0001445866-11-000035.txt : 20111108 0001445866-11-000035.hdr.sgml : 20111108 20111108150503 ACCESSION NUMBER: 0001445866-11-000035 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111108 DATE AS OF CHANGE: 20111108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Omnitek Engineering Corp CENTRAL INDEX KEY: 0001404804 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 000000000 STATE OF INCORPORATION: CA FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53955 FILM NUMBER: 111187507 BUSINESS ADDRESS: STREET 1: 1945 S. Rancho Santa Fe Road CITY: San Marcos STATE: CA ZIP: 92078 BUSINESS PHONE: (760-591-0888 MAIL ADDRESS: STREET 1: 1945 S. Rancho Santa Fe Road CITY: San Marcos STATE: CA ZIP: 92078 10-Q 1 omnitek10q-11072011.htm 10-Q omnitek10q-11072011.htm
 
 


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended:  SEPTEMBER 30, 2011

Commission File Number     000-53955

OMNITEK ENGINEERING CORP.
 (Exact name of Registrant as specified in its charter)

California
 
33-0984450
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
1945 S. Rancho Santa Fe Road, San Marcos, California 92078
 (Address of principal executive offices, Zip Code)

(760) 591-0089
 (Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
 
Yes x   No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   
 
Yes x   No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,”  “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes o No x

As of November 1, 2011, the Registrant had 17,137,812 shares of its no par value Common Stock outstanding.


 
 

 

 
TABLE OF CONTENTS
 
   
Page
PART I - FINANCIAL INFORMATION
     
Item 1.
 
Item 1.       Financial Statements
 
 
 
Balance Sheets as of September 30, 2011 and December 31, 2010
1
 
 
Statements of Operations for the three months ended September 30, 2011 and September 30, 2010, and for the nine months ended September 30, 2011 and September 30, 2010
2
 
 
Statements of Shareholders’ Equity for the nine months ended September 30, 2011, and the year ended December 31, 2010.
3
 
 
Statements of Cash Flows for the nine months ended September 30, 2011 and September 30, 2010
4
 
 
Notes to the Financial Statements
5-7
Item 2. 
 
Management’s Discussion and Analysis of the Financial Condition and Results of Operations
8
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk
12
Item 4.
 
Controls and Procedures
12
 
 
 
PART II - OTHER INFORMATION
 
 
 
 Item 1.
 
Legal Proceedings
12
 Item 1A.
Risk Factors
 
12
 Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
13
 Item 3.
 Defaults Upon Senior Securities
 
13
 Item 4.
[Removed and Reserved]
 
13
 Item 5.
Other Information
 
13
 Item 6.
 
Exhibits
14


 
 

 

 
PART I
FINANCIAL INFORMATION

ITEM 1.                      FINANCIAL STATEMENTS
 
OMNITEK ENGINEERING CORP.
Balance Sheets
             
ASSETS
             
   
September 30,
   
December 31,
 
    2011     2010  
   
(unaudited)
   
(audited)
 
CURRENT ASSETS
           
Cash
  $ 48,097     $ 34,944  
Accounts receivable, net of allowance of $10,000
    60,616       28,117  
Accounts receivable -related party
    11,903       -  
Inventory
    1,055,446       1,055,047  
Deposits
    46,087       73,412  
                 
Total Current Assets
    1,222,149       1,191,520  
                 
FIXED ASSETS, net
    14,045       -  
                 
OTHER ASSETS
               
Intellectual property, net
    15,548       76,518  
                 
Total Other Assets
    15,548       76,518  
                 
TOTAL ASSETS
  $ 1,251,742     $ 1,268,038  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                 
CURRENT LIABILITIES
               
Accounts payable and accrued expenses
  $ 34,632     $ 136,936  
Accrued expenses - related parties
    360,350       395,888  
Accounts payable - related parties
    1,035       4,068  
Customer deposits
    275,895       333,887  
                 
Total Current Liabilities
    671,912       870,779  
                 
Total Liabilities
    671,912       870,779  
                 
STOCKHOLDERS' EQUITY
               
Common stock, 25,000,000 shares authorized no par value
               
   17,137,812 and 15,659,829 shares issued and outstanding,
               
   respectively
    2,659,299       2,374,799  
Additional paid-in capital
    4,188,850       4,004,607  
Accumulated deficit
    (6,268,319 )     (5,982,147 )
                 
Total Stockholders' Equity
    579,830       397,259  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 1,251,742     $ 1,268,038  
                 
                 
The accompanying notes are an integral part of these financial statements.
 

 
1

 

 
OMNITEK ENGINEERING CORP. 
Statements of Operations 
(unaudited)
 
                         
                         
   
For the Three
   
For the Three
   
For the Nine
   
For the Nine
 
   
Months Ended
   
Months Ended
   
Months Ended
   
Months Ended
 
   
September 30,
   
September 30,
   
September 30,
   
September 30,
 
   
2011
   
2010
   
2011
   
2010
 
   
 
                   
REVENUES
  $ 317,160     $ 402,119     $ 1,306,906     $ 1,176,373  
COST OF GOODS SOLD
    168,637       160,419       654,005       614,752  
GROSS MARGIN
    148,523       241,700       652,901       561,621  
                                 
OPERATING EXPENSES
                               
                                 
General and administrative
    265,999       274,806       775,088       1,112,063  
Research and development expense
    40,845       33,487       100,791       101,708  
Depreciation and amortization expense
    21,155       21,404       62,396       67,917  
                                 
Total Operating Expenses
    327,999       329,697       938,275       1,281,688  
                                 
LOSS FROM OPERATIONS
    (179,476 )     (87,997 )     (285,374 )     (720,067 )
                                 
OTHER INCOME (EXPENSE)
                               
                                 
Interest expense
    -       (7,044 )     -       (22,459 )
Interest income
    1       1,707       2       5,065  
                                 
Total Other Income (Expense)
    1       (5,337 )     2       (17,394 )
                                 
LOSS BEFORE INCOME TAXES
    (179,475 )     (93,334 )     (285,372 )     (737,461 )
INCOME TAX EXPENSE
    -       -       800       800  
                                 
NET LOSS
  $ (179,475 )   $ (93,334 )   $ (286,172 )   $ (738,261 )
                                 
BASIC AND DILUTED LOSS PER SHARE
  $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.05 )
                                 
WEIGHTED AVERAGE NUMBER
                               
  OF COMMON SHARES OUTSTANDING
    17,055,203       15,547,675       16,290,048       15,573,902  
                                 
The accompanying notes are an integral part of these financial statements. 

 
 
2

 
 

OMNITEK ENGINEERING CORP. 
Statements of Stockholders' Equity 
                               
                               
               
Additional
         
Total
 
   
Common Stock
         
Paid-In
   
Accumulated
   
Stockholders'
 
   
Shares
   
Amount
   
Capital
   
Deficit
   
Equity
 
                               
Balance, December 31, 2009
    16,127,675     $ 2,330,476     $ 3,366,794     $ (4,826,705 )   $ 870,565  
                                         
Common stock issued in
    94,654       18,698       -       -       18,698  
  payment of debt
                                       
                                         
Common stock forfeited
    (600,000 )     -       -       -       -  
                                         
Common stock cancelled as
    (100,000 )                                
  collateral for note payable
            -       -       -       -  
                                         
Common stock issued for
                                       
  services
    137,500       25,625       -       -       25,625  
 
                                       
Compensation expense recognized
                                       
  on options and warrants
    -       -       637,813       -       637,813  
                                         
Net loss for the year ended
                                       
  December 31, 2010
    -       -       -       (1,155,442 )     (1,155,442 )
                                         
Balance, December 31, 2010
    15,659,829       2,374,799       4,004,607       (5,982,147 )     397,259  
                                         
Value of options and warrants
                                       
  issued for services (unaudited)
    -       -       184,243       -       184,243  
                                         
Common stock issued for cash (unaudited)
    300,000       150,000       -       -       150,000  
                                         
Exercise of warrants and options for cash (unaudited)
    800,000       134,500       -       -       134,500  
                                         
Exercise of warrants for services (unaudited)
    377,983       -       -       -       -  
                                         
Net loss for the nine months ended
                                       
  September 30, 2011 (unaudited)
    -       -       -       (286,172 )     (286,172 )
                                         
Balance, September 30, 2011 (unaudited)
    17,137,812     $ 2,659,299     $ 4,188,850     $ (6,268,319 )   $ 579,830  
                                         
The accompanying notes are an integral part of these financial statements. 
 

 
3

 

 
OMNITEK ENGINEERING CORP.
 
Statements of Cash Flows
 
(unaudited)
 
   
For the Nine
   
For the Nine
 
   
Months Ended
   
Months Ended
 
   
September 30,
   
September 30,
 
   
2011
   
2010
 
OPERATING ACTIVITIES
 
 
       
Net loss
  $ (286,172 )   $ (738,261 )
Adjustments to reconcile net loss to
               
  net cash used by operating activities:
               
Amortization and depreciation expense
    62,396       67,917  
Options and warrants granted
    184,243       453,397  
Contributed interest
    -       16,735  
Changes in operating assets and liabilities:
               
Accounts receivable
    (32,499 )     (59,150 )
Accounts receivable–related parties
    (11,903 )     73,749  
Deposits
    27,325       4,653  
Inventory
    (399 )     (39,333 )
Accounts payable and accrued expenses
    (102,304 )     118,268  
Customer deposits
    (57,992 )     86,407  
Accounts payable-related parties
    (3,033 )        
Accrued expenses-related parties
    (35,538 )     36,012  
                 
Net Cash Used in Operating Activities
    (255,876 )     20,394  
                 
 INVESTING ACTIVITIES
               
Purchase of intellectual property
    -       (750 )
Purchase of property and equipment
    (15,471 )     -  
                 
Net Cash Used in Investing Activities
    (15,471 )     (750 )
                 
FINANCING ACTIVITIES
               
Issuance of common stock for cash
    150,000       -  
Exercise of warrants and options for cash
    134,500       -  
Repayment of note payable
    -       (58,035 )
                 
Net Cash Provided by Financing Activities
    284,500       (58,035 )
                 
NET INCREASE (DECREASE) IN CASH
    13,153       (38,391 )
CASH AT BEGINNING OF PERIOD
    34,944       78,991  
                 
CASH AT END OF PERIOD
  $ 48,097     $ 40,600  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
               
CASH PAID FOR:
               
Interest
  $ -     $ 5,723  
Income taxes
  $ 800     $ 800  
                 
NON CASH FINANCING ACTIVITIES:
               
Common stock issued for debt
  $ -     $ 7,500  
Common stock issued for prepaid services
  $ -     $ 20,000  
   
The accompanying notes are an integral part of these financial statements.
 

