false
--12-31
FY
2011
2011-12-31
10-K
0001285543
244194973
Yes
Smaller Reporting Company
4579434
StrikeForce Technologies Inc.
No
No
163404
-163745
-66053
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<div> <div><!--StartFragment--> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 6 - Convertible Notes Payable</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Convertible notes payable at December 31, 2011 and 2010 consisted of the following:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="549"> </td> <td width="12"> </td> <td width="75"> </td> <td width="12"> </td> <td width="0.6"> </td> <td width="74"> </td> <td width="0.6"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2010</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (1) Convertible note bearing interest at 8% per annum, originally scheduled to mature on March 28, 2008, with a conversion price of $9.00 per share. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 235,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 235,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (2) Convertible non-interest bearing note, having a conversion price of $9.00 per share which was originally scheduled to mature on June 30, 2006.As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">7,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">7,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (3) Convertible notes bearing interest at 8% per annum with a conversion price of $9.00 per share which was originally scheduled to mature on December 31, 2010. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (4) Convertible note bearing interest at 9% per annum with a conversion price of $1.40 per share which was originally scheduled to mature on December 9, 2010. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 200,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 200,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (5) Convertible note bearing interest at 9% per with a conversion price of $0.80 per share which was originally scheduled to mature on December 31, 2010. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: right"><br /> </p> <p style="MARGIN: 0px; text-align: right"><br /> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 150,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 150,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (6) 18% convertible note which matured November 2008 with a conversion price of $0.50 per share and 6,667 shares of the Company's common stock.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">3,512</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">3,512</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 12pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> <font style="FONT-SIZE: 9pt">(7) Note executed in May 2007 bearing interest at 9% per annum with a conversion price of $0.35 per share which was originally scheduled to mature December 31, 2010. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</font></p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (8) Convertible notes executed in June 2007 bearing interest at 8% per annum which was originally scheduled to mature on December 29, 2010. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (9) Convertible note executed in July 2007 bearing interest at 8% per annum which was originally scheduled to mature on January 2, 2011. As of December 31, 2011, the Company has not received a response from the note holder regarding a settlement agreement.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (10) Convertible notes executed in August 2007 bearing interest at 9% per annum which was originally scheduled to mature on August 9, 2010. The Company is pursuing extensions.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 120,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 120,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (11) Convertible notes executed in December 2009 bearing interest at 9% per annum maturing on December 1, 2012, with a conversion price of $0.105 per share. The Company issued 200,000 warrants with an exercise price of $0.10 per share and an expiration date of December 1, 2012. For the years ended December 31, 2011 and 2010, the Company expensed $7,953 and $7,953, respectively, of financing expenses related to the warrants issued for the notes.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (12) Convertible note executed in March 2010 for $250,000, bearing interest at 8% per annum, maturing on March 31, 2015. If the loan is funded in full within 180 days of execution, then the note holder may lend up to an additional $500,000 to the Company. In March 2010, the Company received the first tranche of $30,000 from the note holder. No further notes have been executed with the lender.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 30,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 30,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (13) Convertible note executed in December 2011 for $75,000, bearing interest at 4% per annum, maturing on December 5, 2012 per a term sheet executed in November 2011 with an investor firm, whereby the firm will invest up to $450,000, in tranches of $75,000 per month for six months, in the Company in the form of convertible promissory notes, bearing interest of 4% per year, with maturity dates of 12 months from the date issuance. A broker fee of 12% will be deducted from each tranche and the notes will include a 15% prepayment penalty (see Note 13).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 75,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,220,512</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,145,512</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; PADDING-RIGHT: 8px; FONT-SIZE: 9pt"> Long term portion</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (30,000)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (80,000)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,190,512</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,065,512</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="549"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; PADDING-RIGHT: 8px; FONT-SIZE: 9pt"> Discount on convertible notes payable</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (85,511)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (3,432)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" width="549"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; PADDING-RIGHT: 8px; FONT-SIZE: 9pt"> Current maturities, net of discount</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,105,001</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="75" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 1,062,080</p> </td> </tr> </table> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Interest expense for the convertible notes payable for the years ended December 31, 2011 and 2010 was $97,854 and $97,047, respectively.</p> </div> <!--EndFragment--></div> </div>
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<div> <div><!--StartFragment--> <div style="WIDTH: 720px"> <p style="TEXT-INDENT: -80px; MARGIN: 0px; PADDING-LEFT: 80px"> <strong>Note 7 - Convertible Notes Payable - Related Parties</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Convertible notes payable - related parties at December 31, 2011 and 2010 consisted of the following:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="557"> </td> <td width="15"> </td> <td width="77"> </td> <td width="16"> </td> <td width="0.733"> </td> <td width="78"> </td> <td width="0.733"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2010</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(1) Convertible note with the VP of Technology bearing interest at the prime rate plus 2% per annum which was originally scheduled to mature on September 30, 2010, and a conversion price of $10.00 per share. The Company issued 500 warrants with an exercise price of $10.00 per share. The Company is pursuing an extension.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(2) Convertible note which matured with the VP of Technology bearing interest at the prime rate plus 4% per annum which matured on September 30, 2010, and a conversion price of $10.00 per share. The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">7,500</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">7,500</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(3) Convertible notes with the CEO bearing interest at 8% per annum which was originally scheduled to matured on April 30, 2011, and a conversion price of $10.00 per share. The Company issued 1,800 warrants with an exercise price of $10.00 per share and expiration dates of February 4, 2014, September 7, 2014 and August 16, 2015. The Company is pursuing extensions.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 230,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 230,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(4) Convertible notes with a software developer bearing interest at 8% per annum which was originally scheduled to mature on June 30, 2010, and a conversion price of $10.00 per share. The Company issued 150 warrants with an exercise price of $10.00 per share and expiration dates of August 26, 2015 and September 29, 2015. The Company is pursuing extensions.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 15,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 15,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(5) Convertible note with a relative of the former Chief Financial Officer bearing interest at 8% per annum which matured on June 30, 2010, and a conversion price of $10.00 per share. The Company issued 50 warrants with an exercise price of $10.00 per share and an expiration date of December 7, 2015. The Company is pursuing an extension.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">5,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">5,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(6) Convertible note with a software developer bearing interest at 8% per annum which matured on June 30, 2010, and a conversion price of $10.00 per share. The Company issued 100 warrants with an exercise price of $10.00 per share and an expiration date of December 6, 2015. In April 2007, the interest calculation was amended from simple to compound effective April 1, 2007. The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 10,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 10,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(7) Convertible notes with the Office Manager bearing compound interest at 8% per annum which was originally scheduled to mature on June 30, 2010, and a conversion price of $10.00 per share. The Company issued 800 warrants with an exercise price of $10.00 per share and expiration dates of December 28, 2015 and January 9, 2016. Per the terms of a debt purchasing agreement formalized with a consultant in September 2011, the Company sold one of the notes, in the amount of $10,000, including accrued interest, to the consultant in October 2011 (see Note 16).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 48,755</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 58,755</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(8) Convertible notes with the CEO bearing compound interest at 8% per annum which was originally scheduled to mature on April 30, 2011, and a conversion price of $10.00 per share. The Company issued 380 warrants with an exercise price of $10.00 per share and expiration dates of January 18, 2016 and February 28, 2016. The Company is pursuing extensions.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 38,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 38,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="557"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: justify">(9) Convertible note with a software developer bearing compound interest at 8% per annum with an original maturity date of June 30, 2010, and a conversion price of $7.50 per share. The Company issued 50 warrants with an exercise price of $10.00 per share and an expiration date of March 6, 2016. The Company is pursuing an extension.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">5,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">5,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="557"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 409,255</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="79" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 419,255</p> </td> </tr> </table> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">At December 31, 2011 and 2010, accrued interest due for the convertible notes - related parties was $245,652 and $201,040, respectively, and is included in accrued expenses in the accompanying balance sheets. Interest expense for convertible notes payable - related parties for the years ended December 31, 2011 and 2010 was $44,612 and $41,461, respectively. </p> </div> <!--EndFragment--></div> </div>
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 11 - Convertible Secured Notes Payable</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Convertible secured notes payable consisted of the following at December 31, 2011 and 2010:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="373"> </td> <td width="10"> </td> <td width="12"> </td> <td width="76"> </td> <td width="12"> </td> <td width="14"> </td> <td width="12"> </td> <td width="77"> </td> <td width="9"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="373"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="88" colspan="2"> <p style="MARGIN: 0px; text-align: center"><strong>December 31,</strong></p> <p style="MARGIN: 0px; text-align: center"> <strong>2011</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="89" colspan="2"> <p style="MARGIN: 0px; text-align: center"><strong>December 31,</strong></p> <p style="MARGIN: 0px; text-align: center"> <strong>2010</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="373"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px"> Citco Global Custody NV (assigned from YA Global/Highgate)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">542,588</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="MARGIN: 0px; text-align: right">542,588</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="373"> <p style="TEXT-INDENT: -16px; MARGIN: 0px; PADDING-LEFT: 16px"> Steeltown Consulting Group, LLC (assigned from YA Global)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="MARGIN: 0px; text-align: right">364,126</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="373"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px"> Total convertible secured notes payable</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">542,588</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="MARGIN: 0px; text-align: right">906,714</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px"> </p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">At December 31, 2011, the Company's outstanding convertible secured notes payable are secured through the note holder's claim on the Company's intellectual property.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2010, the balance of the YA Global April 2009 secured convertible debenture, of $231,320, the principal balance due of the YA Global May 2006 promissory note of $100,000 and the accrued interest owed on the promissory note of $32,806 was transferred to PMI Technologies, Inc. ("PMI"). The total amount transferred to PMI was $364,126. In connection with this transfer, the Company paid a transfer fee of $200,000, recorded as financing expense, to YA Global in December 2010. As of December 2010, YA Global is no longer a secured lender to StrikeForce.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2010, the Company executed an amendment to the PMI transfer agreement whereby the secured convertible balance owed to PMI was distributed among five unrelated parties, one of whom was PMI. The due dates of the notes were extended to December 31, 2012 and the conversion price was modified to a fixed price of $0.004551576875 per share. Additionally, the amendment called for the Company to make available to the note holders the opportunity to offer financing to the Company via the sale of a total of 120,000,000 five year warrants exercisable into shares of the Company's common stock at $0.03 per share.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In April 2011, the Company executed an amendment to the PMI transfer agreement whereby the Company consented to the assignment of the remaining balance due to PMI, in the amount of $85,805, to Steeltown Consulting Group, LLC ("Steeltown") and its assignees. Additionally, the conversion price was modified to a fixed price of $0.0007603 per share (see Notes 2 and 15). The amendment also called for the Company to make available to the note holders the opportunity to offer financing to the Company through the sale of a total of 50,000,000 three year warrants exercisable into shares of the Company's common stock as a ladder at $0.02, $0.04, $0.08, $0.12, $0.15 each per share for each ten million warrants equally distributed among the warrant holders.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In September 2011, the Company notified the Steeltown note holders of its intention to redeem the balance due of the debentures in full and, on September 12, 2011, the Company redeemed the balance due on the debentures of $35,793, thereby eliminating the right for additional conversions.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Conversions to Common Stock</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">For the years ended December 31, 2011 and 2010, Citco Global had no conversions.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">For the year ended December 31, 2011, PMI converted $47,561, $53,092, $73,040 and $11,379 of the April 23, 2009 debenture (as assigned by YA Global on December 23, 2010) into 10,449,389, 11,664,549, 16,047,276 and 2,500,000 shares of the Company's common stock in January, February, March and April 2011, respectively, pursuant to the terms of the Securities Purchase Agreement. The January 2011 conversions were made on January 10, 2011 with $33,906 converted into 7,449,389 shares and on January 28, 2011 with $13,655 converted into 3,000,000 shares. The February 2011 conversions were made on February 2, 2011 with $34,292 converted into 6,875,000 shares, on February 4, 2011 with $3,200 converted into 1,362,165 shares, on February 14, 2011 with $6,600 converted into 1,450,047 shares, on February 15, 2011 with $7,000 converted into 1,537,928 shares and on February 17, 2011 with $2,000 converted into 439,409 shares. The March 2011 conversions were made on March 8, 2011 with $43,000 converted into 9,447,276 shares, on March 14, 2011 with $15,475 converted into 3,400,000 shares, on March 18, 2011 with $10,013 converted into 2,200,000 shares and on March 29, 2011 with $4,552 converted into 1,000,000 shares. The April 2011 conversion was made on April 14, 2011.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">For the year ended December 31, 2011, Steeltown converted $5,702, $13,624, $7,518, $3,041 and $20,126 of the April 23, 2009 debenture (as assigned by YA Global on December 23, 2010) into 7,499,671, 17,919,702, 9,884,404, 4,000,000 and 26,470,643 shares of the Company's common stock in May, June, July, August and September 2011, respectively, pursuant to the terms of the Securities Purchase Agreement. The May 2011 conversions were made on May 3, 2011 with $3,802 converted into 5,000,657 shares and on May 25, 2011 with $1,900 converted into 2,499,014 shares. The June 2011 conversions were made on June 3, 2011 with $3,041 converted into 4,000,000 shares, on June 6, 2011 with $3,740 converted into 4,919,702 shares, on June 8, 2011 with $3,802 converted into 5,000,000 shares and on June 15, 2011 with $3,041 converted into 4,000,000 shares. The July 2011 conversions were made on July 6, 2011 with $760 converted into 1,000,000 shares, on July 12, 2011 with $2,348 converted into 3,084,404 shares, on July 13, 2011 with $1,141 converted into 1,500,000 shares and on July 21, 2011 with $3,269 converted into 4,300,000 shares. The August 2011 conversions were made on August 1, 2011 with $1,520 converted into 2,000,000 shares and on August 15, 2011 with $1,521 converted into 2,000,000 shares. The September 2011 conversions were made on September 6, 2011 with $2,737 converted into 3,600,000 shares, on September 7, 2011 with $6,463 converted into 8,500,000 shares and on September 8, 2011 with $10,926 converted into 14,370,643 shares. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">For the year ended December 31, 2010, YA Global converted $46,600 of the April 23, 2009 debenture into 18,819,760 shares of the Company's common stock, pursuant to the terms of the Securities Purchase Agreement. The conversions were made on March 1, 2010 for $10,000 at a conversion price of $0.0256 per share for 390,625 shares, on July 7, 2010 for $4,300 at a conversion price of $0.0036 per share for 1,194,444 shares, on July 28, 2010 for $2,600 at a conversion price of $0.002104 per share for 1,235,741 shares, on August 26, 2010 for $2,800 at a conversion price of $0.002152 per share for 1,301,115 shares, on September 13, 2010 for $3,300 at a conversion price of $0.0024 per share for 1,375,000 shares, on September 24, 2010 for $3,100 at a conversion price of $0.002152 per share for 1,440,520, shares on October 12, 2010 for $3,600 at a conversion price of $0.0024 per share for 1,500,000 shares, on October 19, 2010 for $3,300 at a conversion price of $0.002104 per share for 1,568,441 shares, on October 29, 2010 for $2,600 at a conversion price of $0.0016 per share for 1,625,000 shares, on November 8, 2010 for $4,400 at a conversion price of $0.001304 per share for 3,374,233 shares, on November 9, 2010 for $2,700 at a conversion price of $0.001448 per share for 1,864,641 shares and on November 30, 2010 for $3,900 at a conversion price of $0.002 per share for 1,950,000 shares.</p> <!--EndFragment--></div> </div>
