10-KSB filed with the Securities and Exchange Commission on May&nbsp;13,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(9)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on June 21,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(10)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 5,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(11)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 8,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(12)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 14,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(13)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 10-QSB filed with the Securities and Exchange Commission on October 6,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(14)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 10-QSB filed with the Securities and Exchange Commission on November 21,&nbsp;2005.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">30</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page31"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(15)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on October&nbsp;17,&nbsp;2006.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(16)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on November 22,&nbsp;2006.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(17)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on December 5,&nbsp;2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: 25pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(18)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 17,&nbsp;2006.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">31</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SIGNATURES</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="241"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="345"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 16pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">CKRUSH, INC. &amp; SUBSIDIARIES</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 22pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Date: November&nbsp;14,&nbsp;2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 22pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">/s/ Jeremy Dallow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Jeremy Dallow</font>
<br>
<font style="opacity:100; position:relative; ">Chief Executive Officer</font>
<br>
<font style="opacity:100; position:relative; ">(Principal Executive Officer)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Date: November&nbsp;14,&nbsp;2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 16pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">/s/ Jan E. Chason</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Jan E. Chason</font>
<br>
<font style="opacity:100; position:relative; ">Executive Vice President and CFO</font>
<br>
<font style="opacity:100; position:relative; ">(Principal Financial and Accounting Officer)</font></font></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>CERTIFICATION OF CEO PURSUANT TO RULE 13A-14(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Exhibit 31.1</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">I, Jeremy Dallow, certify that:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(1)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">I have reviewed this quarterly report on Form 10-QSB of Ckrush, Inc.;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(2)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">Based on my knowledge, this quarterly 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 quarterly report;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(3)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this quarterly report;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(4)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The small business issuer&rsquo;s other certifying officers 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)) for the small business issuer and we have:</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(a)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">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 small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(b)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Evaluated the effectiveness of the small business issuer&rsquo;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 upon based such evaluation; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(c)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Disclosed in this report any change in the small business issuer&rsquo;s internal control over financial reporting that occurred during the small business issuer&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer&rsquo;s internal control over financial reporting;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(5)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The small business issuer&rsquo;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer&rsquo;s auditors and the audit committee of the small business issuer&rsquo;s board of directors (or persons performing the equivalent function):</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(a)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">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 small business issuer&rsquo;s ability to record, process, summarize and report financial information; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(b)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer&rsquo;s internal controls over financial reporting.</font></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="182"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="404"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Dated: November&nbsp;14,&nbsp;2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">By:&nbsp;&nbsp;&nbsp;</font><font style="opacity:100; position:relative; ">/s/ Jeremy Dallow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeremy Dallow</font>
<br>
<font style="opacity:100; position:relative; "> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</font></font></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>file3.htm
<DESCRIPTION>CERTIFICATION OF CFO PURSUANT TO RULE 13A-14(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Exhibit 31.2</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PRINCIPAL FINANCIAL OFFICER CERTIFICATION</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">I, Jan E. Chason, certify that:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(1)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">I have reviewed this quarterly report on Form 10-QSB of Ckrush, Inc.;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(2)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">Based on my knowledge, this quarterly 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 quarterly report;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(3)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this quarterly report;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(4)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The small business issuer&rsquo;s other certifying officers 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)) for the small business issuer and we have:</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(a)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">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 small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(b)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Evaluated the effectiveness of the small business issuer&rsquo;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 upon based such evaluation; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(c)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Disclosed in this report any change in the small business issuer&rsquo;s internal control over financial reporting that occurred during the small business issuer&rsquo;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuer&rsquo;s internal control over financial reporting;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(5)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The small business issuer&rsquo;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer&rsquo;s auditors and the audit committee of the small business issuer&rsquo;s board of directors (or persons performing the equivalent function):</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(a)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">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 small business issuer&rsquo;s ability to record, process, summarize and report financial information; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(b)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 416pt;"><font style="opacity:100; position:relative; ">Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer&rsquo;s internal controls over financial reporting.</font></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="182"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="404"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Dated: November&nbsp;14,&nbsp;2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">By:&nbsp;&nbsp;&nbsp;</font><font style="opacity:100; position:relative; ">/s/ Jan E. Chason&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan E. Chason</font>
<br>
<font style="opacity:100; position:relative; "> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President &amp; Chief Financial Officer</font></font></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>file4.htm
<DESCRIPTION>CERTIFICATION OF CEO PURSUANT TO SECTION 1350
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Exhibit 32.1</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CERTIFICATION PURSUANT TO</font>
<br>
<font style="opacity:100; position:relative; ">18 U.S.C. SECTION 1350,</font>
<br>
<font style="opacity:100; position:relative; ">AS ADOPTED PURSUANT TO</font>
<br>
<font style="opacity:100; position:relative; ">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In connection with the Quarterly Report of Ckrush, Inc. (the &lsquo;&lsquo;Company&rsquo;&rsquo;) on Form 10-QSB for the period ending September&nbsp;30,&nbsp;2007 as filed with the Securities and Exchange Commission on the date hereof (the &lsquo;&lsquo;Report&rsquo;&rsquo;), I, Jeremy Dallow, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. &sect;&nbsp;1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(1)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(2)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</font></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="170"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="397"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Dated: November l4, 2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">By:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">/s/ Jeremy Dallow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Jeremy Dallow</font>
<br>
<font style="opacity:100; position:relative; "> Chief Executive Officer</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">This certification accompanies this Report on Form 10-QSB pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">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 with 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>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>file5.htm
<DESCRIPTION>CERTIFICATION OF CFO PURSUANT TO SECTION 1350
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<DIV STYLE="page-break-before: always;"></DIV><BR>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Exhibit 32.2</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CERTIFICATION PURSUANT TO</font>
<br>
<font style="opacity:100; position:relative; ">18 U.S.C. SECTION 1350,</font>
<br>
<font style="opacity:100; position:relative; ">AS ADOPTED PURSUANT TO</font>
<br>
<font style="opacity:100; position:relative; ">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In connection with the Quarterly Report of Ckrush, Inc. (the &lsquo;&lsquo;Company&rsquo;&rsquo;) on Form 10-QSB for the period ending September 30,&nbsp;2007 as filed with the Securities and Exchange Commission on the date hereof (the &lsquo;&lsquo;Report&rsquo;&rsquo;), I, Jan E. Chason, Executive Vice President &amp; Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, that:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(1)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 20pt;"><font style="opacity:100; position:relative; ">(2)</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 436pt;"><font style="opacity:100; position:relative; ">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</font></td>
</tr>
</table>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;margin-bottom:10px;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="170"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="397"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Dated: November&nbsp;14,&nbsp;2007</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">By:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 8pt; background-color: #ffffff;	" align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">/s/ Jan E. Chason&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff; border-right: none"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Jan E. Chason</font>
<br>
<font style="opacity:100; position:relative; "> Executive Vice President &amp; Chief Financial Officer</font></font></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">This certification accompanies this Report on Form 10-QSB pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">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 with 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>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>ebox.gif
<TEXT>
begin 644 ebox.gif
M1TE&.#EA"@`*`(```````/___R'Y!```````+``````*``H```(1A(\0RVO=
-'G1J!CDQU+'FE!0`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>xbox.gif
<TEXT>
begin 644 xbox.gif
M1TE&.#EA"@`*`(```````/___R'Y!```````+``````*``H```(6A(\0RVNA
2F'K0N0@QS3+Z6TE<TR5(`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>spacer.gif
<TEXT>
begin 644 spacer.gif
K1TE&.#EA`0`!`(```````````"'Y!`$`````+``````!``$```("1`$`.S\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