 
 
4

 

 
NOTE 1 - CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2011, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2010 audited financial statements.  The results of operations for the periods ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full years.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recent Accounting Pronouncements

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements.

Inventory

Inventory is stated at the lower of cost or market.  The Company’s inventory consists of finished goods and raw material and is located in San Marcos, California at September 30, 2011 and December 31, 2010 consisted of the following:
 
   
September 30,
   
December 31,
 
   
2011
   
2010
 
Location:
           
San Marcos, CA
           
  Raw materials
  $ 976,775     $ 1,021,762  
  Finished goods
    687,746       642,360  
Peru (finished goods)
    18,454       18,454  
                 
    $ 1,055,446     $ 1,055,047  
 
The Company has established an allowance for obsolete inventory.  Expense for obsolete inventory was $-0- and $171,331 for the nine months ended September 30, 2011 and the year ended December 31, 2010 respectively.


 
5

 

 
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.

Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.

At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of September 30, 2011 and December 31, 2010 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2006.

NOTE 3 - RELATED PARTY TRANSACTIONS

Accounts Receivable – Related Parties

During the years ended December 31, 2007 through 2009, the Company acquired a minority interest in various distributors in exchange for use of the Company’s name and Logo. As of September 30, 2011, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd., and a 20% interest in Omnitek Peru S.A.C.  As of September 30, 2011 and December 31, 2010, the Company was owed $11,903 and $-0-, respectively, by related parties for the purchase of products.

Accounts Payable – Related Parties

The Company regularly incurs expenses that are paid for by related parties and purchases goods and services from related parties. As of September 30, 2011 and December 31, 2010, the Company owed related parties for such expenses, goods and services in the amounts of $1,035 and $4,068, respectively.

Accrued Expenses – Related Parties

As of September 30, 2011 and December 31, 2010, related parties were owed $360,350 and $395,888, respectively, for services performed for the Company.


 
6

 

 
NOTE 4 - STOCK OPTIONS

During the nine months ended September 30, 2011 and 2010, the Company recognized expense of $184,243 and $410,752, respectively, for options that vested during the periods pursuant to ASC Topic 718.

In April 2007, the Company’s shareholders approved its 2006 Long-Term Incentive Plan (“the Plan”).   Under the plan, the Company may issue up to 10,000,000 shares of both Incentive Stock Options to employees only and Non-Qualified Stock Options to employees and consultants at its discretion.  As of September 30, 2011 the Company has a total of 2,620,000 options issued under the plan.  No options were issued under the plan during the periods ended September 30, 2011 and December 31, 2010.

A summary of the status of the options and warrants granted at September 30, 2011 and December 31, 2010 and changes during the periods then ended is presented below:
 
   
2011
   
2010
 
   
Shares
   
Weighted Average Exercise Price
   
Shares
   
Weighted Average Exercise Price
 
Outstanding at beginning of period
    5,870,000     $ 0.52       5,170,000     $ 0.57  
Granted
    -       -       700,000       0.13  
Exercised
    (1,177,983 )     0.15       -       -  
Expired or canceled
    (1,872,017 )     0.43       -       -  
Outstanding at end of period
    2,820,000       0.73       5,870,000       0.52  
Exercisable
    2,300,000     $ 0.67       4,750,000     $ 0.48  

A summary of the status of the options and warrants outstanding at September 30, 2011 is presented below:
 
     
Total Outstanding
   
Total Exercisable
 
           
Average
   
Weighted
         
Average
   
Weighted
 
     
Number
   
Remaining
   
Average
   
Number
   
Remaining
   
Average
 
Range
    O/S    
Life (Yrs)
   
Exercisable
   
Exercisable
   
Life (Yrs)
   
Exercisable
 
$ 0.01 - 0.50          200,000          3.03     $ 0.38          200,000          0.38        $ 0.38     
$ 0.51 - 0.75          1,580,000          1.13     $ 0.63          1,580,000          0.63        $ 0.63     
$ 0.76 - 1.00          1,040,000          1.11     $ 0.94          520,000          0.94        $ 0.88     
$ 0.01 - 1.00          2,820,000          1.26     $ 0.73          2,300,000          0.68        $ 0.67     
 
NOTE 5 - COMMON STOCK

On September 20, 2011, the Company issued an aggregate of 100,000 shares of its Common Stock in consideration of the capital contribution of $47,000 upon the exercise of a warrant.
 
NOTE 6 - SUBSEQUENT EVENTS

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report.  There are no material subsequent events to report.
 

 
7

 

 
ITEM 2.              MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
        The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes to the financial statements included elsewhere in this periodic report.  Some of the statements under “Management’s Discussion and Analysis,” “Description of Business” and elsewhere herein may include forward-looking statements which reflect our current views with respect to future events and financial performance. These statements include forward-looking statements both with respect to us specifically and the alternative fuels engines industry in general. Statements which include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. The safe harbor provisions of the federal securities laws do not apply to any forward-looking statements contained in this registration statement.
 
All forward-looking statements address such matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.
 
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements you read herein reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our written and oral forward-looking statements attributable to us or individuals acting on our behalf and such statements are expressly qualified in their entirety by this paragraph.
 
A.           Results of Operations

For the three months ended September 30, 2011 and 2010

Revenue decreased to $317,160 in 2011 from $402,119 in 2010, a decrease of $84,959 or 21%.  Results for the quarter were impacted by timing of shipments due to rescheduling of orders by certain customers.

Our cost of sales increased to $168,637 in 2011 from $160,419 in 2010, an increase of $8,218 or 5%. Our gross margin was 46% in 2011 compared to 60% in 2010. The decrease in gross margin was due to a greater percentage of sales of lower margin components in 2011.

Our operating expenses for 2011 were $327,999 compared to $329,697 in 2010, a decrease of $1,698. Major components of general and administrative expenses during 2011 were professional fees of $40,492, rent expense of $31,298, and salary and wages of $64,130. This compares to professional fees of $53,509, rent expense of $31,598 and salaries and wages of $50,808 during 2010.   In 2010 professional fees were higher by approximately $25,000 due to legal and accounting expenses incurred in connection with the filing of our registration statement with the SEC. We maintained constant our research and development outlays at $21,155 in 2011 compared to $21,404 in 2010.

Our net loss for the three months ended September 30, 2011 was $179,475, compared to a net loss of $93,334 in 2010. Included in our net loss for 2010 was net interest expense of $5,337 compared to $1 in 2011.

Results for the third quarter reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $114,791 and depreciation and amortization of $21,155.  For the three-month period a year earlier, non-cash expenses for the value of options and warrants granted were $41,216 and depreciation and amortization of $21,404.


 
8

 

 
For the nine months ended September 30, 2011 and 2010

Revenues increased to $1,306,906 in 2011 from $1,176,373 in 2010, an increase of $130,533 or 11%.

Our cost of sales rose to $654,005 in 2011 from $614,752 in 2010, an increase of $39,253. Our gross margin was 50% in 2011 compared to 48% in 2010. We expect that our gross margin will continue in these ranges until our operations grow sufficiently to allow us to negotiate better pricing for our components.

Our operating expenses for 2011 were $938,275 compared to $1,281,688 in 2010, a decrease of $343,413 or 27%.  General and administrative expense for 2011 was $775,088 as compared to $1,112,063 in 2010. The decrease is due primarily to the decrease in expense related to stock options issued for services of $184,243 in 2011 as compared to $453,397 in 2010.  Major components of general and administrative expenses during 2011 were professional fees of $118,783, rent expense of $93,594, and salary and wages of $166,606. This compares to professional fees of $207,271, rent expense of $94,794 and salaries and wages of $155,195 during 2010.   In 2010 professional fees were higher by approximately $88,488 due to legal and accounting expenses incurred in connection with the filing of our registration statement with the SEC. Research and development outlays were relatively constant $62,396 in 2011 compared to $67,917 in 2010.

Our net loss for the nine months ended September 30, 2011 was $286,172, compared to a net loss of $738,261 in 2010. The decrease loss was the result of lower professional fee expenditures, decreased option expense and cost cutting efforts.

Results for the nine months reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $184,243 and depreciation and amortization of $62,396. For the nine month period a year earlier, non-cash expenses for the value of options and warrants granted were $453,397 and depreciation and amortization of $67,917.

B.           Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cash Requirements

We believe that we will have sufficient cash from operations to meet our operating requirements for the proximate 12 months.

Liquidity and Capital Resources

Overview

For the nine months ended September 30, 2011 and 2010

At September 30, 2011, our current liabilities totaled $671,912 and our current assets totaled $1,222,149, resulting in positive working capital of $550,237 and a current ratio of 1.82.  During the nine months ended September 30, 2011, we received $284,500 of cash from the issuance of common stock and the exercise of warrants .We believe that through the collection of accounts receivable and the sale of inventory, in the normal course of business, we will meet our obligations on a timely basis and that our liquidity is sufficient for at least the next twelve months.


 
9

 

 
We have no firm commitments or obligations for capital expenditures. However, substantial discretionary expenditures will be required to enable us to conduct existing and planned product research, design, development, manufacturing, marketing and distribution of our products and Intellectual Property. We may need to raise additional capital to facilitate growth and support our long-term product development, manufacturing, and marketing programs. The Company has no established bank-financing arrangements and until we have sufficient assets, capital, and inventory or accounts receivable, it is not anticipated that we will secure any bank financing in the near future. Therefore, it is likely that we may need to seek additional financing through subsequent future public or private sales of our securities, including equity securities. We may also seek funding for the development, manufacturing, and marketing of our products through strategic partnerships and other arrangements with corporate partners. There can be no assurance, however, that such collaborative arrangements or additional funds will be available when needed, or on terms acceptable to us, if at all. If adequate funds are not available, we may be required to curtail one or more of our research and development programs.

We have historically incurred significant losses which have resulted in a total accumulated deficit of $6,268,319 at September 30, 2011.

Operating Activities

We have realized a negative cash flow from operations of $255,876 for the nine months ended September 30, 2011 compared to a positive cash flow of $20,394 during the nine months ended September 30, 2010.

Included in the net loss of $286,172 for the nine months ended September 30, 2011are non-cash expenses which are not a drain on our capital resources.  During 2011, the expenses include the value of options and warrants granted in the amount of $184,243 and depreciation and amortization of $62,396.  Excluding these non-cash amounts, our EBITDA for the nine months ended September 30, 2011 would have been a loss of $39,533.

Off-Balance Sheet Arrangements

None.

Critical Accounting Policiesand Estimates

The Company's financial statements are prepared using the accrual method of accounting. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Areas where significant estimates are required include the following:

Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts.