542588
906714
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 5 - Deferred Royalties</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Deferred royalties previously recorded as non-current assets were determined to be without any future value at June 30, 2010. Accordingly, management of the Company recorded an impairment of deferred royalties of $979,608 for the year ended December 31, 2010.</p> <!--EndFragment--></div> </div>
85511
3432
14915
44009
209192
209192
66479
66479
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 3 - Going Concern</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As reflected in the accompanying financial statements, the Company has a working capital deficiency of $9,634,490 and $8,752,954 and deficits in stockholders' equity of $10,261,974 and $10,352,468 at December 31, 2011 and 2010, respectively, and net losses of $5,487,053 and $2,874,462 and net cash used in operating activities of $982,200 and $346,567 for each of the years then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Currently, management is attempting to increase revenues and improve gross margins by a revised sales strategy. In principle, the Company is redirecting its sales focus from direct sales to domestic and international channel sales, where the Company is primarily selling through a channel of Distributors, Value Added Resellers, Strategic Partners and Original Equipment Manufacturers. While the Company believes in the viability of its strategy to increase revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to continually increase its customer base and realize increased revenues from recently signed contracts.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p> <!--EndFragment--></div> </div>
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20000
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987000
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<div> <div><!--StartFragment--> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 8 - Notes Payable</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Notes payable at December 31, 2011 and 2010 consisted of the following:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="597"> </td> <td width="21"> </td> <td width="77"> </td> <td width="21"> </td> <td width="76"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: center"> December 31,</p> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: center"> 2011</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: center"> December 31,</p> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: center"> 2010</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(1) Seventy units, sold in 2008, with each unit consisting of a 10% promissory note of $25,000, maturing three years from the execution date and with a 10% discount rate, and 82,000 non-dilutable (for one year) restricted shares of the Company's common stock, at market price. Per the terms of a debt purchasing agreement formalized with a consultant in September 2011, the Company sold notes for $50,000 in July 2011 and $25,000 in August 2011, including accrued interest, to the consultant (see Note 16). Per the terms of a settlement agreement that the Company executed with the estate of a deceased note holder in November 2011, the Company settled a $25,000, note for restricted shares of its common stock, in December 2011, issued to two beneficiaries of the estate (see Note 14). The Company is pursuing extensions on the remaining notes.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 1,650,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 1,750,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(2) Promissory note bearing interest at 10% per annum, maturing on January 23, 2012, with a total of 738,000 shares of common stock (see Note 14). The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 225,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 225,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(3) In April 2009 for $50,000, the Company sold two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company's common stock, at market price. The shares were issued in April 2009. In April 2009, the Company signed an agreement whereby the note is to be repaid from the proceeds of sales of the Company's products sold by the note holder who is a distributor for the Company. For the years ended December 31, 2011 and 2010, sales proceeds of $19,229 and $30,771, respectively, were applied to the note balance (see Notes 13 and 14).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 19,229</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(4) In May 2009, the Company sold two units with each unit consisting of a 10% promissory note of $25,000, maturing on April 20, 2012, and 50,000 restricted shares of the Company's common stock, at market price. The 100,000 shares were issued in June 2009 (see Note 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(5) 10% promissory notes of $50,000 and 82,000 shares of the Company's common stock, valued at market price, for a total of 164,000 shares of common stock, issued in November 2009 (see Note 14).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(6) In June 2009, the Company sold one unit consisting of a 10% promissory note of $25,000, maturing on June 8, 2012, and 50,000 restricted shares of the Company's common stock, at market price. The shares were issued in June 2009 (see Note 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 25,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 25,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(7) In June 2009, the Company sold purchased three units with each unit consisting of a 10% promissory note of $25,000, maturing on June 25, 2012, and 50,000 restricted shares of the Company's common stock, at market price, for a total of 150,000 shares of common stock. The shares were issued in August 2009 (see Note 14).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 75,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 75,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify"> (8) In July 2009, the Company sold 1.4 units with each unit consisting of a 10% promissory note of $25,000, maturing on July 14, 2012 and 50,000 restricted shares of the Company's common stock, at market price, for a total of 70,000 shares of common stock. The shares were issued in August 2009 (see Note 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 35,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 35,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(9) In August 2009 the Company sold one unit consisting of a 10% promissory note of $25,000, maturing on August 18, 2012 and 75,000 restricted shares of the Company's common stock, at market price (see Note 14).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 25,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 25,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(10) In September 2009 the Company sold two units with each unit consisting of a 10% promissory note of $25,000, maturing on September 2, 2012 and 50,000 restricted shares of the Company's common stock, at market price, for a total of 100,000 shares of common stock. The April 2009 agreement whereby the note shall be repaid from the proceeds of sales of the Company's products sold by the note holder who is a distributor for the Company also applies to this note. For the years ended December 31, 2011 and 2010, sales proceeds of $4,485 and $0, respectively, were applied to the note balance (see Notes 13 and 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 45,514</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify"> (11) Promissory note executed in October 2009 for $50,000, maturing on October 20, 2012. Per the terms of the promissory note, the Company sold 3/4 unit with each unit consisting of a 10% promissory note of $25,000 and 133,333 restricted shares of the Company's common stock, at market price, for a total of 100,000 shares of common stock (see Note 14).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 18,750</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 18,750</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(12) Promissory note executed in December 2009 for $7,500, bearing interest at 10% per annum, maturing on December 4, 2012, and 150,000 restricted shares of the Company's common stock, at market price (see Note 14). Per the terms of a debt purchasing agreement formalized with a consultant in September 2011, the Company sold the note, including accrued interest, to the consultant (see Notes 13 and 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 7,500</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(13) Promissory note executed in April 2010 for $80,000, bearing interest at 10% per annum, which matured on July 23, 2010, and 500,000 restricted shares of the Company's common stock, at market price (see Note 10). In May 2011, the Company made a partial payment of $10,000. Per the terms of a settlement agreement that the Company executed with the note holder in January 2012, the Company settled the note, including accrued interest, for unrestricted shares of its common stock (see Note 18).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 70,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 80,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(14) Promissory note executed in May 2010 for $50,000, bearing interest at 10% per annum, maturing on May 21, 2013, and 200,000 restricted shares of the Company's common stock, at market price. The April 2009 agreement whereby the note shall be repaid from the proceeds of sales of the Company's products sold by the note holder who is a distributor for the Company also applies to this note. For the years ended December 31, 2011 and 2010, no sales proceeds were applied to the note balance (see Notes 13 and 14).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(15) Promissory notes executed in July 2011 bearing interest at 10% per annum, maturing on December 31, 2011. The Company issued 1,000,000 warrants with an exercise price of $0.50 per share and an expiration date of July 15, 2014. The fair value of the warrants issued was $26,200. For the year ended December 31, 2011, the Company recorded interest expense of $26,200 relating to the warrants). The Company is pursuing extensions.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 87,500</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">-</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: justify">(16) Promissory note executed in August 2011 bearing interest at 10% per annum, maturing on December 31, 2011. The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">-</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 2,456,764</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 2,460,479</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="MARGIN: 0px; FONT-SIZE: 8.5pt">Long term portion</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> (50,000)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> (630,479)</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 2,406,764</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 1,830,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="597"> <p style="MARGIN: 0px; FONT-SIZE: 8.5pt">Discount on notes payable</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> (14,915)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8.5pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> (44,009)</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="597"> <p style="MARGIN: 0px; FONT-SIZE: 8.5pt">Current maturities, net of discount</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 2,391,849</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="FONT-SIZE: 8.5pt; MARGIN: 0px; text-align: right"> 1,785,991</p> </td> </tr> </table> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Interest expense for notes payable for the years ended December 31, 2011 and 2010 was $246,578 and $252,793, respectively. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The total long term portion of all funded debt is due as follows: 2013-$50,000; 2015-$30,000.</p> </div> <!--EndFragment--></div> </div>
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<div> <div><!--StartFragment--> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 9 - Notes Payable - Related Parties</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Notes payable - related parties at December 31, 2011 and 2010 consisted of the following:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="565"> </td> <td width="12"> </td> <td width="75"> </td> <td width="12"> </td> <td width="75"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2010</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (1) Promissory notes executed with the CEO bearing interest at an amended rate of 8% per annum which matured on April 30, 2011. The Company is pursuing extensions.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 504,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 504,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (2) Promissory note executed with the CEO bearing interest at 9% per annum which matured on April 30, 2011. The Company issued 20,000 warrants with an exercise price of $1.30 per share and an expiration date of May 25, 2011. The fair value of the warrants issued was $24,300. The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 100,000</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (3) Promissory note with the CEO bearing interest at 8% per annum which matured on April 30, 2011. The Company issued 8,800 warrants with an exercise price of $0.50 per share and an expiration date of February 21, 2012. The fair value of the warrants issued was $3,758. The Company is pursuing an extension.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 22,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 22,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (4) Promissory notes with the former President bearing interest at 8% per annum. For the years ended December 31, 2011 and 2010, the Company paid $3,900 and $28,600, respectively (see Note 13).</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">3,900</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (5) 2, 10% promissory notes of $25,000 and 50,000 restricted shares of the Company's common stock, at market price, for a total of 100,000 shares, which matured on April 30, 2011. The Company is pursuing an extension.</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 50,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (6) Promissory notes with the CEO, non-interest bearing, which matured on April 30, 2011. Partial payments of $6,580 were made against the notes in August and September 2010 and $2,700 in February 2011. The Company is pursuing extensions.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 31,420</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 34,120</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (7) In October 2010, the Company assigned the proceeds of six open receivables invoices, totaling $20,761, to its CEO. The assignment was non-interest bearing and fee free with a due date of November 20, 2010. Partial repayments were made in October 2010 for $4,218 and November 2010 for $4,125. The due date of the assignment has been extended to December 31, 2011 (see Note 13).</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 12,418</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 12,418</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-RIGHT: 8px; text-align: justify"> (8) Promissory note executed in March 2011 with the CEO, non-interest bearing, which matured on April 1, 2011. The Company is pursuing an extension.</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">2,800</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="565"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 722,638</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 726,438</p> </td> </tr> </table> <div style="WIDTH: 720px"> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Interest expense for notes payable - related parties for the years ended December 31, 2011 and 2010 was $56,100 and $56,529, respectively.</p> <p style="MARGIN: 0px; text-align: justify"> </p> </div> <!--EndFragment--></div> </div>
-6600
-72643
-129041
53901
53901
3
0
3
0
100
100
0.1
0.1
100000000
100000000
0
0
0
0
75000
30000
2800
140581
287150
28500
11000000
12894118
1100
1289
286050
27211
560313
321000
560313
321000
987000
2980
<!--egx--><p style="MARGIN:0in 0in 0pt 59.75pt; TEXT-INDENT:-59.75pt; TEXT-ALIGN:justify"><b><font style="FONT-SIZE:10pt">Note 10 - Accrued Expenses </font></b></p> <p style="MARGIN:0in 0in 0pt 59.75pt; TEXT-INDENT:-59.75pt; TEXT-ALIGN:justify"><b><font style="FONT-SIZE:10pt"> </font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">Accrued expenses consist</font><font style="FONT-SIZE:10pt">ed</font><font style="FONT-SIZE:10pt"> of the following at December 31, 2011 and 2010: </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <div align="center"> <table style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:center" align="center"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="143" colspan="4" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:107.1pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:10pt">December 31,</font></b><font style="FONT-SIZE:10pt"></font></p></td></tr> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="56" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:41.65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:10pt">2011</font></b><font style="FONT-SIZE:10pt"></font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:center" align="center"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:center" align="center"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="62" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:46.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:10pt">2010</font></b><font style="FONT-SIZE:10pt"></font></p></td></tr> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt">Interest </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">$</font></p></td> <td width="56" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:41.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">1,834,806</font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="62" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:46.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">$1,442,862</font></p></td></tr> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt">Salaries and payroll taxes</font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><b><font style="FONT-SIZE:10pt"> </font></b></p></td> <td width="56" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:41.65pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">1,701,234</font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="62" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:46.35pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">1,695,893</font></p></td></tr> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt">Other</font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><b><font style="FONT-SIZE:10pt"> </font></b></p></td> <td width="56" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:41.65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">6,059</font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="62" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:46.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">6,059</font></p></td></tr> <tr style="HEIGHT:12.85pt; page-break-inside:avoid"> <td width="234" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:175.6pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 8.35pt 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:justify; tab-stops:350.55pt"><font style="FONT-SIZE:10pt">Total Accrued Expenses</font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.05pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="1" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="17" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:12.85pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">$</font></p></td> <td width="56" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:41.65pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">3,542,099</font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="13" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt 8.55pt; TEXT-INDENT:-8.55pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt"> </font></p></td> <td width="62" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:46.35pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.85pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:10pt">$3,144,814</font></p></td></tr></table></div> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">Included above at each of December 31, 2011 and 2010 in accrued salary and payroll taxes is approximately $1,300,000 due to three of the Company’s current officer/stockholders and one of the Company’s former officer/stockholders (See Item 11).</font></p>
