0001078782-12-002871.txt : 20121114 0001078782-12-002871.hdr.sgml : 20121114 20121114164304 ACCESSION NUMBER: 0001078782-12-002871 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLITIONRX LTD CENTRAL INDEX KEY: 0000093314 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 911949078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30402 FILM NUMBER: 121205359 BUSINESS ADDRESS: STREET 1: 150 ORCHARD ROAD CITY: ORCHARD PLAZA 08-02 STATE: U0 ZIP: 238841 BUSINESS PHONE: 000-000-0000 MAIL ADDRESS: STREET 1: 150 ORCHARD ROAD CITY: ORCHARD PLAZA 08-02 STATE: U0 ZIP: 238841 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD CAPITAL CORP DATE OF NAME CHANGE: 19990812 10-Q 1 f10q093012_10q.htm SEPTEMBER 30, 2012 10-Q September 30, 2012 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 


 FORM 10-Q

 

  X  .  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012


      .  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ______ to _______

 

Commission File Number: 000-30402


 VOLITIONRX LIMITED

[f10q093012_10q001.jpg]

(Exact name of registrant as specified in its charter)

 

Delaware

 

91-1949078

(State of incorporation)

  

(I.R.S. Employer Identification No.)

 

1 Scotts Road,

#24-05 Shaw Centre, Singapore, 228208

 (Address of principal executive offices)


Telephone:  (202) 618-1750

(Registrant’s Telephone Number)


Facsimile:  +65 6333 7235

(Registrant’s Facsimile Number)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

  X . Yes          .  No

 

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).    X . Yes         .  No (Not required)


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 the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer

      .                                      

Accelerated Filer  

      .   


Non-Accelerated Filer

      .                 

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    X .    No


As of November 14, 2012 there were 10,124,562 shares of the Registrant’s $0.001 par value common stock issued and outstanding.




VOLITIONRX LIMITED *


TABLE OF CONTENTS

   

  

  

  

PAGE


PART I

 


FINANCIAL INFORMATION

  

 

 

ITEM 1.

  

 

FINANCIAL STATEMENTS

  

 

3

 

ITEM 2.

  

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

  

 


13


ITEM 3.

 


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 


16


ITEM 4.

 


CONTROLS AND PROCEDURES

 


16

 

 

PART II

  

 

 

OTHER INFORMATION

  

 

 

 

 

 

 

 

 

ITEM 1.

 

ITEM 1A.

  

 

LEGAL PROCEEDINGS

 

RISK FACTORS

  

 

17

 

17

 

ITEM 2.

  

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

  

 

17

 

ITEM 3.

  

 

DEFAULTS UPON SENIOR SECURITIES

  

 

18


ITEM 4.



MINE SAFETY DISCLOSURES

 


18

 

ITEM 5.

  

 

OTHER INFORMATION

  


18

 

ITEM 6.

  

 

EXHIBITS

  

 

18


Special Note Regarding Forward-Looking Statements


Information included in this Form 10-Q contains forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of VolitionRX Limited  (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.


*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "VNRX" refers to VolitionRX Limited.




2







PART I - FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS





VOLITIONRX LIMITED

(A Development Stage Company)


Condensed Consolidated Financial Statements


For the Period Ended September 30, 2012


(Unaudited)




Index


Condensed Consolidated Balance Sheets

4


Condensed Consolidated Statements of Operations

5


Condensed Consolidated Statements of Cash Flows

6


Notes to the Condensed Consolidated Financial Statements

7































3







VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Balance Sheets

(Expressed in US dollars)

(unaudited)


 

September 30,

2012

$

 December 31,

 2011

 $

 

 

 

ASSETS

 


 

 


Cash

315,277

347,892

Accounts receivable

933

Prepaid expenses

353,058

320,833

Other current assets

40,192

30,749

 

 

 

Total Current Assets

709,460

699,474

 

 

 

Property and equipment, net

73,988

22,969

Intangible assets, net

1,432,133

1,522,811

 

 

 

Total Assets

 2,215,581

2,245,254

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable and accrued liabilities

 284,705

255,519

Related party payables

192,059

278,845

 

 

 

Total Current Liabilities

476,764

534,364

 

 

 

Grant repayable

617,897

 621,935

 

 

 

Total Liabilities

1,094,661

 1,156,299

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Common Stock (Note 6)

Authorized: 200,000,000 shares, at $0.001 par value

Issued and outstanding: 9,879,187 shares and 8,645,652, respectively

9,879

8,646

Additional paid-in capital

7,260,371

4,578,254

Other Comprehensive Income

 (41,025)

4,638

Deficit accumulated during the development stage

(6,108,305)

 (3,502,583)

 

 

 

Total Stockholders’ Equity

1,120,920

1,088,955

 

 

 

Total Liabilities and Stockholders’ Equity

 2,215,581

2,245,254

 

 

 

 

 


 

 



(The accompanying notes are an integral part of these condensed consolidated financial statements)



4



VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Statements of Operations

(Expressed in US dollars)

(unaudited)


 



For the three months ended

September 30,

2012

$

For the three months ended

September 30,

2011

$



For the nine months ended

September 30,

2012

$



For the nine months ended

September 30,

2011

$

For the period from

 August 5, 2010

(Date of Inception) to September 30,

2012

$

 

 

 

 

 

 

Revenue

27,589

54,968

54,968

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

General and administrative

48,171

54,686

235,231

142,924

502,416

Professional fees

 68,028

 21,066

199,244

57,067

963,610

Salaries and office administrative fees

 

 120,021

 347,708


491,856


581,067

1,269,658

Research and development

 663,885

 292,205

1,734,363

909,929

3,427,589

 

 

 

 

 

 

Total Operating Expenses

 900,105

 715,665

2,660,694

1,690,987

6,163,273

 

 

 

 

 

 

Net Loss

(872,516)

(715,665)

(2,605,726)

(1,690,987)

 (6,108,305)

 

 

 

 

 

 

Net Loss per Share – Basic and Diluted

  (0.09)

 (0.12)

 (0.28)

 (0.34)

 

 

 

 

 

 

 

Weighted Average Shares Outstanding – Basic and Diluted

 9,697,376

 5,898,270

9,169,675

4,950,534

 


(The accompanying notes are an integral part of these condensed consolidated financial statements)




5



VOLITIONRX LIMITED

(A Development Stage Company)

Condensed Consolidated Statements of Cash Flows

(Expressed in US dollars)

(unaudited)

 

For the nine months ended September 30,

2012

For the nine months ended September 30,

2011

For the period from

 August 5, 2010

(Date of Inception) to September 30,

2012

 

$

$

$

 

 

 

 

Operating Activities

 

 

 

 

 

 

 

Net loss

(2,605,726)

(1,690,986)

(6,108,305)

 

 

 

 

Adjustments to net loss relating to non-cash operating items:

 

 

 

Depreciation and amortization

103,477

77,615

243,196

Stock based compensation

445,142

390,530

852,178

Common stock and warrants issued to settle liabilities for services

286,583

362,482

1,084,225

Amortization of stock issued in advance of services

52,500

81,667

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Prepaid expenses

(83,028)

 –

(83,028)

Other current assets

 (10,444)

(88,112)

(12,432)

Accounts payable and accrued liabilities

 28,288

(95,755)

224,522

Related party payables

(84,081)

(34,674)

(13,839)

Net Cash Used In Operating Activities

(1,867,289)

(1,078,900)

 (3,731,820)

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

Purchases of property and equipment

(71,576)

(24,526)

(106,442)

Net Cash Used in Investing Activities

(71,576)

(24,526)

(106,442)

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

Proceeds from issuance of common shares

1,951,625

1,595,907

3,814,854

Grants received

676,346

676,346

Proceeds from note payable

59,942

Repayment of note payable – related party

  –

(255,807)

 (355,807)

Cash acquired through reverse merger

100

Net Cash Provided By Financing Activities

 1,951,625

2.016,446

4,195,435

 

 

 

 

Effect of foreign exchange on cash

(45,375)

(1,412)

(41,897)

 

 

 

 

Increase (Decrease) in Cash

(32,615)

911,608

315,277

 

 

 

 

Cash – Beginning of Period

347,892

47,482

 

 

 

 

Cash – End of Period

315,277

959,090

315,277

 

 

 

 

Supplemental Disclosures of Cash Flow Information

 

 

 

 

 

 

 

Interest paid

Income tax paid

 

 

 

 

Non Cash Financing Activities::

 

 

 

 

 

 

 

Acquisition of subsidiary for Debt

1,000,000

Shares issuable for acquisition of intangible assets

1,169,943


(The accompanying notes are an integral part of these condensed consolidated financial statements)



6




Note 1 - Condensed Financial Statements


The accompanying financial statements have been prepared by VolitionRX Limited (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, 2012, 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, 2011 audited financial statements.  The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years.


Note 2 - Going Concern


The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $6,108,305 and currently has very limited revenues, which creates substantial doubt about its ability to continue as a going concern.


The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing.


The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.


Note 3 - Summary of Significant Accounting Policies


Use of Estimates


The preparation of financial statements in conformity with US 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. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.


Reclassification of Financial Statement Accounts


Certain amounts in the September 30, 2011 financial statements have been reclassified to conform to the presentation in the September 30, 2012 financial statements.


Principles of Consolidation


The accompanying consolidated financial statements for the period ended September 30, 2012 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.  All significant intercompany balances and transactions have been eliminated in consolidation.


Cash and Cash Equivalents


The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.  As at September 30, 2012 and December 31, 2011, the Company had $315,277 and $347,892, respectively in cash equivalents.



7




Basic and Diluted Net Income (Loss) Per Share


The Company computes net income (loss) per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2012, 873,315 warrants and options were excluded from the Diluted EPS calculation as their effect is anti dilutive.


Foreign Currency Translation


The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.  Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive income (loss).


Recent Accounting Pronouncements


Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.


Note 4 - Acquisitions and Subsidiaries


On September 22, 2010, the Company’s wholly owned subsidiary Singapore Volition Pte Ltd (“Singapore”) entered into a purchase agreement to acquire 100% of the outstanding shares of ValiBio SA from ValiRx Plc in exchange for $400,000 and issuance of common shares of the Company with a fair value of $600,000, issuable when Singapore became a publicly-listed company.  The agreement closed on October 6, 2010.  Subsequent to the completion of the purchase, Singapore changed the name of ValiBio SA to Belgian Volition SA. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.


The Company allocated the purchase price to the acquired assets and liabilities.  It was determined that the carrying value of these assets approximated their fair value at acquisition. The remaining purchase price was then allocated to the acquired intellectual property, namely patents.  


Fair value of ValiBio SA net assets:

$

 

 

Cash and cash equivalents

(68)

Other current assets

34,526

Property and equipment

1,887

Intangible assets/patents

1,218,297

Accounts payable and other liabilities

(254,642)

 

 

Net assets on acquisition

1,000,000

Purchase price

(1,000,000)

 

 

Excess of fair value of net assets over purchase price


On March 7, 2011, Singapore formed Hypergenomics Pte Ltd. as a wholly-owned subsidiary which is a private company domiciled in Singapore. The purpose of the formation was to hold and develop a segment of the acquired patents.