Inventory is stated at the lower of cost or market. The Company’s inventory consists of finished goods and raw material. The Company identifies items in its inventory that have not been sold in a timely manner. Accordingly, the Company has established an allowance for the cost of such obsolete inventory.

The Company assesses the recoverability of its long lived assets annually and whenever circumstances would indicate that there may be an impairment. The Company compares the estimated undiscounted future cash flows to the carrying value of the long lived assets to determine if an impairment has occurred. In the event that an impairment has occurred, the Company recognizes the impairment immediately.


 
10

 

 
The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. The Company uses historical experience to determine the likely-hood of realization of deferred tax liabilities and assets.

Revenue Recognition

The Company recognizes revenue from the sale of new natural gas engines and components to convert existing diesel engines to natural gas engines. Revenue is recognized upon shipment of the products, and when collection is reasonably assured.

Accounting for Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.

Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.

At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized.

The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2009, the Company had no accrued interest or penalties related to uncertain tax positions.

The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2006.

At December 31, 2010, the Company had net operating loss carry forwards of approximately $685,000 through 2030. No tax benefit has been reported in the December 31, 2010 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

Recently Issued Accounting Pronouncements

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements.
  

 
11

 

 
ITEM 3.                      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
        We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.


ITEM 4.                      CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
 
        We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms, and that information is accumulated and communicated to our management, including our principal executive and principal financial officer (whom we refer to in this periodic report as our Certifying Officer), as appropriate to allow timely decisions regarding required disclosure.
 
        Our management evaluated, with the participation of our Certifying Officer, the effectiveness of our disclosure controls and procedures as of September 30, 2010, pursuant to Rule 13a-15(b) under the Securities Exchange Act. Based upon that evaluation, our Certifying Officer concluded that, as of September 30, 2010, our disclosure controls and procedures were effective.
 
Changes in Internal Controls
 
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2010 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION
 
ITEM 1.                      LEGAL PROCEEDINGS

We are not a party to any pending legal proceeding.  No federal, state or local governmental agency is presently contemplating any proceeding against the Company.  No director, executive officer or affiliate of the Company or owner of record or beneficially of more than five percent of the Company's common stock is a party adverse to the Company or has a material interest adverse to the Company in any proceeding.
 
ITEM 1A.                   RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 
 
12

 


ITEM 2.                      UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

On September 20, 2011, the Company issued an aggregate of 100,000 shares of its Common Stock in consideration of the capital contribution of $47,000 upon the exercise of that certain Warrant No. 2009-001 on October 15, 2009.  No underwriters were used. The securities were sold pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933.  The warrant holder was intimately acquainted with the Company’s business plan and proposed activities at the time of issuance, is an accredited investor and possessed information on the Company necessary to make an informed investment decision.

ITEM 3.                       DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.                      [REMOVED AND RESERVED]
 
ITEM 5.                      OTHER INFORMATION
 
The Company held its Annual Meeting of Shareholders on September 9, 2011.  As of the Record Date there were 17,037,812 shares of the common stock entitled to vote at the meeting.

The director nominees named below were elected to a one-year terms expiring in 2012 by the indicated votes cast for and withheld with respect to each nominee.
 
 
Name of Nominee
 
 For
 
Withheld
 
Broker
Non Votes
 
Werner Funk
    12,008,964     20,700     5,008,148  
                     
Janice Quigley
    12,016,864     12,800     5,008,148  

Shareholders ratified the selection of Sadler, Gibb & Associates, LLC as the Company’s independent registered public accounting firm.  The vote was 13,482,130 for the proposal, 1,183 against, with 136 abstentions, and 3,554,363 broker non-votes.

On August 3, 2011, the Board of Directors of the Corporation adopted the 2011 Long-Term Incentive Plan to attract and retain the best available employees, directors, consultants, advisors and persons providing services to the Corporation.  Under the Plan 3,000,000 shares of the Corporation’s common stock were reserved out of the authorized and unissued shares of Common Stock for issuance pursuant to the exercise of options, etc., to be granted under the 2011 Plan.

Shareholders approved 2011 Long-Term Incentive Plan.  The vote was 11,732,251 in favor of the proposal, with 5,305,561 broker non-votes.


 
13

 

 
ITEM 6.                      EXHIBITS
 
(a)           Documents filed as part of this Report.
 
1.           Financial Statements.  The unaudited Balance Sheet of Omnitek Engineering Corp. as of September 30, 2011 and the audited balance sheet as of December 31, 2010, the unaudited Statements of Operations for the three months and six-month periods ended September 30, 2011 and 2010, the Consolidated Statements Stockholders’ Equity, and the unaudited Consolidated Statements of Cash Flows for the six-month periods ended September 30, 2011 and 2010, together with the notes thereto, are included in this Quarterly Report on Form 10-Q.

3.           Exhibits. The following exhibits are either filed as a part hereof or are incorporated by reference. Exhibit numbers correspond to the numbering system in Item 601 of Regulation S-K.
  
Exhibit
 
Number
Description of Exhibit
10.01
2011 Long-Term Incentive Plan  (1)
31.1
CEO certification pursuant to Section 302 of  The Sarbanes – Oxley Act of 2002 (1)
31.2
CFO certification pursuant to Section 302 of  The Sarbanes – Oxley Act of 2002 (1)
32.1
CEO and CFO certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
101
The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended S, 2011 formatted in Extensible Business Reporting Language (“XBRL”): (i) the balance sheets (unaudited) ; (ii) the statements of operations (unaudited); (iii) the statements of cash flows (unaudited); and, (iv) related notes. (2)
 
(1)  
Filed herewith
(2)  
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files submitted under Exhibit 101 are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

 
 
14

 


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

 
Omnitek Engineering Corp.
 
       
 
 
Dated: November 8, 2011
 
 
    By: Werner Funk   
    Its: President and Secretary  
       
       
Dated: November 8, 2011
 
/s/  Janice M. Quigley  
   
By: Janice M. Quigley
 
   
Its: Chief Financial Officer
 
       
 
Pursuant to the requirement of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:
 
 
 
 
Dated: November 8, 2011
 
   
   
By: Werner Funk, Director
 
       
       
       
Dated: November 8, 2011
 
/s/ Janice M. Quigley  
   
Janice M. Quigley, Director
 


 
15

 

EX-10.1 2 exh10-1.htm EXHIBIT 10.1 exh10-1.htm

OMNITEK ENGINEERING CORP.

2011 LONG-TERM INCENTIVE PLAN

           OMNITEK ENGINEERING CORP., a California corporation (the “Company”), hereby adopts this 2011 Long-Term Incentive Plan (the “Plan”), effective as of August 3, 2011.

1.           Purposes of the Plan.  The Board has adopted this Plan with the intent, and directs that it be administered as necessary, to attract and retain the best available personnel for positions of substantial responsibility; provide additional incentive to Employees, Directors and Consultants; and promote the success of the Company’s business.  Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant.  Stock Purchase Rights and Restricted Stock Units may also be granted under the Plan.

2.           Definitions.  As used herein, the following definitions shall apply:

(a)           “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with section 4 of the Plan.

(b)           “Applicable Laws” means the requirements relating to the administration of stock option plans under the corporate laws of the state in which the Company is incorporated, federal and state securities laws, the Code, the regulations and policies of any stock exchange or quotation system on which the Common Stock is listed or quoted, and the Applicable Laws of any foreign country or jurisdiction where Options, Stock Purchase Rights, or Restricted Stock Units are or will be granted under the Plan.

(c)           “Board” means the Board of Directors of the Company.

(d)           “Code” means the Internal Revenue Code of 1986, as amended.

(e)           “Committee” means a committee of Directors appointed by the Board in accordance with section 4 of the Plan.

(f)           “Common Stock” means the common stock of the Company.

(g)           “Company” means Omnitek Engineering Corp., a California corporation.

(h)           “Consultant” means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity, including, at the discretion of the Administrator, an entity that is not a natural person.

(i)           “Director” means a member of the Board.

(j)           “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.

(k)           “Effective” Date means August 3, 2011.

(l)           “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company.  A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company(or the Parent or Subsidiary that employees the Employee) or (ii) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. For purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three months following the 91st day of such leave, any Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Neither service as a Director nor payment of a Director’s fee by the Company shall be sufficient to constitute “employment” by the Company.

 
 
 

 


(m)           “Exchange Act” means the Securities Exchange Act of 1934, as amended.

(n)           “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

(i)           if the Common Stock is listed on any established stock exchange or a national market system, including the Nasdaq National Market or the Nasdaq SmallCap Market of the Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported by Nasdaq, The Wall Street Journal, or such other source as the Administrator deems reliable;

(ii)           if the Common Stock is regularly quoted in an inter-dealer quotation medium, but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported by such inter-dealer quotation medium, The Wall Street Journal, or such other source as the Administrator deems reliable; or

(iii)           in the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Administrator.

(o)           “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

(p)           “Inside Director” means a Director who is an Employee.

(q)           “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

(r)           “Notice of Grant” means a written or electronic notice evidencing certain terms and conditions of an individual Option, Stock Purchase Right, or Restricted Stock Unit grant.  The Notice of Grant is part of, and subject to the terms of, the Option Agreement or the Restricted Stock Units Agreement as applicable.

(s)           “Officer” means a person who is an executive officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

(t)           “Option” means a stock option granted pursuant to the Plan.

 
 
 

 

 
(u)           “Option Agreement” means an agreement between the Company and an Optionee evidencing the terms and conditions of an individual Option grant.  The Option Agreement is subject to the terms and conditions of the Plan.

(v)           “Option Exchange Program” means a program whereby outstanding Options are surrendered in exchange for Options with a lower exercise price.

(w           “Optioned Stock” means the Common Stock subject to an Option or Stock Purchase Right.

(x)           Optionee” means the holder of an outstanding Option or Stock Purchase Right granted under the Plan.

(y)           “Outside Director” means a Director who meets the definition of both a “Non-Employee Director” (as defined in Rule 16b-3 of the Exchange Act) and “Outside Director” (as defined in Section 162(m) of the Code).

(z)           “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

(aa)           “Participant” means a Service Provider to whom the Company has granted a Restricted Stock Unit pursuant to section 17 of the Plan.

(bb)           “Plan” means this 2011 Long-Term Incentive Plan, as the same may be amended and restated from time to time.

(cc)           “Restricted Stock” means Shares of Common Stock acquired pursuant to a grant of Stock Purchase Rights under section 11 of the Plan.