943642
1001615
75323
21457
3542099
3144814
17249713
12673804
13492
71802
107595
98214
87744
80535
4520
5532
5532
45925
45925
67821
-45925
-21896
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 13 - Commitments and Contingencies</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-FAMILY: Cambria,Times New Roman; MARGIN: 0px; text-align: justify"> <strong><em><u>Payroll Taxes</u></em></strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As of December 31, 2011, the Company owes $53,901 of payroll taxes, of which approximately $45,000 are delinquent from the year ended December 31, 2003. The Company has also recorded $32,462 of related estimated penalties and interest on the delinquent payroll taxes. Although the Company has not entered into any formal repayment agreements with the respective tax authorities, management plans to make payment as funds become available.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Section 105 HRA Plan</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In September 2011, the Company enacted a Section 105 HRA Plan, effective with the 2011 payroll year, with an outside plan administrator. Per the terms of the plan, the Company will contribute plan dollars of $1,500 per plan year for employees with single health plan coverage and $3,000 per plan year for employees with family health plan coverage into the plan. The plan dollars will be reimbursed to the employees to offset the cost of health care expenses.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">For the year ended December 31, 2011, the Company contributed plan dollars of $6,008.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Lease Agreements</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company operates from a leased office in New Jersey. Per the terms of the lease agreement entered with the landlord, the Company pays a monthly base rent of $3,807 commencing on July 1, 2009 through the lease termination date of January 31, 2013. The landlord holds the sum of $8,684 as the Company's security deposit.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Consulting Agreements</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In November 2009, the Company executed a website redesign and development agreement with a design firm whereby the firm designs the Company's new web site and improves its internet presence. As compensation for the services, the consultant received a deposit fee of $3,750 and additional milestone fees in the total amount of $3,750. As additional compensation, the consultant received 46,875 shares of the Company's common stock, valued at $0.10 per share. Upon project completion, the consultant shall receive an additional 46,875 shares of the Company's common stock (see Note 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2009, the Company entered into a retainer agreement with an attorney, whereby the attorney will act as house counsel for the Company with respect to all general corporate matters. The agreement is at will and required a payment of 100,000 shares of common stock, valued at $0.05 per share, upon execution. Commencing on January 1, 2010, the fee structure also includes a monthly cash fee of $1,000 and the monthly issuance of 2,500 shares of common stock, valued at market (see Note 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In April 2011, the Company entered into a marketing advisory and financial agreement with a marketing firm whereby the consultant serves as a marketing and financial advisor to the Company. The agreement terminated on April 1, 2012. For acting in this role, the consultant received 5,000,000 shares of the Company's common stock in April 2011. The consultant also received warrants to purchase 6,500,000 shares of the Company's common stock in April 2011. The warrants are exercisable at $0.06 per share for 2,000,000 shares, $0.11 per share for 2,000,000 shares, $0.16 per share for 1,500,000 shares and $0.26 per share for 1,000,000 shares. The warrants are only exercisable if certain contractual thresholds are met as of June 1, 2012 (see Note 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In July 2011, the Company entered into a consulting agreement with an investor services firm whereby the consultant serves as an investment consultant to the Company. The term of the agreement is one year. For acting in this role, the consultant received 1,250,000 shares of the Company's common stock in July 2011. The Company also agreed to issue warrants to purchase 625,000 shares of the Company's common stock, exercisable at $0.06 per share, and warrants to purchase 625,000 shares of the Company's common stock, exercisable at $0.11 per share, to the consultant. The warrants have a three year term (see Note 14). The warrants were issued in October 2011.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In November 2011, the Company entered into a consulting agreement with a firm whereby the consultant will receive a success fee, in the form of restricted shares of the Company's common stock, of 6% of all monies invested in the Company as a result of a term sheet the Company executed with an investor firm in November 2011 (see Notes 14 and 13 below).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2011, the Company executed an exclusive agreement with an agent to represent the Company in enforcing its "Out-of-Band" patent No. 7,870,599. The agent will receive a commission of 50% of the net proceeds resulting from their services (see Note 2). For the year ended December 31, 2011, no commissions were paid to the agent relating to the agreement.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2011, the Company executed a joint venture agreement with a marketing firm whereby the parties will develop and execute marketing strategies for the Company's products. The parties will share revenues resulting from the efforts of the joint venture at 50% each. For the year ended December 31, 2011, no revenues were attributed to the agreement.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2011, the Company executed a business development agreement with a consulting firm, which was amended in December 2011, having a six month term. In consideration of the agreement, the Company, at its sole discretion, will issue up to 5,000,000 restricted shares of its common stock, at the conclusion of the agreement, providing the Company is satisfied with the consultant's performance relating to the agreement. At its sole discretion, the Company may issue half of the above shares after 90 days of the agreement date and the shares would be placed in escrow for the consultant. For the year ended December 31, 2011, no shares were issued to the consultant relating to the agreement.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Term Sheet</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In November 2011, the Company executed a term sheet with an investor firm whereby the firm will invest in the Company up to $450,000, in tranches of $75,000 per month for six months, in the form of convertible promissory notes, bearing interest of 4% per year, with maturity dates of 12 months from the date issuance (see Notes 6, 12 and 13 above). A broker fee of 12% will be deducted from each tranche and the notes will include a 15% prepayment penalty. The investor firm may process conversions after six months from the date of each closing. Conversions will include a 40% discount to the lower of (i) the average closing bid price of the Company's common stock for the previous ten days of a conversion notice or (ii) the closing bid price on the date of the conversion notice. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In December 2011, the Company received the first tranche of $66,000, net of the $9,000 broker fee, and executed a convertible promissory note and securities purchase agreement per the terms of the term sheet (see Note 6). Additional closings were held in January (two closings) and March (one closing) 2012. The debentures contain an embedded derivative feature (see Note 12). In March 2012, the investor firm notified the Company that it has elected to terminate the term sheet and no further closings will occur (see Note 18). </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Transfer of Aged Debt</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In September 2011, the Company formalized a debt settlement agreement with a consultant whereby the Company will transfer $1,000,000 of debentures and aged debt to the consultant. The Company is to satisfy the debt sold to the consultant by issuing shares of the Company's common stock to the consultant at a price of $0.005 per share for the first $100,000, $0.01 per share for the next $100,000, $0.015 per share for the third $100,000 and $0.01 per share for the remainder of the $1,000,000 of aged debt. In July 2011, the Company satisfied promissory notes of $50,000, plus accrued interest, in August 2011, the Company satisfied promissory notes of $32,500, plus accrued interest and in October 2011, the Company satisfied a related party convertible note of $10,000, plus accrued interest (see Notes 9 and 10). In consideration of the debt transferred, the consultant received 6,500,000 shares, 4,112,500 shares and 3,133,746 shares of the Company's unrestricted common stock in July, September and October 2011, respectively (see Note 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company is seeking to transfer an additional $1,000,000 of aged debt to the consultant, including the Company's convertible secured debentures. The Company would satisfy the additional debt transferred to the consultant by issuing shares of the Company's common stock to the consultant at a price of $0.02 per share.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company also made available to the note holders the opportunity to offer financing to the Company through the sale of a total of 35,000,000 two year commitment warrants exercisable into shares of the Company's common stock at $0.02 per share for 15,000,000 warrants, $0.03 per share for 10,000,000 warrants and $0.04 per share for 10,000,000 warrants. For the year ended December 31, 2011, the Company sold warrants for cash in the amount of $43,000 in September 2011 and $20,000 in October 2011 (see Note 14). The Company used a portion of the proceeds to redeem the Steeltown debentures (see Note 9).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The consultant had also agreed to purchase $100,000 of additional restricted shares of the Company's common stock commencing in October 2011, at $20,000 per tranche. The Company plans to use the proceeds of the sale of the stock solely to reduce accrued payroll and related payroll taxes. As of December 31, 2011, the additional shares have not been purchased. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Settlement Agreements</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In April 2009, the Company executed a settlement agreement with its former President whereby the Company agreed to make monthly payments of $7,500, beginning in June 2009, in order to repay promissory notes, accrued interest, deferred payroll and expenses in the amount of $139,575 owed to its former President. The Company paid an initial installment payment of $12,500 to its former President in April 2009. The company paid an installment payment of $7,500 to its former President in September 2009. In September 2009, the Company executed an amendment to the settlement agreement whereby the payment terms and amount were revised. Effective September 2009, the Company was to make a $2,500 payment to its former President per Company payroll period. In the event the Company does not process a full payroll, the Company is to pay a proportionate percentage of the payment owed equal to the percentage of the total Company net payroll amount paid. For the years ended December 31, 2011 and 2010, the Company paid $10,000 and $28,600, respectively, to its former President per the terms of the agreement and amendment. All of the 2010 payments and $3,900 in payments made in the year ended December 31, 2011, made in accordance with the agreement and subsequent amendment, were applied to the February 2008 promissory note balance owed to the Company's former President (see Note 9). As of March 31, 2011, the note balance was paid in full. Payments made in the year ended December 31, 2011, made in accordance with the agreement and subsequent amendment, totaling $24,273 were applied to the open payables balance and $24,327 were applied to accrued interest owed to the Company's former President. In January 2012, the Company and its former President agreed to settle the remaining balance due of $20,975 in exchange for the issuance of 1,498,214 restricted shares of the Company's common stock, valued at $0.014 per share (see Note 18).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In August 2011, the Company executed a debt settlement agreement with a trade vendor whereby the Company has agreed to issue restricted shares of its common stock to the vendor, at market price, as settlement of the balance owed to the vendor of $54,000. The Company issued 900,000 shares of common stock, valued at $0.03 per share, in September 2011 for settlement of $27,000 of the balance owed. The remaining balance was settled by the issuance of shares in March 2012 (see Notes 14 and 18).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Loan Repayment Agreement</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-RIGHT: 1px; text-align: justify">In April 2009, the Company signed an agreement whereby two promissory notes executed with a distributor of its products were to be repaid from the proceeds of sales of the Company's products sold by the distributor for the Company. In September 2009, the Company executed an additional promissory note with the distributor that is included in the loan repayment agreement. In May 2010, the Company executed an additional promissory note with the distributor that is included in the loan repayment agreement. For the years ended December 31, 2011 and 2010, sales proceeds of $23,715 and $42,290, respectively, were applied to the balance of the notes (see Notes 8 and 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"> <em><u>Assignment</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In July 2010, the Company assigned the proceeds from a June 2010 invoice in the amount of $12,206 to an unrelated party. The Company received $11,456, net of the assignment fee of $750, in July 2010 from the assignee. The Company received the invoice payment in August 2010 and repaid the full assignment amount to the assignee.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In October 2010, the Company assigned the proceeds of six of the Company's open receivables invoices, in the total amount of $20,761, to its CEO. The assignment was non-interest bearing and fee free with a due date for repayment of November 20, 2010. Partial repayments of the assignment were made in October 2010 for $4,218 and November 2010 for $4,125. The due date of the assignment has been extended to December 31, 2011 (see Note 9).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Due to Factor</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In March 2007, the Company entered into a sale and subordination agreement with a factoring firm whereby the Company sold its rights to two invoices, from February 2007 and March 2007, totaling $470,200 to the factor. Upon signing the agreement and providing the required disclosures, the factor remitted 65%, or $144,440, of the February 2007 invoice and a certain percentage of $53,010 of the March 2007 invoice to the Company. The Company paid a $500 credit review fee to the factor relating to the agreement. Per the terms of the agreement, once the Company's client remits the invoice amount to the factor, the factor deducts a discount fee from the remaining balance of the factored invoices and forwards the net proceeds to the Company. The discount fee is computed as a percentage of the face amount of the invoice as follows: 2.25% fee for invoices paid within 30 days of the down payment date with an additional 1.125% for each 15 day period thereafter. In September 2007, the February 2007 factored invoice was deemed uncollectible and was written off as bad debt expense. In December 2007, the March 2007 factored invoice was deemed uncollectible and was written off as bad debt expense. In February 2008, the Company and the factor agreed to a total settlement amount of $75,000, which was scheduled to be paid by the Company to the factor in September 2008 unless both parties mutually agreed to extend the due date. In September 2008, the Company and the factor reached a verbal agreement to extend the due date to December 31, 2008. The Company is pursuing a further extension. As of December 31, 2011, the balance due to the factor by the Company was $209,192 including interest.</p> <!--EndFragment--></div> </div>
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 15 - Stock Based Compensation</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -116px"> <em><u>2004 Equity Incentive Plan</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In September 2004, the stockholders approved the Equity Incentive Plan for the Company's employees ("Incentive Plan"), effective April 1, 2004. The number of shares authorized for issuance under the Incentive Plan was increased to 10,000,000 in September 2006, 15,000,000 in March 2007, 20,000,000 in June 2007, 100,000,000 in December 2007 and 200,000,000 in April 2011, by unanimous consent of the Board of Directors prior to 2011 and by majority consent of the Board of Directors in 2011.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Option shares totaling 142,500 vested equally over a three year period beginning one-year from the date of grant, option shares totaling 200,000 vested in one-third increments of six months each over an eighteen month period from the date of grant, option shares totaling 1,084,797 vested over a one year period from the date of grant, option shares totaling 5,750,012 vested over a three month period from the date of grant, option shares totaling 125,000,000 vest over an eight month period and option shares totaling 7,850,000 vested upon issuance. At December 31, 2011, 59,972,691 shares were available for future issuance.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The table below summarizes the Company's Incentive Plan stock option activities through December 31, 2011:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="132"> </td> <td width="9"> </td> <td width="9"> </td> <td width="75"> </td> <td width="10"> </td> <td width="9"> </td> <td width="9"> </td> <td width="91"> </td> <td width="14"> </td> <td width="9"> </td> <td width="22"> </td> <td width="11"> </td> <td width="39"> </td> <td width="27"> </td> <td width="9"> </td> <td width="27"> </td> <td width="33"> </td> <td width="27"> </td> <td width="9"> </td> <td width="13"> </td> <td width="74"> </td> <td width="10"> </td> <td width="9"> </td> <td width="0.6"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="132"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="96" colspan="3"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Number of</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> Option Shares</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="115" colspan="3"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Exercise Price Range</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> Per Share</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="101" colspan="4"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Weighted Average Exercise Price</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="88" colspan="3"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Weighted</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Average</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Remaining</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>(in years)</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Contractual</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Term</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="98" colspan="3"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> Aggregate</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Intrinsic</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> Value</strong></p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> (in thousands)</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong> </strong></p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Balance, January 1, 2010</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 5,527,297</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$0.08 - $ 10.00</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 0.175</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 2.09 </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Granted</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 64,500,012</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$0.0025 - $ 0.02</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 0.004</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 3.83 </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Cancelled</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Balance,</p> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> December 31, 2010</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 70,027,309</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$0.0025 - $10.00</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 0.018</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">3.70</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Granted</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 70,000,000</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> $0.01</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">0.01</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">4.3</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Balance,</p> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> December 31, 2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 140,027,309</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$0.0025 - $10.00</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 0.014</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">4.0</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="132"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Vested and Exercisable,</p> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> December 31, 2011</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="75"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 140,027,309</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="91"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> $0.0025-$10.0 </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="22"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="39"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> 0.014</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">4.0</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="27"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="13"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center">$ ---</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10" colspan="2"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As of December 31, 2011, an aggregate of 140,027,309 options were outstanding under the incentive plan. The exercise price for 37,500 options is $10.00, for 105,000 options is $1.00, for 9,231 is $0.375, for 15,705 is $0.24, for 16,388 options is $0.23, for 325,577 options is $0.20, for 171,131 options is $0.17, for 259,743 options is $0.15, 4,587,022 options is $0.08, for 2,000,012 options is $0.02, for 70,000,000 options is $0.01, for 7,500,000 options is $0.0085, for 13,000,000 options is $$0.006 and for 42,000,000 options is $0.0025.