On June 19, 2011, the Company amended its purchase agreement with Valirx Plc to include the purchase of additional patents in exchange for an additional $510,000 payable in shares of the common stock of Singapore Volition or a publicly-listed successor company. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.

 

On September 22, 2011, the Company filed a Certificate for Renewal and Revival of Charter with Secretary of State Delaware. Pursuant to Section 312(1) of the Delaware General Corporation Law, the Company was revived under the new name of “VolitionRX Limited”. The name change to VolitionRX Limited was approved by FINRA on October 7, 2011 and became effective on October 11, 2011.



8




On October 6, 2011, the Company entered into a share exchange agreement with Singapore Volition Pte Ltd., a Singapore corporation, and the shareholders of Singapore Volition. Pursuant to the terms of the share exchange agreement, the Company has acquired all the issued and outstanding shares of Singapore Volition’s common stock in exchange for 6,908,652 shares of the Company’s common stock. As a prior condition of this agreement, the Company arranged the cancellation of 1,073,000 common shares. Consequently the Company had 1,212,000 common shares issued and outstanding as of October 6, 2011 immediately prior to the closing of the share exchange agreement, and 8,120,652 shares issued and outstanding upon closing of the share exchange agreement.


As of the closing date, the former shareholders of Singapore Volition Pte Ltd. held 85% of the issued and outstanding common shares of the Company. The issuance of the 6,908,652 common shares to the former shareholders of Singapore Volition Pte Ltd. was deemed to be a reverse acquisition for accounting purposes. Singapore Volition Pte Ltd., the acquired entity, is regarded as the predecessor entity as of October 6, 2011. The number of shares outstanding and per share amounts have been restated to recognize the recapitalization. All comparative financial data in these financial statements is that of Singapore Volition Pte Ltd.


Note 5 - Related Party Transactions


Related Party Payables


a)

As at September 30, 2012, the Company owed $192,059 (2011 - $278,845) to directors and officers of the Company and to other related parties.  The amounts represent expenses paid on behalf of the Company, accrued officer salary, or amounts borrowed to help fund operations.  The amounts owing are unsecured, non-interest bearing, and due on demand.  


b)

 The Company contracts with a related party to rent office space, be provided office support staff, and have consultancy services provided on behalf of the Company.  See Note 8 for obligation under the contract.


Note 6 - Common Stock


During the nine month period ended September 30, 2012, the Company issued 1,115,229 shares of common stock for a total of $1,951,625. Attached to share issuances of 582,510 shares for a total of $1,019,375 were 291,261 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The unit price was $1.75 for one share together with a warrant to purchase one share for every two shares subscribed for. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.  The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants.


Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants.  Each warrant is immediately exercisable for a period of three years at a price of $1.75 per share. The warrants were valued at $79,555, using the Black-Scholes Option Pricing model using the following assumptions:  Three-year term, $3.45 stock price, $1.75 exercise price, 149% volatility, 0.36% risk free rate.  


 During the nine month period ended September 30, 2012, the Company also issued 118,306 shares of common stock to consultants, employees and directors for services valued at $207,028. Attached to share issuances of 105,591 shares for services valued at $184,777 were 52,798 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.  The Company has allocated $54, 499 of the total $184,777 value of services to the value of the warrants.


Details of further subscriptions subsequent to September 30, 2012 are set out in Note 9.


During the year ended December 31, 2011, the Company issued 1,859,073 shares of common stock, at prices ranging from $0.50 to $1.20 per share, for net cash proceeds of $1,595,906.  Attached to various share issuances totaling 370,000 shares were 300,000 warrants.  Each warrant is immediately exercisable for a period of five years at $0.50 per share.  The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Five-year term, $0.50-$1.00 stock price, $0.50 exercise price, 190% volatility, 1.45% - 2.00% risk free rate.  The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.


During the year ended December 31, 2011, the Company issued 434,726 shares of common stock to consultants, employees and directors for services. The stock was valued at $362,484, at prices ranging from $0.50 to $1.00 per share.  Values were based on the most recent cash issuance prices relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC  718 and ASC 505.



9




During the year ended December 31, 2011, the Company issued 350,000 shares of common stock to a related party in advance for services to be performed over a five year period to raise the profile of the Company through the development of relationships with medical organizations, cancer charities, government and other policy makers.  The shares were valued at $1.00 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC 718 and ASC 505.


The value of the shares was recorded as a prepaid expense that the Company will expense monthly as services are provided.  Because the shares are fully vested and non-forfeitable, the shares were valued based on the current market price on the grant date and will be amortized over the life of the agreement.  During the nine month period ended September 30, 2012 and the year ended December 31, 2011, $52,500 and $29,167 has been recorded to professional fees leaving a balance of $268,333 as of September 30, 2012.


On December 6, 2011, the Company issued 525,000 shares under the terms of its purchase agreement with ValiRx Plc as modified, to settle debts of $1,110,000 related to the acquisition of Belgian Volition SA and certain patents (see Note 4).  The Company issued an additional 119,886 shares of common stock to settle outstanding notes payable of $59,943.  The shares were valued at $0.50 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC  718 and ASC 505 and thus no gain or loss was recorded on the settlement of debt.


Note 7 – Warrants and Options


During the nine month period ended September 30, 2012, the Company issued 291,261 warrants attached to the issuance of 582,510 shares for cash totaling $1,019,375. The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants.  The warrants are exercisable immediately for four years at an exercise price of $2.60.


Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants. The Company has valued the warrants at $79,555. Each warrant is exercisable immediately for three years at an exercise price of $1.75.


During the nine month period ended September 30, 2012 the Company also issued 52,798 warrants attached to the issuance of 105,591 shares for services valued at $184,777. The Company has allocated $54,499 of the total $184,777 value of services to the value of the warrants. The warrants are exercisable immediately for four years at an exercise price of $2.60.

 

During the year ended December 31, 2011, the Company issued 300,000 warrants attached to the issuance of 370,000 shares.  The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.  The warrants are exercisable immediately for five years at an exercise price of $0.50, and do not contain any anti-dilution provisions.


The Company also issued 450,000 warrants valued at $390,530 for services rendered to the Company.  The warrants are exercisable immediately for five years at exercise prices of $0.50 and $1.05.  


The Company has calculated the estimated fair market value of the warrants granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions: stock price at valuation, $0.50-$1.00; expected term of five years, exercise price of $0.50-$1.05, a risk free interest rate of 1.45%-2.24%, a dividend yield of 0% and volatility of 190%.


Below is a table summarizing the warrants issued and outstanding as of September 30, 2012.


Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

03/15/11

 

200,000

 

 

0.50

 

5

 

3/15/2016

 

 

100,000

03/24/11

 

100,000

 

 

0.50

 

5

 

3/24/2016

 

 

50,000

04/01/11

 

100,000

 

 

0.50

 

5

 

4/1/2016

 

 

50,000

06/21/11

 

100,000

 

 

0.50

 

5

 

6/21/2016

 

 

50,000

07/13/11

 

250,000

 

 

1.05

 

5

 

07/13/16

 

 

262,500

05/11/12

 

344,059

 

 

2.60

 

4

 

05/10/16

 

 

894,553

05/11/12

 

26,685

 

 

1.75

 

3

 

05/10/15

 

 

46,699

09/30/12

 

1,120,744

 

 

1.30

 

-

 

-

 

 

$1,453,752




10




On November 17, 2011, the Company adopted and approved the 2011 Equity Incentive Plan for the directors, officers, employees and key consultants of the Company. Pursuant to the Plan, the Company is authorized to issue 900,000 restricted shares, $0.001 par value, of the Company’s common stock. Options over 720,000 shares were granted on November 25, 2011. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $3 for options vesting in the first year, $4 for options vesting in the second year, and $5 for options vesting in the third year. Options over 30,000 shares were granted on September 1, 2012. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $4.31 for options vesting in the first year, $5.31 for options vesting in the second year, and $6.31 for options vesting in the third year.


The Company has calculated the estimated fair market value of the options granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions.


a)

720,000 options granted November 25, 2011 -stock price at valuation, $1.20; expected term of 3 years, exercise prices of $3.00-$5.00, a risk free interest rate of 0.41%-0.93%, a dividend yield of 0% and volatility of 222%.


b)

30,000 options granted September 1, 2012 --stock price at valuation, $4.31; expected term of 3 years, exercise prices of $4.31-$6.31, a risk free interest rate of 0.31%, a dividend yield of 0% and volatility of 237%.


Below is a table summarizing the options issued and outstanding as of September 30, 2012.


Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

11/25/11

 

720,000

 

 

3.00-5.00

 

3

 

5/25/15-11/25/17

 

 

2,880,000

 

 

 

 

 

4.31-

 

 

 

03/01/16-

 

 

 

09/01/12

 

30,000

 

 

6.31

 

3

 

09/01/18

 

 

159,300

09/30/12

 

750,000

 

 

$4.05

 

-

 

-

 

 

$3,039,300


Note 8 – Commitments and Contingencies


a)

Walloon Region Grant


On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,347,320 (1,048,020) to help fund the research endeavors of the Company.  The Walloon Region agreed to provide working capital of $538,892 (419,208), which was received by the Company during January 2011. Additional funds have been provided for approved expenditures. The Company will be obligated to pay a minimum of $395,397 (404,169) if the project is deemed to be a failure under the terms of the agreement.  If the project is deemed a success, the Company will pay both the minimum of $404,169 (314,406) and a 6 percent royalty on all relevant sales. The maximum amount payable due to the Walloon Region is twice the amount of funding received.


b)

Administrative Support Agreement


On August 6, 2010, the Company entered into an agreement with a related party to rent office space, contract for office support staff, and have consultancy services provided on behalf of the Company.  The agreement requires the Company to pay $5,700 per month for office space and staff services as well as approximately $17,300 per month in fees for two senior executives.  The Company is also required to pay for all reasonable expenses incurred.  The contract is in force for 12 months with automatic extensions of 12 months with a 3 month notice required for termination of the contract.


c)

Leases


On January 26, 2012, the Company entered into a new lease agreement in respect of its laboratory space at Namur in Belgium for $1,286 (1,000) per month commencing April 1, 2012, for a period of one year.  On February 29, 2012, the Company entered into a lease agreement for additional laboratory and office space at Namur for approximately $4,927 (3,833) per month commencing April 1, 2012, for a period of two years and eight months. Under this agreement the Company is also obliged to pay $1,928 (1,500) per month as a provisional amount against expenses. On March 23, 2012, the Company entered into a lease agreement in respect of an apartment at Namur in Belgium for $797 (620) per month commencing April 1, 2012, for a period of one year.