(dd)           “Restricted Stock Purchase Agreement” means a written agreement between the Company and the Optionee evidencing the terms and restrictions applying to stock purchased under a Stock Purchase Right.  The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the Notice of Grant.

(ee)           “Restricted Stock Unit” means a bookkeeping entry representing a right granted to a Participant pursuant to section 12 of the Plan to receive a share of Common Stock on a date determined in accordance with section 12 of the Plan and the Participant’s Restricted Stock Units Agreement.

(ff)           “Restricted Stock Units Agreement” means a written agreement between the Company and a Participant who is granted Restricted Stock Units under the Plan that contains the terms, conditions and restrictions pertaining to the grant of the Restricted Stock Units.

(gg)           “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.

(hh)           “Section 16(b)” means Section 16(b) of the Exchange Act.

(ii)           “Service Provider” means an Employee, Director or Consultant.

 
 
 

 

 
(jj)           “Share” means a share of Common Stock, as adjusted in accordance with section 16 of the Plan.

(kk)           “Stock Purchase Right” means the right to purchase Common Stock pursuant to section 11 of the Plan, as evidenced by a Notice of Grant.

(ll)           “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

3.           Stock Subject to the Plan.  Subject to the provisions of section 16 of the Plan, the maximum aggregate number of Shares on which Options may be granted and which may be sold on the exercise of such Options and under Restricted Stock Purchase Agreements under the Plan is 1,000,000 Shares.  The Shares may be authorized, but unissued, or reacquired Common Stock.  If an Option or Stock Purchase Right expires or becomes unexercisable without having been exercised in full or is surrendered pursuant to an Option Exchange Program, or if Restricted Stock Units are forfeited, the unpurchased or unissued Shares that were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated); provided, however, that Shares that have actually been issued under the Plan, whether upon exercise of an Option or Right, or upon the vesting of Restricted Stock Units, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if Shares of Restricted Stock are repurchased by the Company at their original purchase price, such Shares shall become available for future grant under the Plan.

4.           Administration of the Plan.

(a)           Procedure.

(i)           The Board may designate different Committees to administer the Plan with respect to different groups of Service Providers.

(ii)           To the extent that the Administrator determines it to be desirable to qualify Options granted hereunder as “performance-based compensation” within the meaning of Section 162(m) of the Code, the Plan shall be administered by a Committee of two or more “Outside Directors” within the meaning of Section 162(m) of the Code.

(iii)           To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder shall be structured to satisfy the requirements for exemption under Rule 16b-3.

(iv)           Other than as provided above, the Plan shall be administered by the Board or a Committee, which Committee shall be constituted to satisfy Applicable Laws.

(b)           Powers of the Administrator.  Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator shall have the authority, in its discretion:

(i)           to determine the Fair Market Value pursuant to section 2(m)(iii) of the Plan;

(ii)           to select the Service Providers to whom Options, Stock Purchase Rights, and Restricted Stock Units may be granted hereunder;

 
 
 

 

 
(iii)           to determine the number of Stock Purchase Rights and Shares of Common Stock to be covered by each Option or Stock Purchase Right granted hereunder;

(iv)           to approve forms of agreement for use under the Plan;

(v)           to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Option, Stock Purchase Right, or Restricted Stock Unit granted hereunder.  Such terms and conditions include the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Restricted Stock Unit, Option, or Stock Purchase Right or the Shares of Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine;

(vi)           to cancel any Option or Stock Purchase Right if the Fair Market Value of the Common Stock covered by such Option or Stock Purchase Right shall have declined since the date the Option or Stock Purchase Right was granted and may issue replacement Options or Stock Purchase Rights with an exercise price equal to the then-current Fair Market Value;

(vii)           to institute an Option Exchange Program;

(viii)           to construe and interpret the terms of the Plan and awards granted pursuant to the Plan;

(ix)           to establish, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to subplans established for the purpose of satisfying applicable foreign laws;

(x)           to modify or amend each Option, Stock Purchase Right, or Restricted Stock Unit (subject to section 18(c) of the Plan), including the discretionary authority to extend the post-termination exercisability period of Options longer than is otherwise provided for in the Plan;

(xi)           to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option, Stock Purchase Right, or Restricted Stock Unit previously granted by the Administrator;

(xii)           to correct any defect, supply any omission, or reconcile any inconsistency in the Plan or in any Option or Restricted Stock Units Agreement, in a manner and to the extent it shall deem necessary, all of which determinations and interpretations made by the Administrator shall be conclusive and binding on all Optionees and Participants, any other holders of Options or Restricted Stock Units, and their legal representatives and beneficiaries;

(xiii)           except to the extent prohibited by or impermissible in order to obtain treatment desired by the Administrator under Applicable Law or rule, to allocate or delegate all or any portion of its powers and responsibilities to any one or more of its members or to any person(s) selected by it, subject to revocation or modification by the Administrator of such allocation or delegation; and

 
 
 

 

 
(xiv)           to make all other determinations deemed necessary or advisable for administering the Plan.

(c)           Effect of Administrator’s Decision.  The Administrator’s decisions, determinations, and interpretations shall be final and binding on all Optionees and Participants and any other holders of Options, Stock Purchase Rights, or Restricted Stock Units.

5.           Eligibility.  Nonstatutory Stock Options, Stock Purchase Rights, and Restricted Stock Units may be granted to Service Providers.  Incentive Stock Options may be granted only to Employees.

6.           Limitations.

(a)           Designation.  Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option.  However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under all Plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options.  For purposes of this section 6(a), Incentive Stock Options shall be taken into account in the order in which they were granted.  The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted.

(b)           No Right of Continuing Service or Employment.  Neither the Plan nor any Option, Stock Purchase Right, or Restricted Stock Unit shall confer upon an Optionee or Participant any right with respect to continuing the Optionee’s or Participant’s relationship as a Service Provider with the Company, nor shall they interfere in any way with the existing right of the Optionee, Participant, or the Company to terminate such relationship.

7.           Term of Plan.  Subject to section 22 of the Plan, the Plan shall become effective upon its adoption by the Board.  It shall continue in effect for a term of 10 years from the Effective Date unless terminated earlier under section 18 of the Plan.

8.           Term of Option.  The term of each Option shall be stated in the Option Agreement.  In the case of an Incentive Stock Option, the term shall be 10 years from the date of grant or such shorter term as may be provided in the Option Agreement.  Moreover, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option shall be five years from the date of grant or such shorter term as may be provided in the Option Agreement.

9.           Option Exercise Price and Consideration.

(a)           Exercise Price.  The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the Administrator and specified in the Option Agreement, subject to the following:

(i)           In the case of an Incentive Stock Option:

(1)           granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant.

 
 
 

 


(2)           granted to any Employee other than an Employee described in subsection 9(a)(i)(1) immediately above, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

(ii)           In the case of a Nonstatutory Stock Option, the per Share exercise price shall be determined by the Administrator.  In the case of a Nonstatutory Stock Option intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on the date of grant. In this regard, a stock option granted with an exercise price less than FMV on the date of grant is nonqualified deferred compensation subject to the restrictions of Code Section 409A.

(iii)           In the event of a merger or other corporate transaction, a new Option may be substituted for an outstanding Option, or such outstanding Option may be assumed.

(b)           Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator shall fix the period within which the Option may be exercised and shall determine any conditions that must be satisfied before the Option may be exercised.

(c)           Form of Consideration.  The Administrator shall determine the acceptable form of consideration for exercising an Option, including the method of payment.  Such consideration may consist entirely of:

(i)           cash;

(ii)           check;

(iii)           other Shares, provided Shares acquired from the Company have been owned by the Optionee for more than six months on the date of surrender and have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised;

(iv)           consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan;

(v)           a reduction in the amount of any Company liability to the Optionee, including any liability attributable to the Optionee’s participation in any Company-sponsored deferred compensation program or arrangement;

(vi)           any combination of the foregoing methods of payment; or

(vii)           such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

In the case of an Incentive Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant as set forth in the Option Agreement.  Notwithstanding the form of consideration determined by the Administrator at the time of grant, the Administrator shall have the authority, in its sole and absolute discretion, to accept other forms of consideration as the method of payment.


 
 

 

 
10.           Exercise of Option.

(a)           Procedure for Exercise; Rights as a Stockholder.  Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement.  Unless the Administrator provides otherwise, vesting of Options granted hereunder shall be tolled during any unpaid leave of absence.  An Option may not be exercised for a fraction of a Share.  An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised.  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan.  Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her spouse or in the name of a family trust of which the Optionee is a trustee.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option.  The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised; provided that if the Company shall be advised by counsel that certain requirements under the federal, state or foreign securities laws must be met before Shares may be issued under this Plan, the Company shall notify all persons who have been issued Options, and the Company shall have no liability for failure to issue Shares under any exercise of Options because of delay while such requirements are being met or the inability of the Company to comply with such requirements.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in section 16 of the Plan.  Exercising an Option in any manner shall decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

(b)           Termination of Relationship as a Service Provider.  If an Optionee ceases to be a Service Provider, other than upon the Optionee’s death, disability or for cause, the Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement).  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for 30 days following the Optionee’s termination.  If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan.  If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

(c)           Disability of Optionee.  If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement).  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for 6 months following the Optionee’s termination.  If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

 
 
 

 


(d)           Death of Optionee.  If an Optionee dies while a Service Provider, the Option may be exercised within such period of time as is specified in the Option Agreement (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant), by the Optionee’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance, but only to the extent that the Option is vested on the date of death.  In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for 6 months following the Optionee’s termination.  If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan.  The Option may be exercised by the executor or administrator of the Optionee’s estate or, if none, by the person(s) entitled to exercise the Option under the Optionee’s will or the laws of descent or distribution.  If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

(e)    Termination of Relationship as a Service Provider For Cause.    If an Optionee is terminated as a Service Provider For Cause as defined below, all Options held by the Optionee shall there upon expire at 5 p.m. Pacific Standard Time on the date of termination.  For the purpose of this clause, "For Cause" shall mean that the Service Provider is determined by the Administrator to have committed an act of embezzlement, fraud, dishonesty, or breach of fiduciary duty to the Company, or to have deliberately disregarded the rules of the Company which resulted in loss, damage, or injury to the Company, or because the director has made any unauthorized disclosure of any of the secrets or confidential information of the Company, has induced any client or customer of the Company to break any contract with the Company, has induced any principal for whom the Company acts as agent to terminate the agency relationship, or has engaged in any conduct that constitutes unfair competition with the Company.

11.           Stock Purchase Rights.

(a)           Rights to Purchase.  Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan.  After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing or electronically, by means of a Notice of Grant, of the terms, conditions and restrictions related to the offer, including the number of Shares that the offeree shall be entitled to purchase, the price to be paid, and the time within which the offeree must accept such offer.  The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator.