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As of December 31, 2010, an aggregate of 70,027,309 options were outstanding under the incentive plan. The exercise price for 37,500 options is $10.00, for 105,000 options is $1.00, for 9,231 is $0.375, for 15,705 is $0.24, for 16,388 options is $0.23, for 325,577 options is $0.20, for 171,131 options is $0.17, for 259,743 options is $0.15, 4,587,022 options is $0.08, for 2,000,012 options is $0.02, for 7,500,000 options is $0.0085, for 13,000,000 options is $$0.006 and for 42,000,000 options is $0.0025. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">At December 31, 2011, there were 140,027,309 vested incentive plan stock options outstanding of which 42,000,000 options are exercisable at $0.0025, 13,000,000 options are exercisable at $0.006, 7,500,000 options are exercisable at $0.0085, 70,000,000 options are exercisable at $0.01, 2,000,012 options are exercisable at $0.02, 4,587,022 options are exercisable at $0.08, 259,743 options are exercisable at $0.15, 171,131 options are exercisable at $0.17, 325,577 options are exercisable at $0.20, 16,388 options are exercisable at $0.23, 15,705 options are exercisable at $0.24, 9,231 options are exercisable at $0.375, 105,000 options are exercisable at $1.00 and 37,500 options are exercisable at $10.00.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The following table summarizes information concerning outstanding and exercisable Incentive Plan options as of December 31, 2011:</p> <p style="MARGIN: 0px; PADDING-LEFT: 39px; text-align: justify"> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="159"> </td> <td width="12"> </td> <td width="74"> </td> <td width="9"> </td> <td width="9"> </td> <td width="73"> </td> <td width="12"> </td> <td width="12"> </td> <td width="58"> </td> <td width="9"> </td> <td width="9"> </td> <td width="77"> </td> <td width="12"> </td> <td width="12"> </td> <td width="57"> </td> <td width="9"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="262" colspan="8"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Options Outstanding</strong></p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="168" colspan="5"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Options Exercisable</strong></p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"><strong><u>Range of Exercise Prices</u></strong></p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Number Outstanding</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="82" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Average Remaining Contractual Life (in years)</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="70" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Weighted-Average Exercise Price</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Number Exercisable</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="69" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Weighted-Average Exercise Price</strong></p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$10.000</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 37,500</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="73"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 2.66</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="58"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 10.000</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 37,500</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="57"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 10.000</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$1.000</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 105,000</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="73"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 4.51</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="58"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">1.000</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 105,000</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="57"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">1.000</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$0.0025 - $0.375</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 139,884,809</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="73"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">4.00</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="58"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">0.014</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 139,884,809</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="57"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">0.014</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="73"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="58"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="57"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="159"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="74"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 140,027,309</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="73"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">4.00</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="58"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">0.014</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="77"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 140,027,309</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="57"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">0.014</p> </td> <td style="BORDER-BOTTOM: #00ff00 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Non-Incentive Plan Stock Option Grants</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As of December 31, 2011, an aggregate of 2,761,889 non-plan, non-qualified options for non-employees were outstanding. The exercise price for 2,000,000 options (granted in December 2010) is $0.006, for 760,000 options is $3.60 and for 1,889 options is $9.00, yielding a weighted average exercise price of $1.001.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">At December 31, 2010, there were 1,011,889 vested non-plan, non-qualified stock options outstanding of which 250,000 options are exercisable at $0.006, 760,000 options are exercisable at $3.60 and 1,889 options are exercisable at $9.00.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">At December 31, 2011, there were 2,761,889 vested non-plan, non-qualified stock options outstanding of which 2,000,000 options are exercisable at $0.006, 760,000 options are exercisable at $3.60 and 1,889 options are exercisable at $9.00.</p> <!--EndFragment--></div> </div>
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 12 - Financial Instruments</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The secured convertible notes payable and the unsecured convertible notes payable, issued per a term sheet executed with an investor firm in November 2011(see Notes 6 and 13), are hybrid instruments which contain an embedded derivative feature which individually warrant separate accounting as a derivative instrument under paragraph 815-15-25-1 of the FASB Accounting Standards Codification. The embedded derivative feature has been bifurcated from the debt host contract, referred to as the "Compound Embedded Derivative Liability". The embedded derivative feature includes the conversion feature within the note and an early redemption option. The value of the embedded derivative liability was bifurcated from the debt host contract and recorded as a derivative liability, which resulted in a reduction of the initial carrying amount (as unamortized discount) of the notes. The unamortized discount is amortized to interest expense using the effective interest method over the life of the notes, or 12 months.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The secured convertible debentures issued to YA Global and Highgate, further assigned to Citco Global, and the unsecured convertible debentures issued to the investor firm, have been accounted for in accordance with paragraph 815-15-25-1 of the FASB Accounting Standards Codification and paragraph 815-40-25 of the FASB Accounting Standards Codification. The Company has identified the above instruments having derivatives that require evaluation and accounting under the relevant guidance applicable to financial derivatives. These compound embedded derivatives have been bifurcated from their respective host debt contracts and accounted for as derivative liabilities in accordance with paragraph 815-40-25 of the FASB Accounting Standards Codification. When multiple derivatives exist within convertible notes, they have been bundled together as a single hybrid compound instrument. The compound embedded derivatives within the secured convertible notes have been recorded at fair value at the date of issuance; and are marked-to-market each reporting period with changes in fair value recorded to the Company's statement of operations as "Derivative instrument expense, net". The Company has utilized a third party valuation consultant to fair value the compound embedded derivatives using a layered discounted probability-weighted cash flow approach. The fair value of the derivative liabilities are subject to the changes in the trading value of the Company's common stock, as well as other factors. As a result, the Company's financial statements may fluctuate from quarter-to-quarter based on factors, such as the price of the Company's stock at the balance sheet date and the amount of shares converted by note holders. Consequently, the financial position and results of operations may vary from quarter-to-quarter based on conditions other than operating revenues and expenses.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed on the balance sheets:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="110"> </td> <td width="10"> </td> <td width="9"> </td> <td width="50"> </td> <td width="10"> </td> <td width="8"> </td> <td width="5"> </td> <td width="11"> </td> <td width="41"> </td> <td width="14"> </td> <td width="7"> </td> <td width="10"> </td> <td width="12"> </td> <td width="46"> </td> <td width="12"> </td> <td width="7"> </td> <td width="16"> </td> <td width="54"> </td> <td width="12"> </td> <td width="3"> </td> <td width="9"> </td> <td width="12"> </td> <td width="49"> </td> <td width="12"> </td> <td width="6"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="110"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="70" colspan="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="337" colspan="18"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Fair Value Measurement Using</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="110"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="70" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Carrying Value</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="73" colspan="4"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Level 1</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80" colspan="4"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Level 2</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="82" colspan="3"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Level 3</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="82" colspan="4"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>Total</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"><strong> </strong></p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="110"> <p style="TEXT-INDENT: -14px; MARGIN: 0px; PADDING-LEFT: 14px; FONT-SIZE: 9pt"> Derivative warrant liabilities</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="50"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 334,605</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="41"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="46"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 334,605</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="49"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 334,605</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Summary of the Changes in Fair Value of Level 3 Financial Liabilities</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2011:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="221"> </td> <td width="8"> </td> <td width="5"> </td> <td width="11"> </td> <td width="4"> </td> <td width="14"> </td> <td width="7"> </td> <td width="10"> </td> <td width="12"> </td> <td width="60"> </td> <td width="12"> </td> <td width="7"> </td> <td width="16"> </td> <td width="29"> </td> <td width="12"> </td> <td width="3"> </td> <td width="9"> </td> <td width="12"> </td> <td width="54"> </td> <td width="12"> </td> <td width="6"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="294" colspan="18"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Fair Value Measurement Using Level 3 Inputs</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px"><br /> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="36" colspan="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="94" colspan="4"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Derivative warrants</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="57" colspan="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87" colspan="4"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center"> <strong>Total</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="MARGIN: 0px; FONT-SIZE: 8pt"><strong> </strong></p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="36" colspan="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="94" colspan="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="57" colspan="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87" colspan="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Balance, December 31, 2009 </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 518,666</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 518,666</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Total gains or losses (realized/unrealized)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Included in net (income) loss</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (66,053</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (66,053</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Included in other comprehensive income</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Purchases, issuances and settlements</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (27,942)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (27,942)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Transfers in and/or out of Level 3</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Balance, December 31, 2010 </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 424,671</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 424,671</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Total gains or losses (realized/unrealized)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Included in net (income) loss</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (163,745</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> (163,745</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Included in other comprehensive income</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Purchases, issuances and settlements</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 73,679</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 73,679</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Transfers in and/or out of Level 3</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="221"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">Balance, December 31, 2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="5"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="4"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="14"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 334,605</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="7"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="29"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="3"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right"> 334,605</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="6"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> </table> <!--EndFragment--></div> </div>
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 16 - Income Tax Provision</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">As of December 31, 2011, the Company had deferred tax assets of approximately $5,029,299, resulting from certain temporary differences and net operating loss ("NOL") carry-forwards of approximately $14,792,056, which are available to offset future taxable income, if any, through 2029. As utilization of the net operating loss carry-forwards and temporary difference is not considered more likely than not and accordingly, the deferred tax asset has been fully offset by a valuation allowance.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability. The valuation allowance increased approximately $452,212 and $442,081 for the years ended December 31, 2011 and 2010, respectively. Components of deferred tax assets as of December 31, 2011 and 2010 are as follows:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="451"> </td> <td width="19"> </td> <td width="12"> </td> <td width="76"> </td> <td width="16"> </td> <td width="12"> </td> <td width="8"> </td> <td width="67"> </td> <td width="18"> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="89" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>December 31, 2011</strong></p> </td> <td style="BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="76" colspan="2"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: center"> <strong>December 31, 2010</strong></p> </td> <td style="BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="MARGIN: 0px">Net deferred tax assets - Non-current:</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px">Expected federal income tax benefit from NOL carry-forwards</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">5,029,299</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="MARGIN: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="MARGIN: 0px">$</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">4,577,087</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="MARGIN: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px">valuation allowance</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">(5,029,299</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="MARGIN: 0px">)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">(4,577,087</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="MARGIN: 0px">)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px"> Deferred tax assets, net of valuation allowance</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="MARGIN: 0px">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="MARGIN: 0px">The reconciliation of the effective income tax rate to the federal statutory rate</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px">Federal income tax rate</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">34.0</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="MARGIN: 0px">%</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">34.0</p> </td> <td style="BORDER-BOTTOM: #ffffff 1px solid; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="MARGIN: 0px">%</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px">Change in valuation allowance on net operating loss carry-forwards</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">(34.0</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="MARGIN: 0px">)</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">(34.0</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="MARGIN: 0px">)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="451"> <p style="TEXT-INDENT: 13px; MARGIN: 0px">Effective income tax rate</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="19"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="76"> <p style="MARGIN: 0px; text-align: right">0.0</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="16"> <p style="MARGIN: 0px">%</p> </td> <td style="MARGIN-TOP: 0px" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="8"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="67"> <p style="MARGIN: 0px; text-align: right">0.0</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> <p style="MARGIN: 0px">%</p> </td> </tr> </table> <!--EndFragment--></div> </div>