11




d)

Bonn University Agreement


On July 11, 2012, the Company entered into an agreement with Bonn University, Germany, relating to a program of samples testing. The agreement is for a period of two years commencing June 1, 2012, and the total payments to be made by the Company in accordance with the agreement are $501,345 (390,000).


e)

Legal Proceedings


There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.


Note 9 - Subsequent Events


Subsequent to September 30, 2012, the Company received cash subscriptions of $490,750 for 245,375 shares at $2.00 per share. The Company issued these shares on October 31, 2012.

 


End of Notes to Financial Statements




12




ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATION


This Management’s Discussion and Analysis of Plan of Operation contains forward-looking statements.  These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections.  We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements.  These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted.  You should read this report completely and with the understanding that actual future results may be materially different from what we expect.  The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report.  We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


Liquidity and Capital Resources


 During the nine month period ended September 30, 2012, the Company received $1,951,625 in cash subscriptions for 1,115,229 new shares and 291,261 warrants at prices of $1.75 per unit (where warrants were included) and $1.75 per share in connection with private placements. During the same period, consultants, employees and directors converted $207,028 due for services into 118,306 common shares and 52,798 warrants on the same terms as the foregoing cash subscriptions. Since September 30, 2012, the Company has additionally received $490,750 in cash subscriptions for 245,375 new shares at a price of $2.00 per share. These shares were issued on October 31, 2012.

 

 As of September 30, 2012, the Company had cash of $315,277 and current assets of $125,850, excluding non-cash prepaid expenses of $268,333.  The Company had current liabilities of $476,764.  This represents a working capital deficiency of $35,637. Subsequent to September 30, 2012, the Company has received additional working capital of $490,750 from the shares that were issued on October 31, 2012. Nevertheless, as of the date of filing this report, the Company’s cash reserves are only adequate to fund operations for a limited period of time. 


We intend to use our cash reserves to fund further research and development activities.  As well as the additional funding described in the preceding paragraph, we expect to receive a certain amount of additional grant funds over the period to January 31, 2013, but this is not assured and otherwise we do not currently have any significant source of revenues and expect to rely on further financing.   There is no assurance that we will be successful in raising further funds.


In the event that further financing is delayed, the Company will prioritize the maintenance of its research and development personnel and facilities, primarily in Belgium, and the maintenance of its patent rights. However the development of the current pipeline of intended products for the RUO market would be delayed, as would clinical validation studies and regulatory approval processes for the purpose of bringing products to the IVD market. In the event of an ongoing lack of financing, we may be obliged to discontinue operations, which will adversely affect the value of our common stock.


Overview of Operations


Management has identified the specific processes and resources required to achieve the near term objectives of the business plan, including personnel, facilities, equipment, research and testing materials including antibodies and clinical samples, and the protection of intellectual property. Some of these resources have been acquired and others are dependent upon obtaining additional financing. To date, operations have proceeded satisfactorily in relation to the business plan. However it is possible that some resources will not readily become available in a suitable form or on a timely basis or at an acceptable cost. It is also possible that the results of some processes may not be as expected and that modifications of procedures and materials may be required. Such events could result in delays to the achievement of the near term objectives of the business plan, in particular the development of our intended products for the RUO market and the progression of clinical validation studies and regulatory approval processes for the purpose of bringing products to the IVD market. However, at this point, the most significant risk to the Company is that it will not succeed in obtaining additional financing in the short to medium term.



13




Results of Operations


Three Months Ended September 30, 2012


The following table sets forth the Company’s results of operations for the three months ended on September 30, 2012 and the comparative period of three months ended September 30, 2011.


 


Three months ended

 September 30, 2012


Three months ended

 September 30, 2011



Increase/(Decrease)


Percentage

Increase/(Decrease)

 

($)

($)

($)

(%)

Revenues

27,589

-

27,589

-

Operating Expenses

(900,105)

(715,665)

(184,440)

26%

Other Income (Expenses)

-

-

-

-

Income Taxes

-

-

-

-

Net Loss

(872,516)

(715,665)

(156,851)

22%

 

 

 

 

 

Basic and Diluted Loss

Per Common Share


(0.09)


(0.12)


0.03


(25)%

 

 

 

 

 

Weighted Average Basic

and Diluted Common

Shares Outstanding

9,697,376

5,898,270

3,799,106

64%


Revenues

 

The Company had revenues of $27,589 from operations in the three months ended September 30, 2012, compared to revenues of Nil over the comparative period of three months ended September 30, 2011. The Company’s operations are in the development stage.


Operating Expenses

 

For the three months ended September 30, 2012, the Company’s operating expenses increased by $184,440, or 26%. Operating expenses are comprised of salaries and office administrative fees, research and development expenses, professional fees, and other general and administrative expenses. Salaries and office administrative fees decreased by $227,687 principally due to warrants valued at $244,340 granted to a director in July 2011. Research and development expenses increased by $371,680 due to increased R&D activity. Professional fees increased by $46,962 due to additional fees for corporate services related to becoming a listed company. General and administrative expenses decreased by $6,515 due to reductions in media training and IT costs.  

 

Net Loss

 

For the three months ended September 30, 2012, our net loss was $872,516, an increase of $156,851 or 22% over the comparative period of three months ended September 30, 2011. The change is a result of the changes described above.



14




Nine Months Ended September 30, 2012


The following table sets forth the Company’s results of operations for the nine months ended on September 30, 2012 and the comparative period of nine months ended September 30, 2011.


 


Nine months ended

 September 30, 2012


Nine months ended

September 30, 2011



Increase/(Decrease)


Percentage

Increase/(Decrease)

 

($)

($)

($)

(%)

Revenues

54,968

-

54,968

-

Operating Expenses

(2,660,694)

(1,690,987)

(969,707)

57%

Other Income (Expenses)

-

-

-

-

Income Taxes

-

-

-

-

Net Loss

(2,605,726)

(1,690,987)

(914,739)

54%

 

 

 

 

 

Basic and Diluted Loss

Per Common Share


(0.28)


(0.34)


0.06


(17)%

 

 

 

 

 

Weighted Average Basic

and Diluted Common

Shares Outstanding

9,169,675

4,950,534

4,219,141

85%


Revenues

 

The Company had revenues of $54,968 from operations in the nine months ended September 30, 2012, compared to revenues of Nil over the comparative period of nine months ended September 30, 2011. The Company’s operations are in the development stage.


Operating Expenses

 

For the nine months ended September 30, 2012, the Company’s operating expenses increased by $969,707, or 57%. Operating expenses are comprised of salaries and office administrative fees, research and development expenses, professional fees, and other general and administrative expenses. Salaries and office administrative fees decreased by $89,211, principally due to a reduction of $112,754 in the costs of warrants and options granted to directors, employees and consultants. Research and development expenses increased by $824,434 due to increased R&D activity in terms of staff, facilities, services and materials. Professional fees increased by $142,177 due to additional fees for corporate services related to becoming a listed company. General and administrative expenses increased by $92,307, principally due to remuneration to a placement agent in respect of the placement that closed on May 11, 2012, comprising $37,484 paid in fees and expenses and 26,685 warrants issued at a valuation of $79,555.   

 

Net Loss

 

For the nine months ended September 30, 2012, our net loss was $2,605,726, an increase of $914,739 or 54% over the comparative period of nine months ended September 30, 2011. The change is a result of the changes described above.


Going Concern


We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing. 


Off-Balance Sheet Arrangements


We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.


Future Financings


We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.



15




Critical Accounting Policies


Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.


Recently Issued Accounting Pronouncements


In September 2011, the FASB issued ASU 2011-08 to amend and simplify tests for goodwill impairment by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a two-step goodwill impairment test. The amendments in ASU 2011-08 are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Adoption of this new guidance is not expected to have a material impact on the Company’s financial statements.


In May 2011, the FASB issued ASU 2011-04 to amend the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurement to (1) clarify the application of existing fair value measurement requirements and (2) change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The primary purpose of the amendments is to achieve common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. The amendments in ASU 2011-04 are to be applied prospectively for interim and annual periods beginning after December 15, 2011. Adoption of this new guidance is not expected to have a material impact on the Company’s financial statements.


The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations


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


Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2012, due to the material weaknesses resulting from no member of our Board of Directors qualifying as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Please refer to our Amended Transition Report for the period from September 1, 2011 to December 31, 2011 on Form 10-KT/A as filed with the SEC on June 11, 2012, for a complete discussion relating to the foregoing evaluation of Disclosures and Procedures.

 



16




Changes in Internal Control over Financial Reporting

 

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.


PART II - OTHER INFORMATION


ITEM 1. 

LEGAL PROCEEDINGS


We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.


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.


ITEM 2. 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


1.

Quarterly Issuances:


On or about July 31,2012, the Company issued an aggregate of 545,434 restricted shares of the Company’s common stock to one (1) U.S. Accredited Investor and thirteen (13) Non-U.S. Investors, pursuant to the closing of a private placement. Under the private placement, the Company sold an aggregate of 532,719 common shares at a per share price of $1.75 for aggregate proceeds to the Company of $932,500. In addition, as part of the same placement, certain directors have converted $22,250 debt due for services on the same terms as the cash subscriptions above, for 12,715 common shares at a price of $1.75 per share.

 

The shares issued to the one (1) U.S. Accredited Investor was issued pursuant to Section 4(2) of the Securities Act of 1933, as amended, (“Securities Act”), as more specifically set forth below, on the basis that the securities were offered and sold in a non-public offering to a “sophisticated investor” who had access to registration-type information about the Company. The shares issued to the thirteen (13) Non-U.S. Investors were issued pursuant to Rule 903 of Regulation S, as more specifically set forth below, on the basis that the investor was not a “U.S. person” as defined in Regulation S, was not acquiring the shares for the account or benefit of a U.S. person, and the sale of the shares was completed in an "offshore transaction”.


2.

Subsequent Issuances:


On or about October 31, 2012, the Company issued an aggregate of 245,375 restricted shares of the Company’s common stock to six (6) Non-U.S. Investors, pursuant to the closing of a private placement. Under the private placement, the Company sold an aggregate of 245,375 common shares at a per share price of $2.00 for aggregate proceeds to the Company of $490,750.

 

The shares issued to the six (6) Non-U.S. Investors were issued pursuant to Rule 903 of Regulation S, as more specifically set forth below, on the basis that the investor was not a“U.S. person” as defined in Regulation S, was not acquiring the shares for the account or benefit of a U.S. person, and the sale of the shares was completed in an "offshore transaction”.