(b)           Repurchase Option.  Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s service with the Company for any reason (including death or Disability).  The purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the purchaser plus interest at the rate of 10% per year from the date of the original purchase and may be paid by cancellation of any indebtedness of the purchaser to the Company.  The repurchase option shall lapse at a rate determined by the Administrator.

 
 
 

 

 
(c)           Other Provisions.  The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion.

(d)           Rights as a Stockholder.  Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those of a stockholder and shall be a stockholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in section 16 of the Plan.

12.           Restricted Stock Units.

(a)           Restricted Stock Units Agreement.  Each Restricted Stock Units award pursuant to this section 12 shall be evidenced by a Restricted Stock Units Agreement between the Participant and the Company.  Such award shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Administrator deems appropriate for inclusion in a Restricted Stock Units Agreement.  The provisions of the various Restricted Stock Units Agreements entered into under the Plan need not be identical.

(b)           Purchase Price.  No monetary payment (other than applicable tax withholding, if any) shall be required as a condition of receiving a Restricted Stock Units award, the consideration for which shall be services actually rendered to the Company, a Parent or Subsidiary, or for its benefit.

(c)           Vesting.  Restricted Stock Units may or may not be made subject to vesting conditions based upon the satisfaction of such requirements, conditions, or restrictions, as shall be established by the Administrator and set forth in the Restricted Stock Units Agreement.

(d)           Voting.  Participant shall have no voting rights with respect to Shares represented by Restricted Stock Units until the date of the issuance of such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly-authorized transfer agent of the Company).

(e)           Effect of Termination of Service.  Unless otherwise provided by the Administrator in the grant of Restricted Stock Units and set forth in the Restricted Stock Units Agreement, if a Participant’s service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or Disability), then the Participant shall forfeit to the Company any Restricted Stock Units that remain subject to vesting conditions as of the date of the Participant’s termination of service.

(f)           Settlement of Restricted Stock Unit Award.  The Company shall issue to the Participant as soon as practicable following the dates the vesting conditions or other requirements, conditions, or restrictions applicable thereto shall be satisfied, and in any event, within two and one-half months after such date, a number of whole Shares equal to the number of whole Restricted Stock Units as set forth in and subject to the Restricted Stock Units Agreement that are no longer subject to vesting conditions, subject to withholding of applicable taxes, if any.

 
 
 

 

 
(g) Restrictions on Transfer of Restricted Stock Units. Restricted Stock Units shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,encumbrance, or garnishment by creditors of the participant or the Participant’s beneficiary, except: (i) by will or by the laws of descent and distribution; (ii) to a Participant’s family member who has acquired the Restricted Stock Unit Award through a gift or a transfer for value pursuant to a domestic relations order in settlement of marital property rights or a transfer to an entity in which more that 50% of the voting interests owned by a Participant’s family members or the Participant in exchange for an interest in that entity, all as more particularly provided in the general instructions to Form S-8 or any successor form under the Securities Act of 1933; or (iii) as determined otherwise by the Administrator, in which case such Restricted Stock Unit Award shall contain such additional terms and conditions as the Administrator deems appropriate.

13.           Withholding.  If the grant or exercise of an Option or a Stock Purchase Right pursuant to this Plan or any other event in connection with any such grant or exercise, or the award or vesting of a Restricted Stock Unit, the issuance of the Share represented by such Restricted Stock Unit, or any other event in connection with such award, vesting, or issuance, creates an obligation to withhold income and employment taxes pursuant to the Applicable Laws, such obligation may, at the sole and absolute discretion of the Administrator at the time of the grant of the Option, Stock Purchase Right, or Restricted Stock Unit, and to the extent permitted by the terms of the Option, Stock Purchase Right, or Restricted Stock Unit and the then-governing provisions of the Code and the Exchange Act, be satisfied (a) by the holder of the Option, Stock Purchase Right, or Restricted Stock Unit delivering to the Company an amount of cash equal to such withholding obligation; (b) by the Company withholding from any compensation or other amount owing to the holder of the Option, Stock Purchase Right, or Restricted Stock Unit the amount (in cash, stock or other property as the Company may determine) of the withholding obligation; (c) by the Company withholding Shares of stock subject to the Option, Stock Purchase Right, or Restricted Stock Unit with a Fair Market Value equal to such obligation; or (d) by the holder of the Option, Stock Purchase Right, or Restricted Stock Unit either delivering Shares of stock that have been owned by the holder for more than six months or canceling Options or Restricted Stock Units or other rights to acquire stock from the Company that have been held for more than six months with a Fair Market Value equal to such requirements.  In all events, delivery of Shares of stock issuable on exercise of the Option, on grant of the Stock Purchase Right, or on vesting of the Restricted Stock Unit shall be conditioned upon and subject to the satisfaction or making provision for the satisfaction of the withholding obligation of the Company resulting from the grant or exercise of the Option, grant of the Stock Purchase Right, vesting of the Restricted Stock Unit, or any other event in accordance with the foregoing.  The Company shall be further authorized to take such other action as may be necessary, in the opinion of the Company, to satisfy all obligations for the payment of such taxes.

14.           Nontransferability of Options and Stock Purchase Rights.

(a)           An Option or Stock Purchase Right may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee, all save and except only (i) an Optionee’s family member who has acquired the Option or Stock Purchase Right through a gift or a transfer for value pursuant to a domestic relations order in settlement of marital property rights or a transfer to an entity in which more that 50% of the voting interests owned by an Optionee’s family members or the Optionee in exchange for an interest in that entity, all as more particularly provided in the general instructions to Form S-8 or any successor form under the Securities Act of 1933; or (ii) unless determined otherwise by the Administrator, in which case such Option or Stock Purchase Right shall contain such additional terms and conditions as the Administrator deems appropriate.

 
 
 

 

 
(b) An Incentive Stock Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.  An Incentive Stock Option can only be exercised by Optionee.  In the event of the death of Optionee while an eligible employee of the Company or within three months after termination thereof, this Option can be exercised by the executor or personal representative of the estate of Optionee or such other person who has acquired this Option as a bequest or by inheritance from Optionee.

15.           Grants to Directors and Officers.  To the extent the Company has a class of securities registered under Section 12 of the Exchange Act, Options, Stock Purchase Rights, or Restricted Stock Units granted under the Plan to Directors and Officers (as used in Rule 16b-3 promulgated under the Exchange Act or any amendment or successor rule of like tenor) intended to qualify for the exemption from Section 16(b) of the Exchange Act provided in Rule 16b-3 shall, in addition to being subject to the other restrictions and limitations set forth in this Plan, be made as follows:

(a)           Requirements for Grant to Officer or Director.  A transaction whereby there is a grant of an Option, Stock Purchase Right, or Restricted Stock Unit pursuant to this Plan must satisfy one of the following:

(i)           The transaction must be approved by the Board or duly authorized Committee composed solely of two or more Outside Directors of the Company.

(ii)           The transaction must be approved or ratified, in compliance with Section 14 of the Exchange Act, by either:  (1) the affirmative vote of the holders of a majority of the securities of the Company present or represented and entitled to vote at a meeting of the stockholders of the Company held in accordance with the Applicable Laws of the state of incorporation of the Company; or (2) if allowed by applicable state law, the written consent of the holders of a majority, or such greater percentage as may be required by Applicable Laws of the state of incorporation of the Company, of the securities of the Company entitled to vote.  If the transaction is ratified by the stockholders, such ratification must occur no later than the date of the next annual meeting of stockholders.

(iii)           The stock acquired must be held by the Officer or Director for a period of six months subsequent to the date of the grant; provided that if the transaction involves a derivative security (as defined in Section 16 of the Exchange Act), this condition shall be satisfied if at least six months elapse from the date of acquisition of the derivative security to the date of disposition of the derivative security (other than on exercise or conversion) or its underlying equity security.

(b)           Approval Required for Disposition of Securities.  Any transaction involving the disposition by the Company of its securities in connection with Options, Stock Purchase Rights, or Restricted Stock Units granted pursuant to this Plan to an Officer or Director shall:

(i)           be approved by the Board or duly authorized Committee composed solely of two or more Outside Directors; or

(ii)           be approved or ratified, in compliance with Section 14 of the Exchange Act, by either:  (1) the affirmative vote of the holders of a majority of the securities of the Company present or represented and entitled to vote at a meeting duly held in accordance with the Applicable Laws of the state of incorporation of the Company; or (2) if allowed by applicable state law, the written consent of the holders of a majority, or such greater percentage as may be required by Applicable Laws of the state of incorporation of the Company, of the securities of the Company entitled to vote; provided that such ratification occurs no later than the date of the next annual meeting of stockholders; unless the securities so acquired are held by the Officer or Director for six months following the date of such acquisition, provided that this condition shall be satisfied with respect to a derivative security if at least six months elapse from the date of acquisition of the derivative security to the date of disposition of the derivative security (other than upon exercise or conversion) or its underlying equity security.

 
 
 

 

 
All of the foregoing restrictions and limitations are based on the governing provisions of the Exchange Act and the rules and regulations promulgated thereunder as of the date of adoption of this Plan.  If, at any time, the governing provisions are amended to permit an Option, Stock Purchase Right, or Restricted Stock Unit to be granted or exercised pursuant to Rule 16b-3 or any amendment or successor rule of like tenor without one or more of the foregoing restrictions or limitations, or the terms of such restrictions or limitations are modified, the Administrator may award Options, Stock Purchase Rights, or Restricted Stock Units to Directors and Officers and may modify outstanding Options, Stock Purchase Rights, or Restricted Stock Units in accordance with such changes, all to the extent that such action by the Administrator does not disqualify the Options, Stock Purchase Rights, or Restricted Stock Units from exemption under the provisions of Rule 16b-3 or any amendment or successor rule of similar tenor.

16.           Adjustments upon Changes in Capitalization, Dissolution, Merger or Asset Sale.

(a)           Changes in Capitalization.  Subject to any required action by the stockholders of the Company, the number of Shares of Common Stock covered by each outstanding Option, Stock Purchase Right, and Restricted Stock Unit, the number of Shares of Common Stock that have been authorized for issuance under the Plan but as to which no Options, Stock Purchase Rights, or Restricted Stock Units have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option or Stock Purchase Right or the forfeiture of a Restricted Stock Unit, as well as the price per Share of Common Stock covered by each such outstanding Option or Stock Purchase Right, shall be proportionately adjusted for any increase or decrease in the number of issued Shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been effected without receipt of consideration within the meaning of the preceding clause.  Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive.  Except as expressly provided herein, no issuance by the Company of Shares of stock of any class, or securities convertible into Shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares of Common Stock subject to an Option, Stock Purchase Right, or Restricted Stock Unit.