-26722
101708
-53866
2475
437029
931322
420
-50824
732
25611
585324
745084
10369822
10450682
107595
98214
9722234
8833489
50000
630479
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 1 - Nature of Operations</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">StrikeForce Technical Services Corporation was incorporated in August 2001 under the laws of the State of New Jersey. On September 3, 2004, the stockholders approved an amendment to the Certificate of Incorporation to change the name to StrikeForce Technologies, Inc. (the "Company"). On November 15, 2010, the Company was redomiciled under the laws of the State of Wyoming. The Company's operations are based in Edison, New Jersey.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company is a software development and services company. The Company owns the exclusive right to license and develop various identification protection software products that were developed to protect computer networks from unauthorized access and to protect network owners and users from identity theft. The Company has developed a suite of products based upon the licenses and its strategy is to develop and exploit the products for customers in the areas of financial services, e-commerce, corporate, government, healthcare and consumer sectors. In November 2010, the Company received notice that the United States Patent Office ("USTPO") has issued an official Notice of Allowance for the patent application for the technology relating to its ProtectID® product, titled "Multi-Channel Device Utilizing a Centralized Out-of-Band Authentication System". In January 2011, the Company received notice that the United States Patent Office issued the Company Patent No. 7,870,599. The "Out-of-Band Patent" went through a USTPO Re-Examination process starting on August 16, 2011 and concluded on December 27, 2011, with all of the Company's patent claims remaining in-tact and seven additional Company patent claims being added. In 2011, the Company also submitted an additional continuation patent on the "Out-of-Band" Patent, with another sixty-six additional Company claims now pending. The technology developed by the Company and used in the Company's GuardedID® product is the subject of a pending patent application. In December 2011, the Company executed an exclusive agreement with an agent to represent the Company in enforcing the patent. The agent will receive a commission of 50% of the net proceeds resulting from their services.</p> <!--EndFragment--></div> </div>
942927
537148
-6399
-1500
-982453
-557544
-5487053
-2874462
404250
1631246
2391849
1785911
722638
726438
5505504
1469989
-5082803
-1243216
-3101
2080
-6399
-1500
0.1
0.1
10000000
10000000
0
0
0
0
0
12421
13153
287150
28500
560313
321000
25000
137500
130000
4520
20000
2000
1042446
153669
-5487053
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 4 - Property and Equipment</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Property and equipment consisted of the following at December 31, 2011 and 2010:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="264"> </td> <td width="1"> </td> <td width="1"> </td> <td width="20"> </td> <td width="88"> </td> <td width="12"> </td> <td width="12"> </td> <td width="84"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="198" colspan="4"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: center"> <strong>December 31,</strong></p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; text-align: center"> <strong>2011</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: center"> <strong>2010</strong></p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; PADDING-RIGHT: 11px; text-align: justify; TEXT-INDENT: -11px"> Computer equipment</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; text-align: right">70,361</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right">$</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 65,461</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; PADDING-RIGHT: 11px; text-align: justify; TEXT-INDENT: -11px"> Computer software</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 20,854</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 19,355</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; PADDING-RIGHT: 11px; text-align: justify; TEXT-INDENT: -11px"> Furniture and fixtures</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 10,157</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 10,157</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; PADDING-RIGHT: 11px; text-align: justify; TEXT-INDENT: -11px"> Office equipment</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 15,906</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 15,906</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; PADDING-RIGHT: 11px; text-align: justify; TEXT-INDENT: -11px"> Total</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; text-align: right">117,278</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 110,879</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: justify; TEXT-INDENT: -11px"> Accumulated depreciation and amortization</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; text-align: right">(110,440)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> (106,213)</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="264"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="1"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="20"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="88"> <p style="MARGIN: 0px; text-align: right">6,838</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; PADDING-LEFT: 11px; text-align: right"> 4,666</p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Depreciation and amortization expense for the years ended December 31, 2011 and 2010 amounted to $4,227 and $3,784, respectively.</p> <!--EndFragment--></div> </div>
6838
4666
-33715
-42290
352670
400467
-28521079
-23034026
448127
265990
294800
401439
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 17 - Concentration of Credit Risk</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Customers and Credit Concentrations</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Revenue concentrations for the year ended December 31, 2011 and 2010 and the accounts receivables concentrations at December 31, 2011 and 2010 are as follows:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="144"> </td> <td width="12"> </td> <td width="60"> </td> <td width="12"> </td> <td width="24"> </td> <td width="12"> </td> <td width="66"> </td> <td width="12"> </td> <td width="30"> </td> <td width="12"> </td> <td width="60"> </td> <td width="35"> </td> <td width="9"> </td> <td width="12"> </td> <td width="54"> </td> <td width="10"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="186" colspan="6"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: center"> Net Sales</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: center"> for the Year Ended</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="182" colspan="6"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">Accounts receivable</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">At</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="78" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2010</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2011</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66" colspan="2"> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">December 31,</p> <p style="FONT-SIZE: 8pt; MARGIN: 0px; text-align: center">2010</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> Customer A</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 37.8</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> -</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">78.0</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> Customer B</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 22.3</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> -</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> Customer C</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 16.3</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 36.9</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">22.8</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> Customer D</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> -</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 15.5</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">-</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">12.9</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="144"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 76.4</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; PADDING-LEFT: 22px; text-align: right"> 52.4</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="TEXT-INDENT: -22px; MARGIN: 0px; PADDING-LEFT: 22px; FONT-SIZE: 9pt"> %</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="60"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">78.0</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="35"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="9"> <p style="MARGIN: 0px; FONT-SIZE: 9pt"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="12"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 9pt; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="54"> <p style="FONT-SIZE: 9pt; MARGIN: 0px; text-align: right">35.7</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> <p style="MARGIN: 0px; FONT-SIZE: 9pt">%</p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-FAMILY: CG Times (W1),Times New Roman; MARGIN: 0px; text-align: justify"> A reduction in sales from or loss of such customers would have a material adverse effect on the Company's results of operations and financial condition.</p> <!--EndFragment--></div> </div>
3815588
514414
3
987000
221388354
77538877
24194999
22139
7754
2420
17249713
12673804
12044961
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <strong>Note 2 - Summary of Significant Accounting Policies</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Basis of Presentation</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="BACKGROUND-COLOR: #ffffff; MARGIN: 0px; text-align: justify"> Reclassification</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="BACKGROUND-COLOR: #ffffff; MARGIN: 0px; text-align: justify"> Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Use of Estimates and Assumptions</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">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.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; the carrying value, recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property and equipment, patents and interest rate; underlying assumptions to estimate the fair value of beneficial conversion features, warrants and options; revenue recognized or recognizable; sales returns and allowances; income tax rate, income tax provision, deferred tax assets and valuation allowance of deferred tax assets; and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Fair Value of Financial Instruments</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company follows applicable accounting guidance for disclosures about fair value of its financial instruments. The U.S.GAAP establishes a framework for measuring fair value, and requires disclosures about fair value measurements. To provide consistency and comparability in fair value measurements and related disclosures, U.S. GAAP establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy are described below:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <div style="text-align: right"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="45"> </td> <td width="11"> </td> <td width="611"> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="45"> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify; TEXT-INDENT: -48px"> Level 1</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="611"> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify; TEXT-INDENT: -48px"> Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="45"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="611"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="45"> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify; TEXT-INDENT: -48px"> Level 2</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="611"> <p style="MARGIN: 0px; text-align: justify">Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="45"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="611"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="45"> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify; TEXT-INDENT: -48px"> Level 3</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" width="11"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="611"> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify; TEXT-INDENT: -48px"> Pricing inputs that are generally observable inputs and not corroborated by market data.</p> </td> </tr> </table> </div> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The carrying amounts of the Company's financial assets and liabilities, such as cash, accounts receivable, prepayments and other current assets, accounts payable, accrued expenses, payroll taxes payable, and due to factor, approximate their fair values because of the short maturity of these instruments. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's notes payable, convertible notes payable, convertible secured notes payable, and capital leases payable approximate the fair value of such instruments based upon management's best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2011 and 2010.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's Level 3 financial liabilities consist of the derivative financial instruments for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Level 3 Financial Liabilities - Derivative Financial Instruments</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative liability at the end of every reporting period and recognizes gains or losses in the Statements of Operations that are attributable to the change in the fair value of the derivative liability.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Carrying Value, Recoverability and Impairment of Long-Lived Assets</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's long-lived assets, which include property and equipment, and patents are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable or the useful lives are shorter than originally estimated.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company assesses the recoverability of its assets by comparing the projected undiscounted net cash flows associated with the related asset or group of assets over their remaining useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset's expected future discounted cash flows or market value, whichever is more reliably measurable. If long-lived assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the net book value of the assets is depreciated over the newly determined remaining useful lives.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The key assumptions used in management's estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs. These forecasts are typically based on historical trends and take into account recent developments as well as management's plans and intentions. Factors, such as increased competition or a decrease in the desirability of the Company's products, could lead to lower projected sales levels, which would adversely impact cash flows. A significant change in cash flows in the future could result in an impairment of long lived assets.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Cash Equivalents</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Accounts Receivable and Allowance for Doubtful Accounts</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">Trade accounts receivable are recorded at the invoiced amount, net of allowances for doubtful accounts and sales returns. The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable. The Company determines the allowance based on historical write-off experience, customer specific facts and economic conditions. Bad debt expense is included in general and administrative expenses.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Outstanding account balances are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">As a result of the company's revenue recognition policy, there were no allowances for doubtful accounts at December 31, 2011 or 2010. The Company does not have any off-balance-sheet credit exposure to its customers.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Property and Equipment</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of property and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives. Leasehold improvements, if any, are amortized on a straight-line basis over the lease period or the estimated useful life, whichever is shorter. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in operations.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Leases</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with applicable accounting guidance. When substantially all of the risks and benefits of property ownership have been transferred to the Company, the lease then qualifies as a capital lease.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Capital lease assets are depreciated on a straight-line basis over the capital lease assets estimated useful lives consistent with the Company's normal depreciation policy for tangible fixed assets, but generally not exceeding the lease term. Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Patents</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">All costs incurred to the point when a patent application is to be filed are expensed as incurred as research and development cost. Patent application costs, generally legal costs, thereafter incurred are capitalized. Patents are amortized over the expected useful lives of the patents, which is generally 17 to 20 years for domestic patents and 5 to 20 years for foreign patents, once the patents are granted or are expensed if the patent application is rejected. The costs of defending and maintaining patents are expensed as incurred.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">As of December 31, 2011, the Company capitalized $4,329 in patent application costs as incurred with no amortization.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 9.5pt"><em><u>Discount on debt</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company allocates the proceeds received from convertible debt instruments between the liability component and equity component, and records the conversion feature as a liability. The conversion feature and certain other features that are considered embedded derivative instruments, such as a conversion reset provision, a penalty provision and redemption option, have been recorded at their fair value as its fair value can be separated from the convertible note and its conversion is independent of the underlying note value. The conversion liability is marked to market each reporting period with the resulting gains or losses shown in the Statement of Operations. The Company has also recorded the resulting discount on debt related to the warrants and conversion feature and is amortizing the discount using the effective interest rate method over the life of the debt instruments.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Derivatives</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Derivative instruments are required to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">At December 31, 2011, the Company had not entered into any transactions which were considered hedges.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="BACKGROUND-COLOR: #ffffff; FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Embedded Beneficial Conversion Feature of Convertible Instruments</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company recognizes and measures the embedded beneficial conversion feature of applicable convertible instruments by allocating a portion of the proceeds from the convertible instruments equal to the intrinsic value of that feature to additional paid-in capital. The intrinsic value of the embedded beneficial conversion feature is calculated at the commitment date as the difference between the conversion price and the fair value of the securities into which the convertible instruments are convertible. The Company recognizes the intrinsic value of the embedded beneficial conversion feature of the convertible notes so computed as interest expense.