Exemption From Registration. The shares of Common Stock referenced herein were issued in reliance upon one of the following exemptions:


(a) The shares of Common Stock referenced herein were issued in reliance upon the exemption from securities registration afforded by the provisions of Section 4(2) of the Securities Act of 1933, as amended, ("Securities Act"), based upon the following: (a) each of the persons to whom the shares of Common Stock were issued (each such person, an "Investor") confirmed to the Company that it or he is an "accredited investor," as defined in Rule 501 of Regulation D promulgated under the Securities Act and has such background, education and experience in financial and business matters as to be able to evaluate the merits and risks of an investment in the securities, (b) there was no public offering or general solicitation with respect to the offering of such shares, (c) each Investor was provided with certain disclosure materials and all other information requested with respect to the Company, (d) each Investor acknowledged that all securities being purchased were being purchased for investment intent and were "restricted securities" for purposes of the Securities Act, and agreed to transfer such securities only in a transaction registered under the Securities Act or exempt from registration under the Securities Act and (e) a legend has been, or will be, placed on the certificates representing each such security stating that it was restricted and could only be transferred if subsequently registered under the Securities Act or transferred in a transaction exempt from registration under the Securities Act.



17




(b) The shares of Common Stock referenced herein were issued pursuant to and in accordance with Rule 903 of Regulation S of the Act. We completed the offering of the shares pursuant to Rule 903 of Regulation S of the Act on the basis that the sale of the shares was completed in an "offshore transaction", as defined in Rule 902(h) of Regulation S. We did not engage in any directed selling efforts, as defined in Regulation S, in the United States in connection with the sale of the shares. Each investor represented to us that the investor was not a "U.S. person", as defined in Regulation S, and was not acquiring the shares for the account or benefit of a U.S. person. The agreement executed between us and each investor included statements that the securities had not been registered pursuant to the Act and that the securities may not be offered or sold in the United States unless the securities are registered under the Act or pursuant to an exemption from the Act. Each investor agreed by execution of the agreement for the shares: (i) to resell the securities purchased only in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; (ii) that we are required to refuse to register any sale of the securities purchased unless the transfer is in accordance with the provisions of Regulation S, pursuant to registration under the Act or pursuant to an exemption from registration under the Act; and (iii) not to engage in hedging transactions with regards to the securities purchased unless in compliance with the Act. All certificates representing the shares were or upon issuance will be endorsed with a restrictive legend confirming that the securities had been issued pursuant to Regulation S of the Act and could not be resold without registration under the Act or an applicable exemption from the registration requirements of the Act.


ITEM 3.

DEFAULTS UPON SENIOR SECURITIES


None.


ITEM 4.  

MINE SAFETY DISCLOSURES


Not Applicable.


ITEM 5.

OTHER INFORMATION


None.



18




ITEM 6.

EXHIBITS

 

 

 

Exhibit

 

 

Number

Description of Exhibit

Filing

2.01

Share Purchase Agreement by and between Singapore Volition and ValiRX PLC dated September 22, 2010

Filed with the SEC on May 8, 2012 as part of our Amended Current Report on Form 8-K/A.

2.02

Supplementary Agreement to the Share Purchase Agreement by and between Singapore Volition and ValiRX PLC dated June 9, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

3.01

Certificate of Incorporation

Filed with the SEC on December 6, 1999 as part of our Registration Statement on Form 10-SB.

3.01(a)

Amendment to Certificate of Incorporation

Filed with the SEC on November 10, 2005 as part of our Registration Statement on Form SB-2.

3.01(b)

Certificate for Renewal and Revival of Charter

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

3.02

Bylaws

Filed with the SEC on December 6, 1999 as part of our Registration Statement on Form 10-SB.

4.01

2011 Equity Incentive Plan dated November 17, 2011

Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.

4.02

Sample Stock Option Agreement

Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.

4.03

Sample Stock Award Agreement for Restricted Stock

Filed with the SEC on November 18, 2011 as part of our Current Report on Form 8-K.

10.01

Patent License Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated October 19, 2005

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.02

Amended Patent License Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated July 31, 2006

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.03

Extension Letter Agreement by and between Cronos Therapeutics Limited and Imperial College Innovations Limited dated September 4, 2006

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.04

Patent License Agreement by and between ValiRX PLC and Chroma Therapeutics Limited dated October 3, 2007

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.05

Contract Repayable Grant Advance on the Diagnosis of Colorectal Cancer by “NucleosomicsTM” by and between ValiBio SA and The Walloon Region dated December 17, 2009

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.06

Non-Exploitation and Third Party Patent License Agreement by and among ValiBio SA, ValiRX PLC and The Walloon Region dated December 17, 2009

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.07

Agreement by and between Singapore Volition and PB Commodities Pte Limited dated August 6, 2010

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.08

Employment Agreement by and between PB Commodities Pte Ltd and Cameron Reynolds dated September 4, 2010

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.09

Employment Agreement by and between PB Commodities Pte Ltd and Rodney Rootsaert dated September 4, 2010

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.



19




10.10

Deed of Novation by and among Singapore Volition Pte Limited, ValiRX PLC, ValiBio SA and Chroma Therapeutics Limited dated September 22, 2010

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.11

Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Satu Vainikka dated September 22, 2010

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.12

Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Guy Archibald Innes dated September 23, 2010

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.13

Employment Agreement by and between Singapore Volition and Dr. George S. Morris dated September 29, 2010

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.14

Consultancy Agreement by and between PB Commodities Pte Ltd and Kendall Life Sciences Consultants Ltd dated October 4, 2010

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.15

Patent License Agreement by and between Singapore Volition and Belgian Volition dated November 2, 2010

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.16

Letter of Appointment as Non-Executive Director by and between Singapore Volition Pte Limited and Dr. Alan Colman dated May 25, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.17

License Agreement by and between Singapore Volition and the European Molecular Biology Laboratory dated June 6, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.18

Deed of Novation by and among Imperial College Innovations Limited, Valipharma Limited and Hypergenomics Pte Limited dated June 9, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.19

Patent License Agreement by and between Hypergenomics Pte Limited and Valipharma Limited dated June 9, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.20

Consultancy Agreement by and between Singapore Volition Pte Limited and Malcolm Lewin dated July 10, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.21

Letter of Appointment as Executive Chairman by and between Singapore Volition and Dr. Martin Faulkes dated July 13, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.22

Service Agreement by and between Singapore Volition and Volition Research Limited dated August 10, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.23

Settlement Agreement by and between Singapore Volition and Volition Research Limited dated August 11, 2011

Filed with the SEC on January 11, 2012 as part of our Amended Current Report on Form 8-K/A.

10.24

Share Exchange Agreement by and between the Company and Singapore Volition Pte Limited dated September 26, 2011

Filed with the SEC on September 29, 2011 as part of our Current Report on Form 8-K.

10.25

Agreement, Consent and Waiver by and between Standard Capital Corporation and its Shareholders dated September 27, 2011

Filed with the SEC on April 5, 2012 as part of our Amended Current Report on Form 8-K/A.

10.26

Agreement by and between Hypergenomics Pte Limited and PB Commodities Pte Ltd dated October 1, 2011

Filed with the SEC on February 24, 2012 as part of our Amended Current Report on Form 8-K/A.

10.27

Agreement by and between Belgian Volition SA and the Biobank of CHU UCL Mont-Godinne dated August 6, 2012

Filed with the SEC on October 4, 2012 as part of our Amended Registration Statement on Form S-1/A.

14.01

Code of Ethics

Filed with the SEC on November 10, 2005 as part of our Registration Statement on Form SB-2.

16.01

Letter from Madsen & Associates, CPA's Inc. dated November 29, 2011

Filed with the SEC on November 30, 2011 as part of our Current Report on Form 8-K.

21.01

List of Subsidiaries

Filed with the SEC on October 13, 2011 as part of our Current Report on Form 8-K.

31.01

Certification of Principal Executive Officer Pursuant to Rule 13a-14

Filed herewith.



20




31.02

Certification of Principal Financial Officer Pursuant to Rule 13a-14

Filed herewith.

32.01

CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Filed herewith.

32.02

CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Filed herewith.

101.INS*

XBRL Instance Document

Filed herewith.

101.SCH*

XBRL Taxonomy Extension Schema Document

Filed herewith.

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith.

101.LAB*

XBRL Taxonomy Extension Labels Linkbase Document

Filed herewith.

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith.

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith.

 

 

 

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.



21




SIGNATURES


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


VOLITIONRX LIMITED



Dated:  November 14, 2012

/s/ Cameron Reynolds                      

By: Cameron Reynolds

Its: President, Principal Executive Officer and Director



Dated:  November 14, 2012

/s/ Malcolm Lewin                            

By: Malcolm Lewin

Its: Principal Financial Officer, Principal Accounting Officer, & Treasurer



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 Company and in the capacities and on the dates indicated:



Dated:  November 14, 2012

/s/ Cameron Reynolds                       

Cameron Reynolds - President, CEO & Director



Dated:  November 14, 2012

/s/ Dr. Martin Faulkes                       

Dr. Martin Faulkes - Director



Dated:  November 14, 2012

/s/ Dr. Satu Vainikka                         

Dr. Satu Vainikka - Director



Dated:  November 14, 2012

/s/ Guy Archibald Innes                     

Guy Archibald Innes - Director



Dated:  November 14, 2012

/s/ Dr. Alan Colman                           

Dr. Alan Colman – Director



Dated:  November 14, 2012

/s/ Rodney Gerard Rootsaert                           

Rodney Gerard Rootsaert - Secretary




22


EX-31.1 2 f10q093012_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATIONS Exhibit 31.1 Section 302 Certifications

Exhibit 31.01

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14

 

I, Cameron Reynolds, certify that:

 

 

1.

I have reviewed this Quarterly Report on Form 10-Q of VolitionRX Limited;


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.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, 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 registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


(d)         Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 




Date: November 14, 2012

/s/ Cameron Reynolds

By: Cameron Reynolds

Its: Chief Executive Officer

 

 

 




EX-31.2 3 f10q093012_ex31z2.htm EXHIBIT 31.2 SECTION 302 CERTIFICATIONS Exhibit 31.2 Section 302 Certifications

Exhibit 31.02

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14

 

I, Malcolm Lewin, certify that:

 

 

1.

I have reviewed this Quarterly Report on Form 10-Q of VolitionRX Limited;


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.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, 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 registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


(d)         Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 




Date: November 14, 2012

/s/ Malcolm Lewin

By: Malcolm Lewin

Its:  Chief Financial Officer

 

 

 

 




EX-32.1 4 f10q093012_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATIONS Exhibit 32.1 Section 906 Certifications

Exhibit 32.01




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 VolitionRX Limited (the “Company”) on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Cameron Reynolds, Chief Executive 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.

 

 




/s/ Cameron Reynolds

By: Cameron Reynolds

Chief Executive Officer

 

Dated: November 14, 2012

 

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.




EX-32.2 5 f10q093012_ex32z2.htm EXHIBIT 32.2 SECTION 906 CERTIFICATIONS Exhibit 32.2 Section 906 Certifications

Exhibit 32.02




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 VolitionRX Limited (the “Company”) on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Malcolm Lewin, 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.

 

 




/s/ Malcolm Lewin

By: Malcolm Lewin

Chief Financial Officer

 

Dated: November 14, 2012

 

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.