(b)           Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Optionee or Participant as soon as practicable prior to the effective date of such proposed transaction.  The Administrator in its discretion may provide for an Optionee to have the right to exercise his or her Option until 10 days prior to such transaction as to all of the Optioned Stock covered thereby, including Shares as to which the Option would not otherwise be exercisable.  In addition, the Administrator may provide that any Company repurchase option applicable to any Shares purchased upon exercise of an Option or Stock Purchase Right shall lapse as to all such Shares, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated.  To the extent an Option or Stock Purchase Right has not been previously exercised, or to which a Restricted Stock Unit has not vested, the Option, Stock Purchase Right, or Restricted Stock Unit will terminate immediately prior to the consummation of such proposed action.

 
 
 

 


(c)           Merger or Asset Sale.  In the event of a merger of the Company with or into another corporation, or the sale of substantially all of the assets of the Company, each outstanding Option, Stock Purchase Right, and Restricted Stock Unit shall be assumed or an equivalent Option, right, or Restricted Stock Unit substituted by the successor corporation or a Parent or Subsidiary of the successor corporation.  With respect to Options or Restricted Stock Units granted to an Outside Director pursuant to section 15 that are assumed or substituted for, if following such assumption or substitution the Optionee’s or Participant’s status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Optionee or Participant, then the Optionee shall fully vest in and have the right to exercise the Option as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable, and the Participant’s Restricted Stock Units shall fully vest and the Shares shall be issued.

In the event that the successor corporation refuses to assume or substitute for the Option, Stock Purchase Right, or Restricted Stock Unit, the Optionee shall fully vest in and have the right to exercise the Option or Stock Purchase Right as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable, and the Participant’s Restricted Stock Units shall fully vest and the Shares shall be issued.  If an Option or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Administrator shall notify the Optionee in writing or electronically that the Option or Stock Purchase Right shall be fully vested and exercisable for a period of 15 days from the date of such notice, and the Option or Stock Purchase Right shall terminate upon the expiration of such period.

For the purposes of this subsection, the Option, Stock Purchase Right, or Restricted Stock Unit shall be considered assumed if, following the merger or sale of assets, the Option, right, or Restricted Stock Unit confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option or Stock Purchase Right or for each Restricted Stock Unit immediately prior to the merger or sale of assets, the consideration (whether stock, cash or other securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or Stock Purchase Right, or the vesting of the Restricted Stock Unit, for each Restricted Stock Unit or Share of Optioned Stock subject to the Option or Stock Purchase Right, to be solely common stock of the successor corporation or its Parent equal in Fair Market Value to the per Share consideration received by holders of Common Stock in the merger or sale of assets.

17.           Date of Grant.  The date of grant of an Option, Stock Purchase Right, or Restricted Stock Unit shall be, for all purposes, the date on which the Administrator makes the determination granting such Option, Stock Purchase Right, or Restricted Stock Unit or such other later date as is determined by the Administrator.  Notice of the determination shall be provided to each Optionee or Participant within a reasonable time after the date of such grant.

 
 
 

 

 
18.           Amendment and Termination of the Plan.

(a)           Amendment and Termination.  The Board may at any time amend, alter, suspend or terminate the Plan.

(b)           Stockholder Approval.  The Company shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

(c)           Effect of Amendment or Termination.  No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee or Participant, unless mutually agreed otherwise between the Optionee or Participant and the Administrator, which agreement must be in writing and signed by the Optionee or Participant and the Company.  Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options or Restricted Stock Units granted under the Plan prior to the date of such termination.

19.           Conditions upon Issuance of Shares.

(a)           Legal Compliance.  Shares shall not be issued pursuant to the exercise of an Option or Stock Purchase Right or the vesting of a Restricted Stock Unit unless the exercise of such Option or Stock Purchase Right or the vesting of such Restricted Stock Unit and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance.

(b)           Investment Representations.  As a condition to the exercise of an Option or Stock Purchase Right or the issuance of Shares upon vesting of a Restricted Stock Unit, the Company may require the person exercising such Option or Stock Purchase Right or whose Restricted Stock Unit is vesting to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

20.           Inability To Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

21.           Reservation of Shares.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

22.           Effective Date of Plan and Stockholder Approval.  The Plan was duly adopted and approved by the Board of Directors on August 3, 2011.  The Plan shall be subject to approval by the stockholders of the Company within 12 months after the date the Plan is adopted.  Such stockholder approval shall be obtained in the manner and to the degree required under Applicable Laws.

23.             Governing Law and Jurisdiction.

(a)           The Plan shall be governed by the laws of the State of California, excluding its conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction.  The Company and any party or Service Provider receiving any aware hereunder, by the acceptance of such award, hereby consents to the nonexclusive jurisdiction of all state and federal courts having jurisdiction in San Diego County, California, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the purpose of any Proceeding arising out of, or in connection with, the Plan or any of the related agreements or any of the transactions contemplated hereby or thereby. For purposes of this Article, “Proceeding” includes any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened, or completed proceeding, whether brought by or in the right of any entity or otherwise and whether civil, criminal, administrative, or investigative, in which the Company was, is, or will be involved as a party or otherwise.
 
 
 
 

 

 
(b)           Each Party covenants that it shall not challenge or set aside any decision, award, or judgment obtained in accordance with the provisions hereof.

(c)           Each of the Parties hereto hereby expressly waives any and all objections it may have to venue, including the inconvenience of such forum, in any of such courts.  In addition, each of the Parties consents to the service of process by personal service or any manner in which notices may be delivered hereunder in accordance with Section 23.

24.           Privileges of Stock Ownership.

(a)           Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any Shares until the Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a shareholder and will have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock.

(b)           Financial Statements. Pursuant to regulation 260.140.46 of the Rules of the California Corporations Commissioner, the Company will provide financial statements to each California Participant  prior to such Participant's purchase of Shares under this Plan, and to each Participant annually during the period such Participant has Awards outstanding; provided, however, the Company will not be required to provide such financial statements to Participants whose services in connection with the Company assure them access to equivalent information.

The undersigned, the duly constituted and elected President and Secretary of Omnitek Engineering Corp., hereby certify that in accordance with the requirements of law and the Company’s articles of incorporation and bylaws, the foregoing 2011 Long-Term Incentive Plan was duly adopted and approved by the Board of Directors effective August 3, 2011.
 
     
  By: Werner Funk  
  Its: President and Secretary  
 
 
 
 

 

 
APPENDIX A
 
TO

OMNITEK ENGINEERING CORP.

2011 LONG-TERM INCENTIVE PLAN
 
(for California residents only)

This Appendix A to the Omnitek Engineering Corp., 2011 Long-Term Incentive Plan shall apply only to Optionees who are residents of the State of California and who are receiving an Option or Stock Purchase Right under the Plan.  Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided by this Appendix A.  Notwithstanding any provisions contained in the Plan to the contrary and to the extent required by Applicable Laws, the following terms shall apply to all Options and Stock Purchase Rights granted to residents of the State of California, until such time as the Administrator amends this Appendix A or the Administrator otherwise provides.
 
A. Nonstatutory Stock Options granted to a person who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, shall have an exercise price not less than one hundred and ten percent (110%) of the Fair Market Value per Share on the date of grant.  Nonstatutory Stock Options granted to any other person shall have an exercise price that is not less than eighty-five percent (85%) of the Fair Market Value per Share on the date of grant.  Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction.
 
B. The term of each Option shall be stated in the Option Agreement, provided, however, that the term shall be no more than ten (10) years from the date of grant thereof.  The term of each Restricted Stock Purchase Agreement shall be no more than ten (10) years from the date the agreement is entered into.
 
C. Unless determined otherwise by the Administrator, Options or Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and distribution, and may be exercised during the lifetime of the Optionee, only by the Optionee.  If the Administrator in its sole discretion makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended.
 
D. Except in the case of Options granted to officers of the Company, Directors and Consultants, Options shall become exercisable at a rate of no less than twenty percent (20%) per year over five (5) years from the date the Options are granted.
 
E. If an Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within thirty (30) days of termination, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement).
 
F. If an Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, Optionee may exercise his or her Option within six (6) months of termination, or such longer period of time as specified in the Option Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement).

 
 
 

 

 
G. If an Optionee dies while a Service Provider, the Option may be exercised within six (6) months following the Optionee’s death, or such longer period of time as specified in the Option Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement) by the Optionee’s designated beneficiary, personal representative, or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and distribution.
 
H. The terms of any Stock Purchase Rights offered under this Appendix A shall comply in all respects with Section 260.140.42 of Title 10 of the California Code of Regulations including, without limitation, that except with respect to Shares purchased by officers of the Company, Directors and Consultants, the repurchase option shall in no case lapse at a rate of less than twenty percent (20%) per year over five (5) years from the date of purchase.
 
I. No Option or Stock Purchase Right shall be granted to a resident of California more than ten (10) years after the earlier of the date of adoption of the Plan or the date the Plan is approved by the stockholders.
 
J. The Company shall provide to each Optionee and to each individual who acquires Shares under the Plan, not less frequently than annually during the period such Optionee has one or more Options or Stock Purchase Rights outstanding, and, in the case of an individual who acquires Shares pursuant to the Plan, during the period such individual owns such Shares, copies of annual financial statements.  The Company shall not be required to provide such statements to key Employees whose duties in connection with the Company assure their access to equivalent information.
 
K. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may (in its sole discretion) adjust the number and class of shares of common stock that may be delivered under the Plan and/or the number, class, and price of shares covered by each outstanding Option; provided, however, that the Administrator shall make such adjustments to the extent required by Section 25102(o) of the California Corporations Code.
 
L. This Appendix A shall be deemed to be part of the Plan and the Administrator shall have the authority to amend this Appendix A in accordance with Section 18 of the Plan.
 

 
 

 

EX-31.1 3 exh31-1.htm EXHIBIT 31.1 exh31-1.htm

 
Exhibit 31.1
 
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14

I, Werner Funk, certify that:
  
1. I have reviewed this quarterly report on Form 10-Q of Omnitek Engineering Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have, for the small business issuer and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under my supervision, to ensure that material information relating to the smallbusiness issuer, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)         Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures andpresented in this report our conclusions about the effectiveness of the disclosure controls and procedures, asof the end of the period covered by this report based on such evaluation; and

(d)         Disclosed in this report any change in the small business issuer’s internal control over financialreporting that occurred during the small business issuer’s most recent fiscal quarter that has materiallyaffected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and
 
5.    I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):
 
(a)         All significant deficiencies and material weaknesses in the design or operation of internal controlover financial reporting which are reasonably likely to adversely affect the small business issuer’s ability torecord, process, summarize and report financial information; and
 
(b)         Any fraud, whether or not material, that involves management or other employees who have asignificant role in the small business issuer’s internal control over financial reporting.