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="BACKGROUND-COLOR: #ffffff; FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> From time to time, the Company transfers the liability under the denture instrument to a third party in certain circumstances.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">In December 2010, the balance of the YA Global April 2009 secured convertible debenture, of $231,320, the principal balance due of the YA Global May 2006 promissory note of $100,000 and the accrued interest owed on the promissory note of $32,806 was assigned to PMI Technologies, Inc. ("PMI"). The total amount assigned to PMI was $364,126. In connection with this assignment, the Company paid an assignment fee of $200,000, recorded as financing expense, to YA Global in December 2010. As of December 2010, YA Global was no longer a secured lender to StrikeForce.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">In December 2010, the Company executed an amendment to the PMI assignment agreement whereby the secured convertible balance owed to PMI was distributed among five unrelated parties, one of whom was PMI. The due dates of the notes were extended to December 31, 2012 and the conversion price was modified to a fixed price of $0.004551576875 per share.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">In April 2011, the Company executed an amendment to the PMI assignment agreement whereby it assigned the remaining open portion of the debenture, in the amount of $85,805, to Steeltown Consulting Group, LLC ("Steeltown") and its assignees. Additionally, the conversion price was modified to a fixed price of $0.0007603 per share (see Notes 11 and 15).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">For the years ended December 31, 2011 and 2010, the Company recorded $20,430 and $0, respectively, of interest expense related to the amortization of the discount of the beneficial conversion feature. In September 2011, the Company redeemed the Steeltown debentures in full, thereby eliminating the right for additional conversions.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; FONT-SIZE: 9.5pt"><em><u>Financial Instruments</u></em></p> <p style="MARGIN: 0px"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company evaluates its convertible debt, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under applicable accounting guidance. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as a liability, and the change in fair value is recorded in the Statement of Operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</p> <p style="MARGIN: 0px"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.</p> <p style="MARGIN: 0px"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The fair value model utilized to value the various compound embedded derivatives in the secured convertible notes comprises multiple probability-weighted scenarios under various assumptions reflecting the economics of the secured convertible notes, such as the risk-free interest rate, expected Company stock price and volatility, likelihood of conversion and or redemption, and likelihood of default status and timely registration. At inception, the fair value of the single compound embedded derivative was bifurcated from the host debt contract and recorded as a derivative liability which resulted in a reduction of the initial notional carrying amount of the secured convertible notes (as unamortized discount which will be amortized over the term of the notes under the effective interest method).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Related Parties</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Commitment and Contingencies</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company follows applicable accounting guidance to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, is disclosed.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees are disclosed. Management is not aware any such matters exist at this time.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Revenue Recognition</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. In addition to the aforementioned general policy, the following are the specific revenue recognition policies for each major category of revenue:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Hardware</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Revenue from hardware sales is recognized when the product is shipped to the customer and there are either no unfulfilled Company obligations or any obligations that will not affect the customer's final acceptance of the arrangement. All costs of these obligations are accrued when the corresponding revenue is recognized. There were no revenues from fixed price long-term contracts.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Software, Services and Maintenance</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Revenue from time and service contracts is recognized as the services are provided. Revenue from delivered elements of one-time charge licensed software is recognized at the inception of the license term, provided the Company has vendor-specific objective evidence of the fair value of each delivered element. Revenue is deferred for undelivered elements. The Company recognizes revenue from the sale of software licenses when the four criteria discussed above are met. Delivery generally occurs when the product is delivered to a common carrier or the software is downloaded via email delivery or an FTP web site. The Company assesses collection based on a number of factors, including past transaction history with the customer and the creditworthiness of the customer. The Company does not request collateral from customers. If the Company determines that collection of a fee is not reasonably assured, the Company defers the fee and recognizes revenue at the time collection becomes reasonably assured, which is generally upon receipt of cash. <font style="COLOR: #ff0000"> </font> Revenue from monthly software licenses is recognized on a subscription basis.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>ASP Hosted Cloud Services</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company offers an Application Service Provider Cloud Service whereby customer usage transactions are invoiced monthly on a cost per transaction basis. The service is sold via the execution of a Service Agreement between the Company and the customer. Initial set-up fees are recognized over the period in which the services are performed.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; PADDING-LEFT: 48px; text-align: justify"> <em><u>Fixed Price Service Contracts</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Revenue from fixed price service contracts is recognized over the term of the contract based on the percentage of services that are provided during the period compared with the total estimated services to be provided over the entire contract. Losses on fixed price contracts are recognized during the period in which the loss first becomes apparent. Revenue from maintenance is recognized over the contractual period or as the services are performed. Revenue in excess of billings on service contracts is recorded as unbilled receivables and is included in trade accounts receivable. Applicable billings in excess of revenue that is recognized on service contracts are recorded as deferred income until the aforementioned revenue recognition criteria are met.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Stock-Based Compensation for Obtaining Employee Services</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions according to the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the third-party performance is complete or the date on which it is probable that performance will occur. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The fair value of each option grant estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:</p> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="155"> </td> <td width="113"> </td> <td width="111"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="155"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="113"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> <strong> December 31,</strong></p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> <strong><u>2011</u></strong></p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="111"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> <strong> December 31,</strong></p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> <strong><u>2010</u></strong></p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="155"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Risk-free interest rate</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="113"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> 2.14%</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="111"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center">1.64 - 2.09%</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="155"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Dividend yield</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="113"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> 0.00%</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="111"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> 0.00%</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="155"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Expected volatility</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="113"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center"> 313%</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="111"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center">290% - 345%</p> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="155"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> Expected option life</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="113"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center">3 years - 5 years</p> </td> <td style="BACKGROUND-COLOR: #ccffcc; MARGIN-TOP: 0px" valign="top" width="111"> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: center">3 years - 5 years</p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The fair value of each option award is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs shown in the table above for 2011 and 2010 are as follows:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; WIDTH: 72px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 9.5pt"> ·</p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; PADDING-LEFT: 72px; text-align: justify; TEXT-INDENT: -2px"> Expected volatility of the entity's shares and the method used to estimate it. The Company uses its historical volatility of its shares over the expected contractual life of the share options or similar instruments as its expected volatility. The expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees' expected exercise and post-vesting employment termination behavior into the fair value of the instruments. The Company uses historical data to estimate employee termination behavior. The Company uses historical data to estimate holder's expected exercise behavior. </p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; WIDTH: 72px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 9.5pt"> ·</p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; PADDING-LEFT: 72px; text-align: justify; TEXT-INDENT: -2px"> The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 48px; WIDTH: 72px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; CLEAR: left; FONT-SIZE: 9.5pt"> ·</p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; PADDING-LEFT: 72px; text-align: justify; TEXT-INDENT: -2px"> The expected dividend yield is based on the Company's current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments The Company has not declared any dividends since inception.</p> <p style="CLEAR: left; MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company's policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. Additionally, the Company's policy is to issue new shares of common stock to satisfy stock option exercises.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> <em><u>Equity instruments issued to parties other than employees for acquiring goods or services</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under applicable accounting guidance. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. The fair value of option or warrant award is estimated on the date of grant using a Black-Scholes option-pricing valuation model. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify">The Company may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction is recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount is not to be reversed if a stock option that the counterparty has the right to exercise expires unexercised.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="FONT-SIZE: 9.5pt; MARGIN: 0px; text-align: justify"> If the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, in such cases, there is no recognition at the measurement date and no entry is to be recorded.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Software Development Costs</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Software development costs incurred subsequent to establishment of technological feasibility and prior to the availability of the product for general release to customers are capitalized. Systematic amortization of capitalized costs begins when a product is available for general release to customers and is computed on a product-by-product basis at a rate not less than straight-line basis over the product's remaining estimated economic life. To date, all costs have been accounted for as research and development costs and no software development cost has been capitalized.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Income Tax Provision</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company accounts for income taxes under the liability method. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. 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 the statements of operations in the period that includes the enactment date.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company adopted the uncertainty in income taxes accounting standard which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The standard also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management's opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Uncertain Tax Positions</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's operations are based in New Jersey and it is subject to federal and New Jersey state income tax. Tax years subsequent to 2007 are open to examination by United States and state tax authorities. The Company had no material adjustments to its liabilities for unrecognized income tax benefits. On classification of all interest and penalties related to income tax, if any, the Company records them under other expenses in the Statement of Operations.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Net Loss per Common Share</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company's potentially outstanding shares of common stock excludes 142,789,198 shares of employee and non-employee stock options, 240,968,467 shares of common stock issuable under warrants, 26,043,017 shares of common stock issuable under the conversion feature of the convertible notes payable and 1,000,000 shares of common stock to be issued for the year ended December 31, 2011, and 72,789,198 shares of stock options, 122,968,467 shares of common stock issuable under warrants and 97,654,755 shares of common stock issuable under the conversion feature of the convertible notes payable for the year ended December 31, 2010, respectively. These potentially outstanding dilutive shares of common stock were excluded as they were anti-dilutive.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Subsequent Events</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company has evaluated subsequent events through the date when the financial statements were issued. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; PADDING-LEFT: 79px; text-align: justify; TEXT-INDENT: -79px"> <em><u>Recently Issued Accounting Pronouncements</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In September 2011, the Financial Accounting Standards Board ("FASB") issued updated guidance on "Intangibles-Goodwill and Other: Testing Goodwill for Impairment". The guidance simplifies how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described. Under this updated guidance, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The guidance is effective for interim and annual periods beginning on or after December 15, 2011. Early adoption is permitted.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Management does not believe that any other recently issued, but not yet effective accounting pronouncements, as or if adopted, has or would have a material effect on the accompanying financial statements.</p> <!--EndFragment--></div> </div>
-10262227
-10352468
<!--egx--><p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><b><font style="FONT-SIZE:10pt">Note 14 - Stockholders’ Deficit</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Preferred Stock</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt">On October 21, 2010, the Company amended its Articles of Incorporation in New Jersey to authorize 10,000,000 shares of preferred stock, par value $0.10. The designations, rights, and preferences of such preferred stock are to be determined by the Board of Directors. On November 15, 2010, the Company changed its domicile from the state of New Jersey to the state of Wyoming.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt">In addition to the 10,000,000 shares of preferred stock authorized, on January 10, 2011, 100 shares of preferred stock were designated as Series A Preferred Stock and 100,000,000 shares were designated as Series B Preferred Stock. The bylaws under the Wyoming Incorporation were amended to reflect the rights and preferences of each additional new designation.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt">The Series A Preferred Stock collectively has voting rights equal to eighty percent of the total current issued and outstanding shares of common stock. If at least one share of Series A Preferred Stock is outstanding, the aggregate shares of Series A Preferred Stock shall have voting rights equal to the number of shares of common stock equal to four times the sum of the total number of shares of common stock issued and outstanding, plus the number of shares of Series B Preferred Stock (or other designated preferred stock) which are issued and outstanding. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt">The Series B Preferred Stock shall have preferential liquidation rights in the event of any liquidation, dissolution or winding up of the Company, such liquidation rights to be paid from the assets of the Company not delegated to parties with greater priority at $1.00 per share or, in the event an aggregate subscription by a single subscriber of the Series B Preferred Stock is greater than $100,000,000, $0.997 per share. The Series B Preferred Stock shall be convertible to a number of shares of common stock equal to the price of the Series B Preferred Stock divided by the par value of the Series B Preferred Stock. The option to convert the shares of Series B Preferred Stock may not be exercised until three months following the issuance of the Series B Preferred Stock to the recipient shareholder. The Series B Preferred Stock shall have ten votes on matters presented to the shareholders of the Company for one share of Series B Preferred Stock held. The initial price of the Series B Preferred Stock shall be $2.50, (subject to adjustment by the Company’s Board of Directors) until such time, if ever, the Series B Preferred Stock are listed on a secondary and/or public exchange. As of December 31, 2011, no shares of Series B Preferred Stock have been issued.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Series A Preferred Stock</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:210.0pt 246.0pt"><font style="FONT-SIZE:10pt; COLOR:black">In February 2011, the Company issued three shares of non-convertible Series A preferred stock valued at $329,000 per share, or $987,000 in aggregate, for voting purposes only, to the three members of the management team at one share each. The issued and outstanding shares of the Series A preferred stock have voting rights equal to eighty percent of the total issued and outstanding shares of the Company's common stock</font><font style="FONT-SIZE:10pt"> (see Note 13). This effectively provided them, upon retention of their Series A Preferred Stock, voting control on matters presented to the shareholders of the Company. For the year ended December 31, 2011, the Company expensed $987,000 in stock based compensation expense related to the issuance of the shares.