EX-101.INS 6 vnrx-20120930.xml XBRL INSTANCE DOCUMENT 10-Q 2012-09-30 false VOLITIONRX LTD 0000093314 --12-31 10124562 Smaller Reporting Company Yes No No 2012 Q3 315277 347892 933 0 353058 320833 40192 30749 709460 699474 73988 22969 1432133 1522811 2215581 2245254 284705 255519 192059 278845 476764 534364 617897 621935 1094661 1156299 9879 8646 7260371 4578254 -41025 4638 -6108305 -3502583 1120920 1088955 2215581 2245254 0.001 0.001 200000000 200000000 9879187 8645652 9879187 8645652 27589 0 54968 0 54968 48171 54686 235231 142924 502416 68028 21066 199244 57067 963610 120021 347708 491816 581067 1269658 663885 292205 1734363 909929 3427589 -872516 -715665 -2605726 -1690987 -6108305 -0.09 -0.12 -0.28 -0.34 9697376 5898270 9169675 4950534 900105 715665 2660694 1690987 6163273 -2605726 -1690986 -6108305 103477 77615 243196 445142 390530 852178 286583 362482 1084225 52500 0 81667 -83028 0 -83028 -10444 -88112 -12432 28288 -95755 224522 -84081 -34674 -13839 -1867289 -1078900 -3731820 -71576 -24526 -106442 -71576 -24526 -106442 1951625 1595907 3814854 0 676346 676346 0 0 59942 0 -255807 -355807 0 0 100 1951625 2016446 4195435 -45375 -1412 -41897 -32615 911608 315277 347892 47482 0 315277 959090 0 0 0 0 0 0 0 0 1000000 0 0 1169943 <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:.25in"><b><u>Note 1 - Condensed Financial Statements</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:.25in"><b>&nbsp;</b></p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">The accompanying financial statements have been prepared by VolitionRX Limited (the &#147;Company&#148;) without audit.&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, 2012, and for all periods presented herein, have been made.</p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">&nbsp;</p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">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; 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, 2011 audited financial statements.&nbsp; The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years.</p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b><u>Note 2 - Going Concern</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b>&nbsp;</b></p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $6,108,305 and currently has very limited revenues, which creates substantial doubt about its ability to continue as a going concern. </p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">&nbsp;</p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing.</p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">&nbsp;</p> <p style="MARGIN:0in 0in 0pt; tab-stops:.5in">The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.</p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b><u>Note 3 - Summary of Significant Accounting Policies</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Use of Estimates</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The preparation of financial statements in conformity with US 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. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#146;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Reclassification of Financial Statement Accounts</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="MARGIN:0in 0in 0pt">Certain amounts in the September 30, 2011 financial statements have been reclassified to conform to the presentation in the September 30, 2012 financial statements.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Principles of Consolidation</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:.25in">The accompanying consolidated financial statements for the period ended September 30, 2012 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.&nbsp; All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Cash and Cash Equivalents</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.&nbsp; As at September 30, 2012 and December 31, 2011, the Company had $315,277 and $347,892, respectively in cash equivalents.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Basic and Diluted Net Income (Loss) Per Share</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">The Company computes net income (loss) per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2012, 873,315 warrants and options were excluded from the Diluted EPS calculation as their effect is anti dilutive.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Foreign Currency Translation</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">The Company&#146;s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, &#147;Foreign Currency Matters &#150; Foreign Currency Transactions&#148;. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.&nbsp; Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive income (loss).</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Recent Accounting Pronouncements</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company&#146;s management believes that these recent pronouncements will not have a material effect on the Company&#146;s consolidated financial statements.</p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in"><b><u>Note 4 - Acquisitions and Subsidiaries</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">On September 22, 2010, the Company&#146;s wholly owned subsidiary Singapore Volition Pte Ltd (&#147;Singapore&#148;) entered into a purchase agreement to acquire 100% of the outstanding shares of ValiBio SA from ValiRx Plc in exchange for $400,000 and issuance of common shares of the Company with a fair value of $600,000, issuable when Singapore became a publicly-listed company.&nbsp; The agreement closed on October 6, 2010.&nbsp; Subsequent to the completion of the purchase, Singapore changed the name of ValiBio SA to Belgian Volition SA. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">The Company allocated the purchase price to the acquired assets and liabilities.&nbsp; It was determined that the carrying value of these assets approximated their fair value at acquisition. The remaining purchase price was then allocated to the acquired intellectual property, namely patents.&nbsp; </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <div align="center"> <table style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><i><u><font lang="EN-CA">Fair value of ValiBio SA net assets: </font></u></i></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center"><font lang="EN-CA">$</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Cash and cash equivalents</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(68)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Other current assets</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">34,526</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Property and equipment</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,887</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Intangible assets/patents</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,218,297</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Accounts payable and other liabilities</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(254,642)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Net assets on acquisition</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,000,000</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Purchase price </font></p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(1,000,000)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:windowtext 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Excess of fair value of net assets over purchase price</font></p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&#150;</font></p></td></tr></table></div> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">On March 7, 2011, Singapore formed Hypergenomics Pte Ltd. as a wholly-owned subsidiary which is a private company domiciled in Singapore. The purpose of the formation was to hold and develop a segment of the acquired patents.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">On June 19, 2011, the Company amended its purchase agreement with Valirx Plc to include the purchase of additional patents in exchange for an additional $510,000 payable in shares of the common stock of Singapore Volition or a publicly-listed successor company. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">On September 22, 2011, the Company filed a Certificate for Renewal and Revival of Charter with Secretary of State Delaware. Pursuant to Section 312(1) of the Delaware General Corporation Law, the Company was revived under the new name of &#147;VolitionRX Limited&#148;. The name change to VolitionRX Limited was approved by FINRA on October 7, 2011 and became effective on October 11, 2011.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">On October 6, 2011, the Company entered into a share exchange agreement with Singapore Volition Pte Ltd., a Singapore corporation, and the shareholders of Singapore Volition. Pursuant to the terms of the share exchange agreement, the Company has acquired all the issued and outstanding shares of Singapore Volition&#146;s common stock in exchange for 6,908,652 shares of the Company&#146;s common stock. As a prior condition of this agreement, the Company arranged the cancellation of 1,073,000 common shares. Consequently the Company had 1,212,000 common shares issued and outstanding as of October 6, 2011 immediately prior to the closing of the share exchange agreement, and 8,120,652 shares issued and outstanding upon closing of the share exchange agreement. </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">As of the closing date, the former shareholders of Singapore Volition Pte Ltd. held 85% of the issued and outstanding common shares of the Company. The issuance of the 6,908,652 common shares to the former shareholders of Singapore Volition Pte Ltd. was deemed to be a reverse acquisition for accounting purposes. Singapore Volition Pte Ltd., the acquired entity, is regarded as the predecessor entity as of October 6, 2011. The number of shares outstanding and per share amounts have been restated to recognize the recapitalization. All comparative financial data in these financial statements is that of Singapore Volition Pte Ltd.</p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b><u>Note 5 - Related Party Transactions</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Related Party Payables</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in"><font lang="EN-CA">a)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font lang="EN-CA">As at </font><font lang="EN-CA">September 30, 2012</font><font lang="EN-CA">, the Company owed $192,059 (2011 - $278,845) to directors and officers of the Company and to other related parties.&nbsp; The amounts represent expenses paid on behalf of the Company, accrued officer salary, or amounts borrowed to help fund operations.&nbsp; The amounts owing are unsecured, non-interest bearing, and due on demand.&nbsp; </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in">b)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font lang="EN-CA">&nbsp;The Company contracts with a related party to rent office space, be provided office support staff, and have consultancy services provided on behalf of the Company.&nbsp; See Note 8 for obligation under the contract.</font></p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b><u>Note 6 - Common Stock </u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">During the nine month period ended September 30, 2012, the Company issued 1,115,229 shares of common stock for a total of $1,951,625. Attached to share issuances of 582,510 shares for a total of $1,019,375 were 291,261 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The unit price was $1.75 for one share together with a warrant to purchase one share for every two shares subscribed for. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:&nbsp; Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.&nbsp; The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants. </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants.&nbsp; Each warrant is immediately exercisable for a period of three years at a price of $1.75 per share. The warrants were valued at $79,555, using the Black-Scholes Option Pricing model using the following assumptions:&nbsp; Three-year term, $3.45 stock price, $1.75 exercise price, 149% volatility, 0.36% risk free rate.&nbsp; </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;During the nine month period ended September 30, 2012, the Company also issued 118,306 shares of common stock to consultants, employees and directors for services valued at $207,028. Attached to share issuances of 105,591 shares for services valued at $184,777 were 52,798 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:&nbsp; Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.&nbsp; The Company has allocated $54, 499 of the total $184,777 value of services to the value of the warrants. </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Details of further subscriptions subsequent to September 30, 2012 are set out in Note 9. </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">During the year ended December 31, 2011, the Company issued 1,859,073 shares of common stock, at prices ranging from $0.50 to $1.20 per share, for net cash proceeds of $1,595,906.&nbsp; Attached to various share issuances totaling 370,000 shares were 300,000 warrants.&nbsp; Each warrant is immediately exercisable for a period of five years at $0.50 per share.&nbsp; The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:&nbsp; Five-year term, $0.50-$1.00 stock price, $0.50 exercise price, 190% volatility, 1.45% - 2.00% risk free rate.&nbsp; The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">During the year ended December 31, 2011, the Company issued 434,726 shares of common stock to consultants, employees and directors for services. The stock was valued at $362,484, at prices ranging from $0.50 to $1.00 per share.&nbsp; Values were based on the most recent cash issuance prices relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC&nbsp; 718 and ASC 505. </p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">During the year ended December 31, 2011, the Company issued 350,000 shares of common stock to a related party in advance for services to be performed over a five year period to raise the profile of the Company through the development of relationships with medical organizations, cancer charities, government and other policy makers.&nbsp; The shares were valued at $1.00 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC 718 and ASC 505.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">The value of the shares was recorded as a prepaid expense that the Company will expense monthly as services are provided.&nbsp; Because the shares are fully vested and non-forfeitable, the shares were valued based on the current market price on the grant date and will be amortized over the life of the agreement.&nbsp; During the nine month period ended June 30, 2012 and the year ended December 31, 2011, $52,500 and $29,167 has been recorded to professional fees leaving a balance of $268,333 as of September 30, 2012.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 21.3pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">On December 6, 2011, the Company issued 525,000 shares under the terms of its purchase agreement with ValiRx Plc as modified, to settle debts of $1,110,000 related to the acquisition of Belgian Volition SA and certain patents (see Note 4).&nbsp; The Company issued an additional 119,886 shares of common stock to settle outstanding notes payable of $59,943.&nbsp; The shares were valued at $0.50 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC&nbsp; 718 and ASC 505 and thus no gain or loss was recorded on the settlement of debt.</p> <!--egx--><p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b><u>Note 7 &#150; Warrants and Options</u></b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">During the nine month period ended September 30, 2012, the Company issued 291,261 warrants attached to the issuance of 582,510 shares for cash totaling $1,019,375. </font>The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants.&nbsp; The warrants are exercisable immediately for four years at an exercise price of $2.60.<font lang="EN-CA"></font></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants. The Company has valued the warrants at $79,555. Each warrant is exercisable immediately for three years at an exercise price of $1.75.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">During the nine month period ended September 30, 2012 the Company also issued 52,798 warrants attached to the issuance of 105,591 shares for services valued at $184,777.</font> The Company has allocated $54,499 of the total $184,777 value of services to the value of the warrants. The warrants are exercisable immediately for four years at an exercise price of $2.60.<font lang="EN-CA"></font></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt"><font lang="EN-CA">During the year ended December 31, 2011, the Company issued 300,000 warrants attached to the issuance of 370,000 shares.&nbsp; </font>The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.&nbsp; The warrants are exercisable immediately for five years at an exercise price of $0.50, and do not contain any anti-dilution provisions.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">The Company also issued 450,000 warrants valued at $390,530 for services rendered to the Company.&nbsp; The warrants are exercisable immediately for five years at exercise prices of $0.50 and $1.05.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">The Company has calculated the estimated fair market value of the warrants granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions: stock price at valuation, $0.50-$1.00; expected term of five years, exercise price of $0.50-$1.05, a risk free interest rate of 1.45%-2.24%, a dividend yield of 0% and volatility of 190%.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">Below is a table summarizing the warrants issued and outstanding as of September 30, 2012.</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">&nbsp;</p> <div align="center"> <table width="588" style="MARGIN:auto auto auto 16.7pt; WIDTH:441.05pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Date</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Number</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="80" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Exercise</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Contractual</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Expiration</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="103" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.25pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Value if</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Issued</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Outstanding</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="80" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Price</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Life (Years)</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Date</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="103" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.25pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Exercised</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">12/31/10</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">$</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">$</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">03/15/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">200,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3/15/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">03/24/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3/24/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">04/01/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">4/1/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">06/21/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">6/21/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">07/13/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">250,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.05</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">07/13/16</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">262,500</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">05/11/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">344,059</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">2.60</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">4</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">05/10/16</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">894,553</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">05/11/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">26,685</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.75</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">3</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">05/10/15</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">46,699</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/30/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">1,120,744</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.30</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$1,453,752</p></td></tr></table></div> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On November 17, 2011, the Company adopted and approved the 2011 Equity Incentive Plan for the directors, officers, employees and key consultants of the Company. Pursuant to the Plan, the Company is authorized to issue 900,000 restricted shares, $0.001 par value, of the Company&#146;s common stock. Options over 720,000 shares were granted on November 25, 2011. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $3 for options vesting in the first year, $4 for options vesting in the second year, and $5 for options vesting in the third year. Options over 30,000 shares were granted on September 1, 2012. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $4.31 for options vesting in the first year, $5.31 for options vesting in the second year, and $6.31 for options vesting in the third year. </p> <p style="TEXT-INDENT:21.3pt; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">The Company has calculated the estimated fair market value of the options granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions. </font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in"><font lang="EN-CA">a)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font lang="EN-CA">720,000 options granted November 25, 2011 -stock price at valuation, $1.20; expected term of 3 years, exercise prices of $3.00-$5.00, a risk free interest rate of 0.41%-0.93%, a dividend yield of 0% and volatility of 222%.</font></p> <p style="MARGIN:0in 0in 0pt 0.25in"><font lang="EN-CA">&nbsp;</font></p> <p style="TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in"><font lang="EN-CA">b)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font lang="EN-CA">30,000 options granted September 1, 2012 --stock price at valuation, $4.31; expected term of 3 years, exercise prices of $4.31-$6.31, a risk free interest rate of 0.31%, a dividend yield of 0% and volatility of 237%.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">Below is a table summarizing the options issued and outstanding as of September 30, 2012.</font></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <div align="center"> <table width="604" style="MARGIN:auto auto auto 16.7pt; WIDTH:453.1pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Date</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Number</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="98" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:73.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Exercise</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Contractual</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Expiration</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="97" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:72.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Value if</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="98" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:73.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Life (Years)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Date</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="97" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:72.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Exercised</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">12/31/10</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">11/25/11</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">720,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3.00-5.00</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">5/25/15-11/25/17</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">2,880,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">4.31-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">03/01/16-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/01/12</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">30,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">6.31</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">09/01/18</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">159,300</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/30/12</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">750,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$4.05</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$3,039,300</p></td></tr></table></div> <!--egx--><p style="LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in"><b><u>Note 8 &#150; Commitments and Contingencies</u></b></p> <p style="LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in"><b>&nbsp;</b></p> <p style="LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in; tab-stops:list .5in">a)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Walloon Region Grant</p> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,347,320 (&#128;1,048,020) to help fund the research endeavors of the Company.&nbsp; The Walloon Region agreed to provide working capital of $538,892 (&#128;419,208), which was received by the Company during January 2011. Additional funds have been provided for approved expenditures. The Company will be obligated to pay a minimum of $395,397 (&#128;404,169) if the project is deemed to be a failure under the terms of the agreement.&nbsp; If the project is deemed a success, the Company will pay both the minimum of $404,169 (&#128;314,406) and a 6 percent royalty on all relevant sales. The maximum amount payable due to the Walloon Region is twice the amount of funding received.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in"><b>&nbsp;</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:0in; MARGIN:0in 0in 0pt 0.25in; tab-stops:list .5in">b)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Administrative Support Agreement</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">On August 6, 2010, the Company entered into an agreement with a related party to rent office space, contract for office support staff, and have consultancy services provided on behalf of the Company.&nbsp; The agreement requires the Company to pay $5,700 per month for office space and staff services as well as approximately $17,300 per month in fees for two senior executives.&nbsp; The Company is also required to pay for all reasonable expenses incurred.&nbsp; The contract is in force for 12 months with automatic extensions of 12 months with a 3 month notice required for termination of the contract.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:0in; MARGIN:0in 0in 0pt 0.25in; tab-stops:list .5in">c)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Leases</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">On January 26, 2012, the Company entered into a new lease agreement in respect of its laboratory space at Namur in Belgium for $1,286 (&#128;1,000) per month commencing April 1, 2012, for a period of one year.&nbsp; On February 29, 2012, the Company entered into a lease agreement for additional laboratory and office space at Namur for approximately $4,927 (&#128;3,833) per month commencing April 1, 2012, for a period of two years and eight months. Under this agreement the Company is also obliged to pay $1,928 (&#128;1,500) per month as a provisional amount against expenses. On March 23, 2012, the Company entered into a lease agreement in respect of an apartment at Namur in Belgium for $797 (&#128;620) per month commencing April 1, 2012, for a period of one year.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:0in; MARGIN:0in 0in 0pt 0.25in; tab-stops:list .5in">d)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Bonn University Agreement</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">On July 11, 2012, the Company entered into an agreement with Bonn University, Germany, relating to a program of samples testing. The agreement is for a period of two years commencing June 1, 2012, and the total payments to be made by the Company in accordance with the agreement are $501,345 (&#128;390,000).</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.5in; tab-stops:list .5in">e)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Legal Proceedings</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt 0.25in">There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.</p> <!--egx--><p style="LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in"><b>Note 9 - Subsequent Events</b></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white">Subsequent to September 30, 2012, the Company received cash subscriptions of $490,750 for 245,375 shares at $2.00 per share. The Company issued these shares on October 31, 2012.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; BACKGROUND:white">&nbsp;</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Use of Estimates</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The preparation of financial statements in conformity with US 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. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#146;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Reclassification of Financial Statement Accounts</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="MARGIN:0in 0in 0pt">Certain amounts in the September 30, 2011 financial statements have been reclassified to conform to the presentation in the September 30, 2012 financial statements.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Principles of Consolidation</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:.25in">The accompanying consolidated financial statements for the period ended September 30, 2012 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.&nbsp; All significant intercompany balances and transactions have been eliminated in consolidation.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Cash and Cash Equivalents</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.&nbsp; As at September 30, 2012 and December 31, 2011, the Company had $315,277 and $347,892, respectively in cash equivalents.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Basic and Diluted Net Income (Loss) Per Share</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; tab-stops:0in">The Company computes net income (loss) per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2012, 873,315 warrants and options were excluded from the Diluted EPS calculation as their effect is anti dilutive.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Foreign Currency Translation</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">The Company&#146;s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, &#147;Foreign Currency Matters &#150; Foreign Currency Transactions&#148;. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.&nbsp; Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive income (loss).</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA">Recent Accounting Pronouncements</font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font lang="EN-CA"><font style="TEXT-DECORATION:none">&nbsp;</font></font></u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company&#146;s management believes that these recent pronouncements will not have a material effect on the Company&#146;s consolidated financial statements.</p> <!--egx--><div align="center"> <table style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><i><u><font lang="EN-CA">Fair value of ValiBio SA net assets: </font></u></i></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="center"><font lang="EN-CA">$</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Cash and cash equivalents</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(68)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Other current assets</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">34,526</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Property and equipment</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,887</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Intangible assets/patents</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,218,297</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Accounts payable and other liabilities</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(254,642)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Net assets on acquisition</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">1,000,000</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Purchase price </font></p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">(1,000,000)</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">&nbsp;</font></p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&nbsp;</font></p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:0.15in"> <td width="378" style="BORDER-BOTTOM:windowtext 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:283.5pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:"><font lang="EN-CA">Excess of fair value of net assets over purchase price</font></p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1.5pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:0.15in; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt; TEXT-AUTOSPACE:" align="right"><font lang="EN-CA">&#150;</font></p></td></tr></table></div> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:normal; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">Below is a table summarizing the warrants issued and outstanding as of September 30, 2012.</font></p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">&nbsp;</p> <div align="center"> <table width="588" style="MARGIN:auto auto auto 16.7pt; WIDTH:441.05pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Date</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Number</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="80" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Exercise</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Contractual</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Expiration</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="103" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.25pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Value if</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Issued</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Outstanding</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="80" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Price</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Life (Years)</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Date</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="103" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.25pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">Exercised</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">12/31/10</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">$</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">$</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">03/15/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">200,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3/15/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">03/24/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3/24/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">04/01/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">4/1/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">06/21/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">0.50</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">6/21/2016</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">07/13/11</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">250,000</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.05</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">5</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">07/13/16</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">262,500</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">05/11/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">344,059</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">2.60</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">4</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">05/10/16</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">894,553</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">05/11/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">26,685</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.75</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">3</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">05/10/15</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">46,699</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/30/12</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">1,120,744</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="58" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:43.7pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">1.30</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="15" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="81" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.85pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$1,453,752</p></td></tr></table></div> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-CA">Below is a table summarizing the options issued and outstanding as of September 30, 2012.</font></p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <div align="center"> <table width="604" style="MARGIN:auto auto auto 16.7pt; WIDTH:453.1pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Date</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Number</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="98" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:73.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Exercise</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Contractual</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Expiration</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="97" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:72.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Value if</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="98" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:73.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Life (Years)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Date</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="97" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:72.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="center">Exercised</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">12/31/10</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">11/25/11</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">720,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3.00-5.00</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">5/25/15-11/25/17</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">2,880,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">4.31-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">03/01/16-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/01/12</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">30,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">6.31</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">3</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">09/01/18</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">159,300</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.75pt"> <td width="76" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">09/30/12</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="LINE-HEIGHT:normal; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="86" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.75pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">750,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$4.05</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:69.1pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="76" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.35pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="22" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.4pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">&nbsp;</p></td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:56.05pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; LINE-HEIGHT:normal; MARGIN:0in 0in 0pt" align="right">$3,039,300</p></td></tr></table></div> 6108305 100 400000 600000 510000 6908652 1073000 1212000 8120652 6908652 -68 34526 1887 1218297 -254642 1000000 -1000000 0 192059 278845 582510 370000 1019375 291261 350000 2.6 0.5 1.75 52484 26685 1.75 79555 105591 52798 184777 54509 184777 73791 268000 1595906 153144 1859073 1.75 1.2 150000 434726 362484 1.00 350000 1.00 35000 29167 3.31 2.6 132 0.8200 3.45 1.75 149 0.3600 3.31 2.6 132 0.8200 1.00 0.5 190 2 268333 525000 1110000 119886 59943 0 200000 100000 100000 100000 250000 344059 26685 1120744 0 0.5 0.5 0.5 0.5 1.05 2.6 1.75 1.3 0 5 5 5 5 5 4 3 0 0 100000 50000 50000 50000 262500 894553 46699 1453752 490750 245375 2.00 0000093314 2012-01-01 2012-09-30 0000093314 2012-11-14 0000093314 2012-09-30 0000093314 2011-12-31 0000093314 2012-07-01 2012-09-30 0000093314 2011-07-01 2011-09-30 0000093314 2011-01-01 2011-09-30 0000093314 2010-08-05 2012-09-30 0000093314 2010-12-31 0000093314 2010-08-04 0000093314 2011-09-30 0000093314 2011-10-06 0000093314 2011-06-19 0000093314 2011-01-01 2011-12-31 0000093314 2012-05-11 0000093314 2012-05-12 0000093314 2011-07-13 0000093314 2011-06-21 0000093314 2011-04-03 0000093314 2011-03-24 0000093314 2011-03-15 0000093314 2010-09-22 shares iso4217:USD iso4217:USD shares pure EX-101.CAL 7 vnrx-20120930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 vnrx-20120930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 vnrx-20120930_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Contractual Life (Years) common stock to settle outstanding notes payable common stock to settle outstanding notes payable settle debts related to the acquisition of Belgian Volition SA settle debts related to the acquisition of Belgian Volition SA professional fees leaving a balance Received cash subscriptions shares of common stock Received cash subscriptions shares of common stock Due to directors and officers and other related parties Other current assets acquired. 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Professional fees leaving a balance And Shares purchase agreement (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
professional fees leaving a balance $ 268,333  
Issued shares under the terms of its purchase agreement   525,000
settle debts related to the acquisition of Belgian Volition SA   1,110,000
sharesofcommon stock to settle outstanding notes payable   119,886
common stock to settle outstanding notes payable   $ 59,943
XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions and Subsidiaries
9 Months Ended
Sep. 30, 2012
Acquisitions and Subsidiaries  
Acquisitions and Subsidiaries