 
 
Dated: November 8, 2011
 
 
    By: Werner Funk  
    Its: President and Secretary  

 
 
 

 

EX-31.2 4 exh31-2.htm EXHIBIT 31.2 exh31-2.htm

Exhibit 31.2
 
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14
 
I, Janice M. Quigley, certify that:
  
1.    I have reviewed this quarterly report on Form 10-Q of Omnitek Engineering Corp.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have, for the small business issuer and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under my supervision, to ensure that material information relating to the smallbusiness issuer, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b)           Designed such internal control over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)         Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures andpresented in this report our conclusions about the effectiveness of the disclosure controls and procedures, asof the end of the period covered by this report based on such evaluation; and,

(d)         Disclosed in this report any change in the small business issuer’s internal control over financialreporting that occurred during the small business issuer’s most recent fiscal quarter that has materiallyaffected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and,
 
5.    I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):
 
 (a)           All significant deficiencies and material weaknesses in the design or operation of internal controlover financial reporting which are reasonably likely to adversely affect the small business issuer’s ability torecord, process, summarize and report financial information; and,
 
(b)         Any fraud, whether or not material, that involves management or other employees who have asignificant role in the small business issuer’s internal control over financial reporting.
       
Dated: November 8, 2011
 
/s/ Janice M. Quigley  
   
By: Janice M. Quigley
 
   
Its: Chief Financial Officer
 
       


 
 

 

EX-32.1 5 exh32.htm EXHIBIT 32.1 exh32.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Omnitek Engineering Corp. (the “Company”) on Form 10-Q for the period ending September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the“Report”), I, Werner Funk, Chief Executive Officer and I, Janice M. Quigley, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
 
(1)          The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
(2)          The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 
 
Dated: November 8, 2011
 
 
    By: Werner Funk  
    Its: President and Secretary  
       
       
Dated: November 8, 2011
 
/s/ Janice M. Quigley  
   
By: Janice M. Quigley
 
   
Its: Chief Financial Officer
 
       
 
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


 
 

 

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TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 1 - CONDENSED FINANCIAL STATEMENTS</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The accompanying financial statements have been prepared by the Company without audit.&nbsp;&nbsp;In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2011, and for all periods presented herein, have been made.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.&nbsp;&nbsp;It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2010 audited financial statements.&nbsp;&nbsp;The results of operations for the periods ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full years.</p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Use of Estimates</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Recent Accounting Pronouncements</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company&#146;s financial position, or statements.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Inventory</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">Inventory is stated at the lower of cost or market.&nbsp;&nbsp;The Company&#146;s inventory consists of finished goods and raw material and is located in San Marcos, California at September 30, 2011 and December 31, 2010 consisted of the following:</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p> <table style="MARGIN:auto auto auto 104.7pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">September 30,</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">December 31,</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">2011</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">2010</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">Location:</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">San Marcos, CA</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:; tab-stops:9.0pt .25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raw materials</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">976,775</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">1,021,762</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:0.25in; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:; tab-stops:9.0pt .25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finished goods</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">687,746</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">642,360</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">Peru (finished goods)</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">18,454</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">18,454</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="50" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="293" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:219.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="50" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">1,055,446</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="4" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:3.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="50" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:37.7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">1,055,047</p></td> <td width="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:3.1pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr></table> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The Company has established an allowance for obsolete inventory.&nbsp;&nbsp;Expense for obsolete inventory was $-0- and $171,331 for the nine months ended September 30, 2011 and the year ended December 31, 2010 respectively.</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp; </p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Income Taxes</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of September 30, 2011 and December 31, 2010 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2006.</p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 3 - RELATED PARTY TRANSACTIONS</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Accounts Receivable &#150; Related Parties</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">During the years ended December 31, 2007 through 2009, the Company acquired a minority interest in various distributors in exchange for use of the Company&#146;s name and Logo. As of September 30, 2011, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd., and a 20% interest in Omnitek Peru S.A.C.&nbsp;&nbsp;As of September 30, 2011 and December 31, 2010, the Company was owed $11,903 and $-0-, respectively, by related parties for the purchase of products.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Accounts Payable &#150; Related Parties</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">The Company regularly incurs expenses that are paid for by related parties and purchases goods and services from related parties. As of September 30, 2011 and December 31, 2010, the Company owed related parties for such expenses, goods and services in the amounts of $1,035 and $4,068, respectively.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><u style="text-underline:black">Accrued Expenses &#150; Related Parties</u></p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">As of September 30, 2011 and December 31, 2010, related parties were owed $360,350 and $395,888, respectively, for services performed for the Company.</p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 4 - STOCK OPTIONS</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">During the nine months ended September 30, 2011 and 2010, the Company recognized expense of $184,243 and $410,752, respectively, for options that vested during the periods pursuant to ASC Topic 718.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">A summary of the status of the options and warrants granted at September 30, 2011 and December 31, 2010 and changes during the periods then ended is presented below:</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p> <table style="MARGIN:auto auto auto 52.35pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="156" colspan="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:117.3pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">2011</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="156" colspan="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:117.3pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">2010</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp; </p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="73" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:54.45pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Shares</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="73" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:54.45pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Weighted Average Exercise Price</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="73" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:54.45pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Shares</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="73" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:54.45pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Weighted Average Exercise Price</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">Outstanding at beginning of period</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">5,870,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.52</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">5,170,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.57</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">Granted</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">700,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.13</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">Exercised</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">(1,177,983</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">)</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.15</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">Expired or canceled</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">(1,872,017</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">)</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.43</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">-</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">Outstanding at end of period</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">2,820,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.73</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">5,870,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.52</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="223" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:167.4pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">Exercisable</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">2,300,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.67</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">4,750,000</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="6" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:4.2pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="67" style="BORDER-BOTTOM:black 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:50.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.48</p></td> <td width="6" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:3pt; PADDING-LEFT:0in; WIDTH:4.15pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr></table> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">A summary of the status of the options and warrants outstanding at September 30, 2011 is presented below:</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p> <table style="MARGIN:auto auto auto 52.95pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="69" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:51.55pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="223" colspan="10" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:167.3pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Total Outstanding</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="226" colspan="10" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:169.8pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Total Exercisable</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="69" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:51.55pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.35pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Average</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Weighted</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Average</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Weighted</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="69" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:51.55pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.35pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Number</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Remaining</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Average</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Number</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Remaining</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Average</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="69" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:51.55pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Range</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.35pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">O/S</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Life (Yrs)</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Exercisable</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Exercisable</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="63" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:47.1pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Life (Yrs)</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="66" colspan="2" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:49.85pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">Exercisable</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; BACKGROUND-COLOR:transparent; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="60" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:44.95pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.01 - 0.50</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">200,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="center">3.03</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.38</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="57" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:42.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">200,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.38</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.38</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="60" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:44.95pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.51 - 0.75</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">1,580,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="center">1.13</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.63</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="57" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:42.85pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">1,580,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.63</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.63</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="60" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:44.95pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.76 - 1.00</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">1,040,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="center">1.11</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.94</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:7pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="57" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:42.85pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">520,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.94</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:" align="right">0.88</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:#cceeff; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:#cceeff; TEXT-AUTOSPACE:">&nbsp;</p></td></tr> <tr> <td width="9" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="60" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:44.95pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.01 - 1.00</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="55" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">2,820,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="center">1.26</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.73</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:7pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="57" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:42.85pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">2,300,000</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="9" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:6.8pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="54" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:40.3pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.68</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">&nbsp;</p></td> <td width="11" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:8.6pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">$</p></td> <td width="55" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:0in; WIDTH:41.25pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:" align="right">0.67</p></td> <td width="8" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:1.5pt; PADDING-LEFT:0in; WIDTH:5.75pt; PADDING-RIGHT:0in; BACKGROUND:white; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white; TEXT-AUTOSPACE:">&nbsp;</p></td></tr></table> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center">&nbsp;</p> <!--egx--><p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 6 - SUBSEQUENT EVENTS</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">In accordance with ASC 855-10, Company management reviewed all material events through the date of this report.&nbsp;&nbsp;There are no material subsequent events to report.</p> <!--egx--><p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">NOTE 5 - COMMON STOCK</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:; tab-stops:500.1pt">&nbsp;</p> <p style="TEXT-JUSTIFY:inter-ideograph; TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:">On September 20, 2011, the Company issued an aggregate of 100,000 shares of its Common Stock in consideration of the capital contribution of $47,000 upon the exercise of a warrant.</p> 0001404804 2011-07-01 2011-09-30 0001404804 2011-11-01 0001404804 2011-09-30 0001404804 2010-12-31 0001404804 2011-06-30 0001404804 2010-07-01 2010-09-30 0001404804 2011-01-01 2011-09-30 0001404804 2010-01-01 2010-09-30 0001404804 us-gaap:CommonStockMember 2010-01-01 2010-12-31 0001404804 us-gaap:CommonStockAtParValueMember 2010-01-01 2010-12-31 0001404804 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-12-31 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Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2011
Dec. 31, 2010
Common Stock, par or stated value$ 0$ 0
Common Stock, shares authorized25,000,00025,000,000
Common Stock, shares issued17,137,81215,659,829
Common Stock, shares oustanding17,137,81215,659,829
XML 14 R4.htm IDEA: XBRL DOCUMENT v2.3.0.15
Statements of Operations (unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
REVENUES$ 317,160$ 402,119$ 1,306,906$ 1,176,373
COST OF GOODS SOLD168,637160,419654,005614,752
GROSS MARGIN148,523241,700652,901561,621
OPERATING EXPENSES    
General and administrative265,999274,806775,0881,112,063
Research and development expense40,84533,487100,791101,708
Depreciation and amortization expense21,15521,40462,39667,917
Total Operating Expenses327,999329,697938,2751,281,688
LOSS FROM OPERATIONS(179,476)(87,997)(285,374)(720,067)
OTHER INCOME (EXPENSE)    
Interest expense (7,044) (22,459)
Interest income11,70725,065
Total Other Income (Expense)1(5,337)2(17,394)
LOSS BEFORE INCOME TAXES(179,475)(93,334)(285,372)(737,461)
INCOME TAX EXPENSE  800800
NET LOSS$ (179,475)$ (93,334)$ (286,172)$ (738,261)
BASIC AND DILUTED LOSS PER SHARE$ (0.01)$ (0.01)$ (0.02)$ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING17,055,20315,547,67516,290,04815,573,902
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.3.0.15
Document and Entity Information
3 Months Ended
Sep. 30, 2011
Nov. 01, 2011
Document and Entity Information  
Entity Registrant NameOMNITEK ENGINEERING CORP 
Document Type10-Q 
Document Period End DateSep. 30, 2011
Amendment Flagfalse 
Entity Central Index Key0001404804 
Current Fiscal Year End Date--12-31 
Entity Common Stock, Shares Outstanding 17,137,812
Entity Filer CategorySmaller Reporting Company 
Entity Current Reporting StatusYes 
Entity Voluntary FilersNo 
Entity Well-known Seasoned IssuerNo 
Document Fiscal Year Focus2011 
Document Fiscal Period FocusQ3 
XML 16 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

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XML 17 R12.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
3 Months Ended
Sep. 30, 2011
Subsequent Events 
Subsequent Events

NOTE 6 - SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report.  There are no material subsequent events to report.