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Common Stock</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In February 2011, an increase of the authorized shares of the Company’s common stock from one hundred million (100,000,000) to five hundred million (500,000,000), $0.0001 par value, was ratified, effective upon the filing of an amendment to the Company’s Certificate of Incorporation with the Wyoming Secretary of State. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Common Stock for Services </font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In November 2009, the Company executed a website development agreement with a consultant whereby the consultant provides website design and development services to the Company. As compensation for the services, the consultant received a deposit fee of $3,750 and is to receive additional milestone fees in the total amount of $3,750. As additional compensation, the consultant received 46,875 shares of the Company’s common stock, valued at $0.08 per share. Upon project completion, the consultant is to receive an additional 46,875 shares of the Company’s common stock. The Company has recorded $9,000 as prepaid expenses, recorded in 2009, relating to the deposit paid, the shares issued and the next milestone invoice, respectively (see Note 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In December 2009, the Company entered into a retainer agreement with an attorney, whereas the attorney acts as house counsel for the Company with respect to all general corporate matters. The agreement is at will and required a payment of 100,000 shares of common stock, valued at $0.05 per share, due upon execution. Commencing on January 1, 2010, the fee structure also includes a monthly cash fee of $1,000 and the monthly issuance of 2,500 shares of common stock, valued at market. In December 2009, the Company issued 100,000 shares of common stock, valued at $5,000</font><font style="FONT-SIZE:10pt">, all of which has been expensed as legal fees,</font><font style="FONT-SIZE:10pt"> related to the agreement (Note 19). For the years ended December 31, 2011 and 2010, the Company issued 30,000 shares of common stock, valued at $835</font><font style="FONT-SIZE:10pt">, and 30,000 shares of common stock, valued at $1,130, respectively, all of which have been expensed as legal fees,</font><font style="FONT-SIZE:10pt"> related to the agreement. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In February 2011, the Company entered into a consultant agreement with an investor services firm whereby the consultant served as an investment consultant to the Company. The term of the agreement was three months. For acting in this role, the consultant received 334,000 shares of the Company’s common stock, valued at $20,040, in February 2011, 333,000 shares of the Company’s common stock, valued at $8,325, in March 2011 and 333,000 shares of the Company’s common stock, valued at $8,991, in April 2011, all of which has been expensed as consulting fees. The Company terminated the agreement in May 2011 (see Note 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In April 2011, the Company entered into a marketing advisory and financial agreement with a marketing firm whereby the consultant serves as a marketing and financial advisor to the Company. The agreement terminated on April 1, 2012. For acting in this role, the consultant received 5,000,000 shares of the Company’s common stock, valued at $130,000, in April 2011, which has been expensed as consulting fees. The consultant also received warrants to purchase 6,500,000 shares of the Company’s common stock in April 2011. The warrants are exercisable at $0.06 per share for 2,000,000 shares, $0.11 per share for 2,000,000 shares, $0.16 per share for 1,500,000 shares and $0.26 per share for 1,000,000 shares. The warrants are only exercisable if certain contractual thresholds are met as of June 1, 2012 (see Note 13). </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In July 2011, the Company entered into a consulting agreement with an investor services firm whereby the consultant serves as an investment consultant to the Company. The term of the agreement is one year. For acting in this role, the consultant received 1,250,000 shares of the Company’s common stock, valued at $35,000 which has been expensed as consulting fees (see Note 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In November 2011, the Company entered into a consulting agreement with a firm whereby the consultant will receive a success fee, in the form of restricted shares of the Company’s common stock, of 6% of all monies invested in the Company as a result of a term sheet the Company executed with an investor firm in November 2011 (see Note 19). In December 2011, the consultant received 343,511 shares of the Company’s common stock, valued at $4,500 and all of which has been expensed as consulting fees, as a result of the first investor tranche of $75,000 (see Note 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In December 2011, the Company issued 2,000,000 restricted shares of its common stock to a consultant in consideration of the consultant’s continual support of the Company through several areas of assistance. The shares were valued at $37,200, all of which has been expensed as consulting fees. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Common Stock for Financing</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In January 2009, the Company executed a promissory note for $225,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on January 23, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder of a $100,000 convertible note, executed in July 2008, rolled the convertible note balance and accrued interest owed into a purchase of nine units with each unit consisting of a 10% promissory note of $25,000 for a total of $225,000 and 82,000 shares of the Company’s common stock, valued at $0.06, for a total of 738,000 shares of common stock. An additional loan to the Company, in January 2009, of $100,000 by the note holder was included as part of the purchase of the nine units (see Note 8). The shares were issued in February 2009. For the years ended December 31, 2011 and 2010, the Company expensed $22,140 and $22,140, respectively, of financing expenses related to the shares.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In March 2009, the Company executed a promissory note for $50,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on March 20, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 100,000 shares of common stock. The shares were issued in April 2009. For the years ended December 31, 2011 and 2010, the Company expensed $1,667 and $1,667, respectively, of financing expenses related to the shares (see Notes 8 and 13).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In April 2009, the Company executed a promissory note for $50,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on April 10, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 100,000 shares of common stock. For the years ended December 31, 2011 and 2010, the Company expensed $1,667 and $1,667, respectively, of financing expenses related to the shares (see Notes 8 and 13).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In May 2009, the Company executed a promissory note for $50,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on May 27, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 100,000 shares of common stock. The shares were issued in June 2009. For years ended December 31, 2011 and 2010, the Company expensed $1,000 and $1,000, respectively, of financing expenses related to the shares (see Note 8).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In June 2009, the Company executed a promissory note for $25,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on June 8, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased one unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price. The shares were issued in June 2009. For the years ended December 31, 2011 and 2010, the Company expensed $500 and $500, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In June 2009, the Company executed a promissory note for $75,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on June 12, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased three units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 150,000 shares of common stock. The shares were issued in August 2009. For the years ended December 31, 2011 and 2010, the Company expensed $2,000 and $2,000, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In July 2009, the Company executed a promissory note for $35,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on July 14, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased 1.4 units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 70,000 shares of common stock. The shares were issued in August 2009. For the years ended December 31, 2011 and 2010, the Company expensed $933 and $933, respectively, of financing expenses related to the shares (see Note 8).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In August 2009, the Company executed a promissory note for $25,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on August 18, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased one unit consisting of a 10% promissory note of $25,000 and 75,000 restricted shares of the Company’s common stock, at market price. The shares were issued in August 2009. For the years ended December 31, 2011 and 2010, the Company expensed $1,000 and $1,000, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In September 2009, the Company executed a promissory note for $50,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on September 2, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, at market price, for a total of 100,000 shares of common stock. For the years ended December 31, 2011 and 2010, the Company expensed $1,833 and $1,833, respectively, of financing expenses related to the shares (see Notes 8 and 13). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In October 2009, the Company executed a promissory note for $50,000, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on October 20, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 82,000 restricted shares of the Company’s common stock, valued at $0.10 per share, for a total of 164,000 shares of common stock. The shares were issued in November 2009. For the years ended December 31, 2011 and 2010, the Company expensed $5,467 and $5,467, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In October 2009, the Company executed a promissory note for $18,750, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on October 27, 2012</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased three/fourths of one unit with each unit consisting of a 10% promissory note of $25,000 and 133,333 restricted shares of the Company’s common stock, valued at $0.10 per share, for a total of 100,000 shares of common stock. For the years ended December 31, 2011 and 2010, the Company expensed $3,333 and $3,333, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In December 2009, the Company executed a promissory note for $7,500,</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on December 4, 2012</font><font style="FONT-SIZE:10pt">. As consideration for executing the note, the Company issued 150,000 shares of restricted common stock, valued at $0.10 per share, to the note holder. For the years ended December 31, 2011 and 2010, the Company expensed $5,000 and $5,000, respectively, of financing expenses related to the shares (see Note 8). </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In March 2010, the Company executed a promissory note for $50,000 with its CEO, bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on April 30, 2010</font><font style="FONT-SIZE:10pt">. Per the terms of the promissory note, the note holder purchased two units with each unit consisting of a 10% promissory note of $25,000 and 50,000 restricted shares of the Company’s common stock, valued at $0.025 per share, for a total of 100,000 shares of common stock. For the years ended December 31, 2011 and 2010, the Company expensed $0 and $2,500, respectively, of financing expenses related to the shares (see Note 9). In May 2010, the maturity date was extended to October 31, 2010.</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In April 2010, the Company executed a promissory note for $80,000,</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on July 23, 2010</font><font style="FONT-SIZE:10pt">. As consideration for executing the note, the Company issued 500,000 shares of restricted common stock, valued at $0.021 per share, to the note holder. For the years ended December 31, 2011 and 2010, the Company expensed $0 and $10,500, respectively, of financing expenses related to the shares (see Note 8).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In May 2010, the Company executed a promissory note for $50,000,</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">bearing interest</font><font style="FONT-SIZE:10pt"> </font><font style="FONT-SIZE:10pt">at 10% per annum,</font><font style="FONT-SIZE:10pt"> maturing on May 21, 2013</font><font style="FONT-SIZE:10pt">. As consideration for executing the note, the Company issued 200,000 shares of restricted common stock, valued at $0.009 per share, to the note holder. For the years ended December 31, 2011 and 2010, the Company expensed $600 and $350, respectively, of financing expenses related to the shares (see Notes 8 and 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Common Stock for Settlement of Trade Payables</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In August 2011, the Company issued 900,000 shares of its common stock, valued at $0.03 per share, to a vendor for settlement of trade payables (see Note 13). In March 2012, the remaining payables balance was settled and the Company issued 1,800,000 shares of its common stock, valued at $0.015 per share, to the vendor (see Note 18).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Common Stock for the Sale and Settlement of Aged Debt</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">Per the terms of a debt purchase agreement that the Company formalized with a consultant in September 2011, the Company issued 6,500,000 unrestricted shares of its common stock, valued at $0.005 per share, in July 2011, 4,112,500 unrestricted shares of its common stock, valued at $0.005 per share, in September 2011, and 3,133,746 unrestricted shares of its common stock, valued at $0.005 per share, in October 2011 to the consultant for the sale and retirement of certain promissory notes and convertible related party promissory notes (see Notes 7, 8 and 13). </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">Per the terms of a settlement agreement that the Company executed with the estate of a deceased note holder in November 2011, the Company issued 1,344,086 restricted shares of its common stock, valued at $0.0186 per share, in December 2011, to two beneficiaries of the estate for the settlement of a promissory note (see Notes 8 and 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Sale</font></u></i><i><u><font style="FONT-SIZE:10pt"> of Shares of Common Stock</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt"><font style="TEXT-DECORATION:none"> </font></font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In June 2011, the Company sold to two individuals </font><font style="FONT-SIZE:10pt">certain units </font><font style="FONT-SIZE:10pt">which contained common stock. The Company issued 3,000,000 shares of </font><font style="FONT-SIZE:10pt">its </font><font style="FONT-SIZE:10pt">common stock at $0.02 per share. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In August 2011, the Company sold to one individual </font><font style="FONT-SIZE:10pt">certain units </font><font style="FONT-SIZE:10pt">which contained common stock and warrants. The Company issued 1,000,000 shares of </font><font style="FONT-SIZE:10pt">its </font><font style="FONT-SIZE:10pt">common stock at $0.03 per share and warrants to purchase 500,000 shares of the Company’s common stock, exercisable at $0.04 per share that expire in August 2014 (see Note 8 above).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In September 2011, the Company sold to three individuals </font><font style="FONT-SIZE:10pt">certain units </font><font style="FONT-SIZE:10pt">which contained common stock. The Company issued 5,000,000 shares of </font><font style="FONT-SIZE:10pt">its </font><font style="FONT-SIZE:10pt">common stock at $0.02 per share for 4,000,000 shares and $0.025 per share for 1,000,000 shares.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In October 2011, the Company sold subscriptions to one individual for </font><font style="FONT-SIZE:10pt">certain units </font><font style="FONT-SIZE:10pt">containing common stock and warrants. The units were for 1,000,000 shares of </font><font style="FONT-SIZE:10pt">its </font><font style="FONT-SIZE:10pt">common stock at $0.025 per share and warrants to purchase 500,000 shares of the Company’s common stock, exercisable at $0.04 per share that expire three years from the date of issuance. The shares and warrants were formally issued in March 2012 (see Note 18). The Company recorded the value of the shares as common stock to be issued at December 31, 2011and includes them into for loss per share purpose for 2011.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In November 2011, the Company sold to two individual </font><font style="FONT-SIZE:10pt">certain units </font><font style="FONT-SIZE:10pt">which contained common stock and warrants. The Company issued 2,000,000 shares of </font><font style="FONT-SIZE:10pt">its </font><font style="FONT-SIZE:10pt">common stock at $0.025 per share, 1,000,000 shares to each individual, and warrants to purchase a total of 1,500,000 shares of the Company’s common stock, exercisable at $0.04 per share that expire in October 2014 (see Note 14 below).</font></p> <p style="MARGIN:0in 1.35pt 0pt 0in; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Sale</font></u></i><i><u><font style="FONT-SIZE:10pt"> of Warrants for Cash and Exercise of Warrants</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt; BACKGROUND:silver"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In January 2011, the Company sold warrants to purchase 5,333,333 shares of common stock to one unrelated individual for $14,000 in cash. The warrants are exercisable at $0.03 per share and expire in January 2016.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In February 2011, the Company sold warrants to purchase 37,714,285 shares of common stock to two unrelated individuals for $99,000 in cash. The warrants are exercisable at $0.03 per share and expire in February 2016.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In March 2011, the Company sold warrants to purchase 12,250,000 shares of common stock to four unrelated individuals for $76,563 in cash. The warrants are exercisable at $0.03 per share and expire in March 2016.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In April 2011, the Company sold warrants to purchase 5,000,000 shares of common stock to an unrelated party for $31,250 in cash. The warrants are exercisable at $0.03 per share and expire in April 2016. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In April 2011, in accordance with a warrant purchase agreement executed with a consulting group, the Company issued warrants to purchase 50,000,000 shares of common stock to three unrelated parties for cash considerations in the amount of $445,000, of which the company received $131,000 in April 2011, $57,500 in May 2011, $74,000 in June 2011 and $14,000 in July 2011. Each party received warrants exercisable at $0.02 per share for 10,000,000 shares, $0.04 per share for 10,000,000 shares, $0.08 per share for 10,000,000 shares, $0.12 per share for 10,000,000 and $0.15 per share for 10,000,000 shares. All of the warrants expire in April 2014. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In April 2011, the Company issued 800,000 restricted shares of its common stock, valued at $0.025 per share, to an individual for the exercise of warrants for cash. </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify"><font style="FONT-SIZE:10pt">In September 2011, in accordance with a debt settlement agreement executed with a consulting firm, the Company issued warrants to purchase 35,000,000 shares of common stock to the consultant for cash considerations in the amount of $315,000, of which the company received $43,000 in September 2011 and $20,000 in October 2011. The warrants are exercisable at $0.02 per share for 15,000,000 shares, $0.03 per share for 10,000,000 shares and $0.04 per share for 10,000,000 shares. All of the warrants expire in September 2013 (see Note 13).</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><i><u><font style="FONT-SIZE:10pt">Issuance of Warrants for Financing and Acquiring Services</font></u></i></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:.5in"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">In connection with consulting agreements, the Company issued warrants for 12,750,000 shares to consultants, all of which were deemed earned upon issuance, for the year ended December 31, 2011. The fair value of these warrants granted, estimated on the date of grant using the Black-Scholes option-pricing model, was $507,538, which has been recorded as consulting expenses.