Note 4 - Acquisitions and Subsidiaries

 

On September 22, 2010, the Company’s wholly owned subsidiary Singapore Volition Pte Ltd (“Singapore”) entered into a purchase agreement to acquire 100% of the outstanding shares of ValiBio SA from ValiRx Plc in exchange for $400,000 and issuance of common shares of the Company with a fair value of $600,000, issuable when Singapore became a publicly-listed company.  The agreement closed on October 6, 2010.  Subsequent to the completion of the purchase, Singapore changed the name of ValiBio SA to Belgian Volition SA. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.

 

The Company allocated the purchase price to the acquired assets and liabilities.  It was determined that the carrying value of these assets approximated their fair value at acquisition. The remaining purchase price was then allocated to the acquired intellectual property, namely patents. 

 

Fair value of ValiBio SA net assets:

$

 

 

Cash and cash equivalents

(68)

Other current assets

34,526

Property and equipment

1,887

Intangible assets/patents

1,218,297

Accounts payable and other liabilities

(254,642)

 

 

Net assets on acquisition

1,000,000

Purchase price

(1,000,000)

 

 

Excess of fair value of net assets over purchase price

 

On March 7, 2011, Singapore formed Hypergenomics Pte Ltd. as a wholly-owned subsidiary which is a private company domiciled in Singapore. The purpose of the formation was to hold and develop a segment of the acquired patents.

 

On June 19, 2011, the Company amended its purchase agreement with Valirx Plc to include the purchase of additional patents in exchange for an additional $510,000 payable in shares of the common stock of Singapore Volition or a publicly-listed successor company. The purchase price was recorded as a related party note payable until it was converted into shares of common stock in December 2011.

 

On September 22, 2011, the Company filed a Certificate for Renewal and Revival of Charter with Secretary of State Delaware. Pursuant to Section 312(1) of the Delaware General Corporation Law, the Company was revived under the new name of “VolitionRX Limited”. The name change to VolitionRX Limited was approved by FINRA on October 7, 2011 and became effective on October 11, 2011.

 

On October 6, 2011, the Company entered into a share exchange agreement with Singapore Volition Pte Ltd., a Singapore corporation, and the shareholders of Singapore Volition. Pursuant to the terms of the share exchange agreement, the Company has acquired all the issued and outstanding shares of Singapore Volition’s common stock in exchange for 6,908,652 shares of the Company’s common stock. As a prior condition of this agreement, the Company arranged the cancellation of 1,073,000 common shares. Consequently the Company had 1,212,000 common shares issued and outstanding as of October 6, 2011 immediately prior to the closing of the share exchange agreement, and 8,120,652 shares issued and outstanding upon closing of the share exchange agreement.

 

As of the closing date, the former shareholders of Singapore Volition Pte Ltd. held 85% of the issued and outstanding common shares of the Company. The issuance of the 6,908,652 common shares to the former shareholders of Singapore Volition Pte Ltd. was deemed to be a reverse acquisition for accounting purposes. Singapore Volition Pte Ltd., the acquired entity, is regarded as the predecessor entity as of October 6, 2011. The number of shares outstanding and per share amounts have been restated to recognize the recapitalization. All comparative financial data in these financial statements is that of Singapore Volition Pte Ltd.

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Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2012
Summary of Significant Accounting Policies  
Summary of Significant Accounting Policies

Note 3 - Summary of Significant Accounting Policies

 

Use of Estimates

 

The preparation of financial statements in conformity with US 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. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

Reclassification of Financial Statement Accounts

 

Certain amounts in the September 30, 2011 financial statements have been reclassified to conform to the presentation in the September 30, 2012 financial statements.

 

Principles of Consolidation

 

The accompanying consolidated financial statements for the period ended September 30, 2012 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.  All significant intercompany balances and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.  As at September 30, 2012 and December 31, 2011, the Company had $315,277 and $347,892, respectively in cash equivalents.

 

Basic and Diluted Net Income (Loss) Per Share

 

The Company computes net income (loss) per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2012, 873,315 warrants and options were excluded from the Diluted EPS calculation as their effect is anti dilutive.

 

Foreign Currency Translation

 

The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.  Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive income (loss).

 

Recent Accounting Pronouncements

 

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

XML 18 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 315,277 $ 347,892
Accounts receivable 933 0
Prepaid expenses 353,058 320,833
Other current assets 40,192 30,749
Total Current Assets 709,460 699,474
Property and equipment, net 73,988 22,969
Intangible assets, net 1,432,133 1,522,811
Total Assets 2,215,581 2,245,254
LIABILITIES    
Accounts payable and accrued liabilities 284,705 255,519
Related party payables 192,059 278,845
Total Current Liabilities 476,764 534,364
Grant repayable 617,897 621,935
Total Liabilities 1,094,661 1,156,299
STOCKHOLDERS' EQUITY    
Common Stock (Note 6)Authorized: 200,000,000 shares, at $0.001 par value Issued and outstanding: 9,879,187 shares and 8,645,652, respectively 9,879 8,646
Additional paid-in capital 7,260,371 4,578,254
Other Comprehensive Income (41,025) 4,638
Deficit accumulated during the development stage (6,108,305) (3,502,583)
Total Stockholders' Equity 1,120,920 1,088,955
Total Liabilities and Stockholders' Equity $ 2,215,581 $ 2,245,254
XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Financial Statements
9 Months Ended
Sep. 30, 2012
Condensed Financial Statements  
Condensed Financial Statements

Note 1 - Condensed Financial Statements

 

The accompanying financial statements have been prepared by VolitionRX Limited (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, 2012, 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, 2011 audited financial statements.  The results of operations for the periods ended September 30, 2012 and 2011 are not necessarily indicative of the operating results for the full years.

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Related Party Payables unsecured, non-interest bearing (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Due to directors and officers and other related parties $ 192,059 $ 278,845
XML 22 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Black-Scholes Option Pricing model (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Four-year termstock price $ 3.31  
Four-year term exercise price $ 2.6  
Four-year term volatility percent 132  
Four-year term percent risk free rate 0.8200  
Three-year term stock price $ 3.45  
Three-year term exercise price $ 1.75  
Three-year term volatility percent 149  
Three-year term percent risk free rate 0.3600  
Option Pricing Four-year termstock price $ 3.31  
Option Pricing Four-year term exercise price $ 2.6  
Option Pricing Four-year term volatility percent 132  
Option Pricing Four-year term percent risk free rate 0.8200  
Five-year termstock price   $ 1.00
Five-year term exercise price   $ 0.5
Five-year term volatility percent   190
Five-year term percent risk free rate   2
XML 23 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 24 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern
9 Months Ended
Sep. 30, 2012
Going Concern  
Going Concern

Note 2 - Going Concern

 

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $6,108,305 and currently has very limited revenues, which creates substantial doubt about its ability to continue as a going concern.

 

The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions and/or financing as may be required to sustain its operations. Management's plan to address this need includes, (a) continued exercise of tight cost controls to conserve cash, (b) receiving additional grant funds, and (c) obtaining additional financing through debt or equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

XML 25 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheet Parentheticals (USD $)
Sep. 30, 2012
Dec. 31, 2011
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 200,000,000 200,000,000
Common Stock, shares issued 9,879,187 8,645,652
Common Stock, shares outstanding 9,879,187 8,645,652
XML 26 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summarizing Warrants Issued And Outstanding (Table)
9 Months Ended
Sep. 30, 2012
Summarizing Warrants Issued And Outstanding  
Summarizing Warrants Issued And Outstanding

Below is a table summarizing the warrants issued and outstanding as of September 30, 2012.