XML 18 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Significant Accounting Policies
3 Months Ended
Sep. 30, 2011
Significant Accounting Policies 
Significant Accounting Policies

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

 

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position, or statements.

 

Inventory

 

Inventory is stated at the lower of cost or market.  The Company’s inventory consists of finished goods and raw material and is located in San Marcos, California at September 30, 2011 and December 31, 2010 consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2011

 

 

2010

 

Location:

 

 

 

 

 

 

San Marcos, CA

 

 

 

 

 

 

                        Raw materials

 

$

976,775

 

 

$

1,021,762

 

                        Finished goods

 

 

687,746

 

 

 

642,360

 

Peru (finished goods)

 

 

18,454

 

 

 

18,454

 

 

 

 

 

 

 

 

 

 

 

 

$

1,055,446

 

 

$

1,055,047

 

 

The Company has established an allowance for obsolete inventory.  Expense for obsolete inventory was $-0- and $171,331 for the nine months ended September 30, 2011 and the year ended December 31, 2010 respectively.

 

Income Taxes

 

The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes ("Topic 740"), which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized.

 

Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company's financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.

 

At the adoption date of November 1, 2007, the Company had no unrecognized tax benefit which would affect the effective tax rate if recognized. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of September 30, 2011 and December 31, 2010 the Company had no accrued interest or penalties related to uncertain tax positions. The Company files an income tax return in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state, and local, or non-U.S. income tax examinations by tax authorities for years before 2006.

XML 19 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Statements of Cash Flows (unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES  
Net loss$ (286,172)$ (738,261)
Adjustments to reconcile net loss to net cash used by operating activities:  
Depreciation and amortization expense62,39667,917
Options and warrants granted184,243453,397
Contributed interest 16,735
Changes in operating assets and liabilities:  
Accounts receivable(32,499)(59,150)
Accounts receivable-related parties(11,903)73,749
Deposits27,3254,653
Inventory(399)(39,333)
Accounts payable and accrued expenses(102,304)118,268
Customer deposits(57,992)86,407
Accounts payable-related parties(3,033) 
Accrued expenses-related parties(35,538)36,012
Net Cash Used in Operating Activities(255,876)20,394
INVESTING ACTIVITIES  
Purchase of intellectual property (750)
Purchase of property and equipment(15,471) 
Net Cash Used in Investing Activities(15,471)(750)
FINANCING ACTIVITIES  
Issuance of common stock for cash150,000 
Exercise of warrants and options for cash134,500 
Repayment of note payable (58,035)
Net Cash Provided by Financing Activities284,500(58,035)
NET INCREASE (DECREASE) IN CASH13,153(38,391)
CASH AT BEGINNING OF PERIOD34,94478,991
CASH AT END OF PERIOD48,09740,600
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS  
Cash Paid For: Interest 5,723
Cash Paid For: Income taxes800800
NON CASH FINANCING ACTIVITIES:  
Common stock issued for debt 7,500
Common stock issued for prepaid services $ 20,000
XML 20 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Related Party Transactions
3 Months Ended
Sep. 30, 2011
Related Party Transactions 
Related Party Transactions Disclosure

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Accounts Receivable – Related Parties

 

During the years ended December 31, 2007 through 2009, the Company acquired a minority interest in various distributors in exchange for use of the Company’s name and Logo. As of September 30, 2011, the Company owned a 15% interest in Omnitek Engineering Thailand Co. Ltd., and a 20% interest in Omnitek Peru S.A.C.  As of September 30, 2011 and December 31, 2010, the Company was owed $11,903 and $-0-, respectively, by related parties for the purchase of products.

 

Accounts Payable – Related Parties

 

The Company regularly incurs expenses that are paid for by related parties and purchases goods and services from related parties. As of September 30, 2011 and December 31, 2010, the Company owed related parties for such expenses, goods and services in the amounts of $1,035 and $4,068, respectively.

 

Accrued Expenses – Related Parties

 

As of September 30, 2011 and December 31, 2010, related parties were owed $360,350 and $395,888, respectively, for services performed for the Company.

XML 21 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Stock Options
3 Months Ended
Sep. 30, 2011
Stock Options 
Stock Options

NOTE 4 - STOCK OPTIONS

 

During the nine months ended September 30, 2011 and 2010, the Company recognized expense of $184,243 and $410,752, respectively, for options that vested during the periods pursuant to ASC Topic 718.

 

 

A summary of the status of the options and warrants granted at September 30, 2011 and December 31, 2010 and changes during the periods then ended is presented below:

 

 

 

2011

 

 

2010

 

 

 

Shares

 

 

Weighted Average Exercise Price

 

 

Shares

 

 

Weighted Average Exercise Price

 

Outstanding at beginning of period

 

 

5,870,000

 

 

$

0.52

 

 

 

5,170,000

 

 

$

0.57

 

Granted

 

 

-

 

 

 

-

 

 

 

700,000

 

 

 

0.13

 

Exercised

 

 

(1,177,983

)

 

 

0.15

 

 

 

-

 

 

 

-

 

Expired or canceled

 

 

(1,872,017

)

 

 

0.43

 

 

 

-

 

 

 

-

 

Outstanding at end of period

 

 

2,820,000

 

 

 

0.73

 

 

 

5,870,000

 

 

 

0.52

 

Exercisable

 

 

2,300,000

 

 

$

0.67

 

 

 

4,750,000

 

 

$

0.48

 

 

A summary of the status of the options and warrants outstanding at September 30, 2011 is presented below:

 

 

 

 

Total Outstanding

 

 

Total Exercisable

 

 

 

 

 

 

 

Average

 

 

Weighted

 

 

 

 

 

Average

 

 

Weighted

 

 

 

 

Number

 

 

Remaining

 

 

Average

 

 

Number

 

 

Remaining

 

 

Average

 

Range

 

 

O/S

 

 

Life (Yrs)

 

 

Exercisable

 

 

Exercisable

 

 

Life (Yrs)

 

 

Exercisable

 

$

0.01 - 0.50

 

 

 

200,000

 

 

 

3.03

 

 

$

0.38

 

 

 

200,000

 

 

 

0.38

 

 

$

0.38

 

$

0.51 - 0.75

 

 

 

1,580,000

 

 

 

1.13

 

 

$

0.63

 

 

 

1,580,000

 

 

 

0.63

 

 

$

0.63

 

$

0.76 - 1.00

 

 

 

1,040,000

 

 

 

1.11

 

 

$

0.94

 

 

 

520,000

 

 

 

0.94

 

 

$

0.88

 

$

0.01 - 1.00

 

 

 

2,820,000

 

 

 

1.26

 

 

$

0.73

 

 

 

2,300,000

 

 

 

0.68

 

 

$

0.67

 

 

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Common Stock
3 Months Ended
Sep. 30, 2011
Common Stock 
Common Stock

NOTE 5 - COMMON STOCK

 

On September 20, 2011, the Company issued an aggregate of 100,000 shares of its Common Stock in consideration of the capital contribution of $47,000 upon the exercise of a warrant.

XML 24 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Statements of Stockholders' Equity (USD $)
Total
Common Stock Shares
Common Stock Amount
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity
Stockholders' Equity at Dec. 31, 2009 $ 16,127,675$ 2,330,476$ 3,366,794$ (4,826,705)$ 870,565
Common stock issued in payment of debt 94,65418,698  18,698
Common stock forfeited (600,000)    
Common stock cancelled as collateral for note payable (100,000)    
Common stock issued for services 137,50025,625  25,625
Compensation expense recognized on options and warrants   637,813 637,813
Net loss    (1,155,442)(1,155,442)
Stockholders' Equity at Dec. 31, 2010397,25915,659,8292,374,7994,004,607(5,982,147)397,259
Value of options and warrants issued for services (unaudited)   184,243 184,243
Common stock issued for cash (unaudited) 300,000150,000  150,000
Exercise of warrants and options for cash (unaudited) 800,000134,500  134,500
Exercise of warrants for services (unaudited) 377,983    
Net loss(286,172)   (286,172)(286,172)
Stockholders' Equity at Sep. 30, 2011$ 579,830$ 17,137,812$ 2,659,299$ 4,188,850$ (6,268,319)$ 579,830
XML 25 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Financial Statements
3 Months Ended
Sep. 30, 2011
Condensed Financial Statements 
Condensed Financial Statements

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

 

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2011, and for all periods presented herein, have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2010 audited financial statements.  The results of operations for the periods ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full years.

XML 26 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
CURRENT ASSETS  
Cash$ 48,097$ 34,944
Accounts receivable, net of allowance of $10,00060,61628,117
Accounts receivable -related party11,903 
Inventory1,055,4461,055,047
Deposits46,08773,412
Total Current Assets1,222,1491,191,520
FIXED ASSETS, net14,045 
OTHER ASSETS  
Intellectual property, net15,54876,518
Total Other Assets15,54876,518
TOTAL ASSETS1,251,7421,268,038
CURRENT LIABILITIES  
Accounts payable and accrued expenses34,632136,936
Accrued expenses - related parties360,350395,888
Accounts payable - related parties1,0354,068
Customer deposits275,895333,887
Total Current Liabilities671,912870,779
Total Liabilities671,912870,779
STOCKHOLDERS' EQUITY  
Common stock, 25,000,000 shares authorized no par value 17,137,812 and 15,659,829 shares issued and outstanding, respectively2,659,2992,374,799
Additional paid-in capital4,188,8504,004,607
Accumulated deficit(6,268,319)(5,982,147)
Total Stockholders' Equity579,830397,259
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$ 1,251,742$ 1,268,038
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