</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:45.8pt 91.6pt 137.4pt 183.2pt 229.0pt 274.8pt 320.6pt 366.4pt 412.2pt 458.0pt 503.8pt 549.6pt 595.4pt 641.2pt 687.0pt 732.8pt"><font style="FONT-SIZE:10pt">The table below summarizes the Company’s warrant activities through December 31, 2011</font><font style="FONT-SIZE:10pt">:</font><font style="FONT-SIZE:10pt"></font></p> <p style="MARGIN:0in 0in 0pt 59.85pt; TEXT-ALIGN:justify; tab-stops:0in center 27.0pt left 1.25in 118.5pt 274.9pt decimal 312.8pt left 346.0pt decimal 402.9pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:Arial"> </font></p> <table width="722" style="MARGIN:auto auto auto 5.4pt; WIDTH:541.8pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Number of</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Warrant Shares</font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="141" colspan="3" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:105.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Exercise</font></b><b><font style="FONT-SIZE:8pt"> Price Range</font></b><b><font style="FONT-SIZE:8pt"></font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Per Share</font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Weighted Average Exercise Price</font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Fair Value</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">at Date of</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Issuance</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Contractual</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Term</font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" rowspan="5" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Intrinsic</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Value</font></b></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">(in thousands)</font></b></p></td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td></tr> <tr style="HEIGHT:12.75pt; page-break-inside:avoid"> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:12.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:Arial"> </font></p></td></tr> <tr style="HEIGHT:4pt; page-break-inside:avoid"> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt"> </font></b></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:Arial"> </font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Balance, January 1, 2010</font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2,068,467</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.10</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.00</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.58</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">878,665</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Granted</font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">121,700,000</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.03</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.03</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">436,980</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:16.5pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Exercised</font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">800,000</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">3,000</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Balance, </font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">122,968,467</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.00</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.039</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">1,312,645</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Granted</font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">118,000,000</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.02</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.50</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.062</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">1,430,013</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:16.5pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Exercised</font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">-</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">-</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">-</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">-</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:16.5pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Balance, </font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,968,467</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.00</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.05</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2,742,658</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr> <tr style="HEIGHT:15.75pt; page-break-inside:avoid"> <td width="144" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:1.5in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">Earned and Exercisable,</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="95" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:71pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,968,467</font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.4pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.004</font></p></td> <td width="24" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:18.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="60" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.00</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="100" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:74.7pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.05</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="23" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:17.55pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="71" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2,742,658</font></p></td> <td width="20" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:15.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="85" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:5.4pt; BORDER-TOP:#d4d0c8; PADDING-LEFT:5.4pt; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:64pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:15.75pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">---</font></p></td></tr></table> <p style="MARGIN:0in 0in 0pt 59.85pt; TEXT-ALIGN:justify; tab-stops:0in center 27.0pt left 1.25in 118.5pt 274.9pt decimal 312.8pt left 346.0pt decimal 402.9pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:Arial"> </font></p> <p style="MARGIN:0in 0in 0pt 59.85pt; TEXT-ALIGN:justify; tab-stops:0in center 27.0pt left 1.25in 118.5pt 274.9pt decimal 312.8pt left 346.0pt decimal 402.9pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:Arial"> </font></p> <p style="MARGIN:0in 0.1pt 0pt; TEXT-ALIGN:justify; tab-stops:.75in 1.25in"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0.1pt 0pt; TEXT-ALIGN:justify; tab-stops:.75in 1.25in"><font style="FONT-SIZE:10pt"> </font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:.75in 1.25in"><font style="FONT-SIZE:10pt">The following table summarizes information concerning outstanding and exercisable warrants as of December 31, 2011:</font></p> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:.75in 1.25in"><font style="FONT-SIZE:8pt"> </font></p> <div align="center"> <table style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="255" colspan="8" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:191.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Warrants Outstanding</font></b></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="164" colspan="5" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:123.25pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Warrants Exercisable</font></b></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td></tr> <tr style="HEIGHT:49.4pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><b><u><font style="FONT-SIZE:8pt">Range</font></u></b><b><u><font style="FONT-SIZE:8pt"> of Exercise</font></u></b><b><u><font style="FONT-SIZE:8pt"> Prices</font></u></b></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="87" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:65.4pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Number Outstanding</font></b></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="79" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:59.1pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Average Remaining Contractual Life (in years)</font></b></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="71" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:53.15pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Weighted-Average Exercise Price</font></b></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="83" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:62.15pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Number Exercisable</font></b></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#d4d0c8; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td> <td width="69" colspan="2" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:51.95pt; PADDING-TOP:0in; BORDER-BOTTOM:windowtext 1pt solid; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:center" align="center"><b><font style="FONT-SIZE:8pt">Weighted-Average Exercise Price</font></b></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:49.4pt; BACKGROUND-COLOR:transparent" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:8pt"> </font></p></td></tr> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$10.00</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="75" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:56.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">8,050</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="73" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:54.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2.71</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="59" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.0</font><font style="FONT-SIZE:9pt">00</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="77" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57.8pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">8,050</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:windowtext 1pt solid; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.75pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">10.00</font><font style="FONT-SIZE:9pt">0</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td></tr> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$1.00 - $5.50</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="75" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:56.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">281,417</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="73" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:54.75pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> 0</font><font style="FONT-SIZE:9pt">.00</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="59" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2.444</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="77" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57.8pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">281,417</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.75pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">2.444</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td></tr> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$0.004 - $0.80</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="75" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:56.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,679,000</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="73" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:54.75pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">3.21</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="59" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.047</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="77" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57.8pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,679,000</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.75pt; PADDING-TOP:0in; BORDER-BOTTOM:black 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.062</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td></tr> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="75" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:56.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="73" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:54.75pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="59" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="77" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57.8pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.75pt; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:white; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:white 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td></tr> <tr style="HEIGHT:12.55pt; page-break-inside:avoid"> <td width="159" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:119.3pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="top"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="75" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:56.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,968,467</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="73" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:54.75pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">3.20</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="59" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:44pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.</font><font style="FONT-SIZE:9pt">050</font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="77" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:57.8pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">240,968,467</font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td> <td width="12" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:9.2pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt">$</font></p></td> <td width="57" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:42.75pt; PADDING-TOP:0in; BORDER-BOTTOM:black 2.25pt double; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:right" align="right"><font style="FONT-SIZE:9pt">0.</font><font style="FONT-SIZE:9pt">050</font><font style="FONT-SIZE:9pt"></font></p></td> <td width="10" style="BORDER-RIGHT:#d4d0c8; PADDING-RIGHT:0in; BORDER-TOP:#d4d0c8; PADDING-LEFT:0in; BACKGROUND:#ccffcc; PADDING-BOTTOM:0in; BORDER-LEFT:#d4d0c8; WIDTH:0.1in; PADDING-TOP:0in; BORDER-BOTTOM:#ccffcc 1pt solid; HEIGHT:12.55pt" valign="bottom"> <p style="MARGIN:0in 0in 0pt"><font style="FONT-SIZE:9pt"> </font></p></td></tr></table></div> <p style="MARGIN:0in 0in 0pt; TEXT-ALIGN:justify; tab-stops:34.2pt 59.85pt decimal 4.5in 382.5pt left 6.0in decimal 7.0in"><font style="FONT-SIZE:10pt"> </font></p>
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<div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px; text-align: justify"><strong>Note 18 - Subsequent Events</strong></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued. The Management of the Company determined that there were certain reportable subsequent events to be disclosed as follows:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Convertible Notes Payable</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The Company executed convertible notes in January 2012 (two notes) and March 2012 (one note) for $75,000 each, bearing interest at 4% per annum, maturing on January 3, 2013, January 31, 2013 and March 2, 2013, respectively, per a term sheet executed in November 2011 with an investor firm. A broker fee of 12% was deducted from each tranche and the notes include a 15% prepayment penalty (see Note 13). In March 2012, the investor firm notified the Company that it has elected to terminate the term sheet and no further closings will occur. </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Sale of Shares of Common Stock</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In January 2012, the Company sold to one individual certain units which contained common stock and warrants. The Company issued 3,418,804 shares of its common stock at $0.014625 per share and warrants to purchase 1,709,402 shares of the Company's common stock, exercisable at $0.03 per share that expire in January 2015.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In February 2012, the Company sold to two individuals certain units which contained common stock and warrants. The Company issued 4,444,444 shares of its common stock at $0.01125 per share and 2,717,391 shares if its common stock at $0.0184 per share, and warrants to purchase 2,222,222 shares and 1,358,696 shares of the Company's common stock, respectively, exercisable at $0.03 per share that expire in February 2015.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In March 2012, the Company issued 1,000,000 shares of its common stock at $0.025 per share and warrants to purchase 500,000 shares of the Company's common stock, exercisable at $0.04 per share that expire three years from the date of issuance per the October 2011 sale of certain units that contained common stock and warrants (see Note 14). </p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Issuance of Common Stock for Services</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Per the terms of a consulting agreement the Company executed with a consulting firm whereby the consultant will receive a success fee, in the form of restricted shares of the Company's common stock, of 6% of all monies invested in the Company as a result of a term sheet the Company executed with an investor firm in November 2011, the consultant received 264,705 shares in January 2012, 276,073 shares in February 2012 and 321,428 shares in March 2012, valued at $4,500 per issuance, as a result of the second, third and fourth investor tranches of $75,000 each (see Notes 13 and 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In January 2012, the Company issued 2,000,000 restricted shares of its common stock, valued at market, to a consultant in consideration of the consultant's continual support of the Company through several areas of assistance.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Issuance of Common Stock for Settlement of Trade Payables</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In March 2012, the Company issued 1,800,000 shares of its common stock, valued at $0.015 per share, to a vendor for settlement of trade payables (see Notes 13 and 14).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Issuance of Common Stock for the Settlement of Aged Debt</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In January 2012, the Company and its former President agreed to settle the remaining balance due to him of $20,975 in exchange for the issuance of 1,498,214 restricted shares of the Company's common stock, valued at $0.014 per share (see Note 13).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">Per the terms of a settlement agreement that the Company executed with a note holder in January 2012, the Company issued 5,058,060 unrestricted shares of its common stock, valued at $0.0165 per share, to the note holder for the settlement of a $70,000 promissory note with an original maturity date of April 23, 2010 (see Note 8).</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Issuance of Warrants for Services</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In January 2012, the Company executed a development agreement with a consultant, whereby the consultant will receive a monthly payment of $5,000 and warrants to purchase 150,000 shares of the Company's restricted common stock. The warrants are exercisable at $0.03 per share and expire three years from issuance. The term of the agreement is month-to-month, with automatic monthly renewals unless terminated in writing by either party. The agreement was amended in February 2012 whereby the exercise price of the warrants was lowered to $0.02 per share. The consultant received 150,000 warrants in January 2012, exercisable at $0.03 per share, and 150,000 warrants in February and March 2012, respectively, exercisable at $0.02 per share.</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify"><em><u>Commitments and Contingencies</u></em></p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px; text-align: justify">In February 2012, the Company executed a marketing agreement with a consultant whereby the consultant will receive up to a 50% commission on contracted revenue commitments. The consultant may elect to receive up to 50% of its earned commissions in the form of restricted shares of the Company's common stock valued at the trailing five day average market stock price as of the end of the day of the contracted revenue commitment, providing the maximum number of shares issued in any one year does not exceed 5,000,000 shares. The consultant is eligible to receive an annual performance incentive in the form of additional restricted shares of the Company's common stock as follows: 1,000,000 shares if revenue commitments exceed $1,000,000, 2,000,000 shares if revenue commitments exceed $2,000,000, 3,000,000 shares if revenue commitments exceed $3,000,000 and 4,000,000 shares if revenue commitments exceed $4,000,000. As of March 22, 2012, no commissions have been paid relating to the agreement.</p> <!--EndFragment--></div> </div>
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