 

Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

03/15/11

 

200,000

 

 

0.50

 

5

 

3/15/2016

 

 

100,000

03/24/11

 

100,000

 

 

0.50

 

5

 

3/24/2016

 

 

50,000

04/01/11

 

100,000

 

 

0.50

 

5

 

4/1/2016

 

 

50,000

06/21/11

 

100,000

 

 

0.50

 

5

 

6/21/2016

 

 

50,000

07/13/11

 

250,000

 

 

1.05

 

5

 

07/13/16

 

 

262,500

05/11/12

 

344,059

 

 

2.60

 

4

 

05/10/16

 

 

894,553

05/11/12

 

26,685

 

 

1.75

 

3

 

05/10/15

 

 

46,699

09/30/12

 

1,120,744

 

 

1.30

 

-

 

-

 

 

$1,453,752

XML 27 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
9 Months Ended
Sep. 30, 2012
Nov. 14, 2012
Document and Entity Information    
Entity Registrant Name VOLITIONRX LTD  
Document Type 10-Q  
Document Period End Date Sep. 30, 2012  
Amendment Flag false  
Entity Central Index Key 0000093314  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   10,124,562
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
XML 28 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summarizing Options Issued And Outstanding (Table)
9 Months Ended
Sep. 30, 2012
Summarizing Options Issued And Outstanding  
Summarizing Options Issued And Outstanding

Below is a table summarizing the options issued and outstanding as of September 30, 2012.

 

Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

11/25/11

 

720,000

 

 

3.00-5.00

 

3

 

5/25/15-11/25/17

 

 

2,880,000

 

 

 

 

 

4.31-

 

 

 

03/01/16-

 

 

 

09/01/12

 

30,000

 

 

6.31

 

3

 

09/01/18

 

 

159,300

09/30/12

 

750,000

 

 

$4.05

 

-

 

-

 

 

$3,039,300

XML 29 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended 26 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Revenue $ 27,589 $ 0 $ 54,968 $ 0 $ 54,968
Expenses          
General and administrative 48,171 54,686 235,231 142,924 502,416
Professional fees 68,028 21,066 199,244 57,067 963,610
Salaries and office administrative fees 120,021 347,708 491,816 581,067 1,269,658
Research and development 663,885 292,205 1,734,363 909,929 3,427,589
Total Operating Expenses 900,105 715,665 2,660,694 1,690,987 6,163,273
Net Loss $ (872,516) $ (715,665) $ (2,605,726) $ (1,690,987) $ (6,108,305)
Net Loss per Share - Basic and Diluted $ (0.09) $ (0.12) $ (0.28) $ (0.34)  
Weighted Average Shares Outstanding - Basic and Diluted 9,697,376 5,898,270 9,169,675 4,950,534  
XML 30 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warrants And Options
9 Months Ended
Sep. 30, 2012
Warrants And Options  
Warrants And Options

Note 7 – Warrants and Options

 

During the nine month period ended September 30, 2012, the Company issued 291,261 warrants attached to the issuance of 582,510 shares for cash totaling $1,019,375. The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants.  The warrants are exercisable immediately for four years at an exercise price of $2.60.

 

Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants. The Company has valued the warrants at $79,555. Each warrant is exercisable immediately for three years at an exercise price of $1.75.

 

During the nine month period ended September 30, 2012 the Company also issued 52,798 warrants attached to the issuance of 105,591 shares for services valued at $184,777. The Company has allocated $54,499 of the total $184,777 value of services to the value of the warrants. The warrants are exercisable immediately for four years at an exercise price of $2.60.

 

During the year ended December 31, 2011, the Company issued 300,000 warrants attached to the issuance of 370,000 shares.  The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.  The warrants are exercisable immediately for five years at an exercise price of $0.50, and do not contain any anti-dilution provisions.

 

The Company also issued 450,000 warrants valued at $390,530 for services rendered to the Company.  The warrants are exercisable immediately for five years at exercise prices of $0.50 and $1.05. 

 

The Company has calculated the estimated fair market value of the warrants granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions: stock price at valuation, $0.50-$1.00; expected term of five years, exercise price of $0.50-$1.05, a risk free interest rate of 1.45%-2.24%, a dividend yield of 0% and volatility of 190%.

 

Below is a table summarizing the warrants issued and outstanding as of September 30, 2012.

 

Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

03/15/11

 

200,000

 

 

0.50

 

5

 

3/15/2016

 

 

100,000

03/24/11

 

100,000

 

 

0.50

 

5

 

3/24/2016

 

 

50,000

04/01/11

 

100,000

 

 

0.50

 

5

 

4/1/2016

 

 

50,000

06/21/11

 

100,000

 

 

0.50

 

5

 

6/21/2016

 

 

50,000

07/13/11

 

250,000

 

 

1.05

 

5

 

07/13/16

 

 

262,500

05/11/12

 

344,059

 

 

2.60

 

4

 

05/10/16

 

 

894,553

05/11/12

 

26,685

 

 

1.75

 

3

 

05/10/15

 

 

46,699

09/30/12

 

1,120,744

 

 

1.30

 

-

 

-

 

 

$1,453,752

 

On November 17, 2011, the Company adopted and approved the 2011 Equity Incentive Plan for the directors, officers, employees and key consultants of the Company. Pursuant to the Plan, the Company is authorized to issue 900,000 restricted shares, $0.001 par value, of the Company’s common stock. Options over 720,000 shares were granted on November 25, 2011. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $3 for options vesting in the first year, $4 for options vesting in the second year, and $5 for options vesting in the third year. Options over 30,000 shares were granted on September 1, 2012. These options vest in equal six monthly installments over three years from the date of grant, and expire three years after the vesting dates. The exercise prices are $4.31 for options vesting in the first year, $5.31 for options vesting in the second year, and $6.31 for options vesting in the third year.

 

The Company has calculated the estimated fair market value of the options granted to employees and non-employees in exchange for services using the Black-Scholes Option Pricing model and the following assumptions.

 

a)       720,000 options granted November 25, 2011 -stock price at valuation, $1.20; expected term of 3 years, exercise prices of $3.00-$5.00, a risk free interest rate of 0.41%-0.93%, a dividend yield of 0% and volatility of 222%.

 

b)       30,000 options granted September 1, 2012 --stock price at valuation, $4.31; expected term of 3 years, exercise prices of $4.31-$6.31, a risk free interest rate of 0.31%, a dividend yield of 0% and volatility of 237%.

 

Below is a table summarizing the options issued and outstanding as of September 30, 2012.

 

Date

 

Number

 

Exercise

 

Contractual

 

Expiration

 

Value if

Issued

 

Outstanding

 

Price

 

Life (Years)

 

Date

 

Exercised

12/31/10

 

-

 

$

-

 

-

 

-

 

$

-

11/25/11

 

720,000

 

 

3.00-5.00

 

3

 

5/25/15-11/25/17

 

 

2,880,000

 

 

 

 

 

4.31-

 

 

 

03/01/16-

 

 

 

09/01/12

 

30,000

 

 

6.31

 

3

 

09/01/18

 

 

159,300

09/30/12

 

750,000

 

 

$4.05

 

-

 

-

 

 

$3,039,300

XML 31 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
9 Months Ended
Sep. 30, 2012
Common Stock  
Common Stock

Note 6 - Common Stock

 

During the nine month period ended September 30, 2012, the Company issued 1,115,229 shares of common stock for a total of $1,951,625. Attached to share issuances of 582,510 shares for a total of $1,019,375 were 291,261 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The unit price was $1.75 for one share together with a warrant to purchase one share for every two shares subscribed for. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.  The Company has allocated $300,656 of the total $1,019,375 in proceeds to the value of the warrants.

 

Remuneration to an agent in respect of the foregoing share issuances totaled $52,484 in fees and expenses and 26,685 warrants.  Each warrant is immediately exercisable for a period of three years at a price of $1.75 per share. The warrants were valued at $79,555, using the Black-Scholes Option Pricing model using the following assumptions:  Three-year term, $3.45 stock price, $1.75 exercise price, 149% volatility, 0.36% risk free rate. 

 

 During the nine month period ended September 30, 2012, the Company also issued 118,306 shares of common stock to consultants, employees and directors for services valued at $207,028. Attached to share issuances of 105,591 shares for services valued at $184,777 were 52,798 warrants. Each warrant is immediately exercisable for a period of four years at a price of $2.60 per share. The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Four-year term, $3.31 stock price, $2.60 exercise price, 132% volatility, 0.82% risk free rate.  The Company has allocated $54, 499 of the total $184,777 value of services to the value of the warrants.

 

Details of further subscriptions subsequent to September 30, 2012 are set out in Note 9.

 

During the year ended December 31, 2011, the Company issued 1,859,073 shares of common stock, at prices ranging from $0.50 to $1.20 per share, for net cash proceeds of $1,595,906.  Attached to various share issuances totaling 370,000 shares were 300,000 warrants.  Each warrant is immediately exercisable for a period of five years at $0.50 per share.  The warrants were valued using the Black-Scholes Option Pricing model using the following assumptions:  Five-year term, $0.50-$1.00 stock price, $0.50 exercise price, 190% volatility, 1.45% - 2.00% risk free rate.  The Company has allocated $73,791 of the total $150,000 in proceeds to the value of the warrants.

 

During the year ended December 31, 2011, the Company issued 434,726 shares of common stock to consultants, employees and directors for services. The stock was valued at $362,484, at prices ranging from $0.50 to $1.00 per share.  Values were based on the most recent cash issuance prices relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC  718 and ASC 505.

 

During the year ended December 31, 2011, the Company issued 350,000 shares of common stock to a related party in advance for services to be performed over a five year period to raise the profile of the Company through the development of relationships with medical organizations, cancer charities, government and other policy makers.  The shares were valued at $1.00 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC 718 and ASC 505.

 

The value of the shares was recorded as a prepaid expense that the Company will expense monthly as services are provided.  Because the shares are fully vested and non-forfeitable, the shares were valued based on the current market price on the grant date and will be amortized over the life of the agreement.  During the nine month period ended June 30, 2012 and the year ended December 31, 2011, $52,500 and $29,167 has been recorded to professional fees leaving a balance of $268,333 as of September 30, 2012.

 

On December 6, 2011, the Company issued 525,000 shares under the terms of its purchase agreement with ValiRx Plc as modified, to settle debts of $1,110,000 related to the acquisition of Belgian Volition SA and certain patents (see Note 4).  The Company issued an additional 119,886 shares of common stock to settle outstanding notes payable of $59,943.  The shares were valued at $0.50 per share based on the most recent cash issuance price relative to the grant date as this was determined to be the most readily determinable value in accordance with ASC  718 and ASC 505 and thus no gain or loss was recorded on the settlement of debt.

XML 32 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock share issuances During the period (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Issued shares of common stock 582,510 370,000
Issued shares of common stock for a total $ 1,019,375  
Share issuances warrantsin the period 291,261 350,000
warrant exercisable at a price per share $ 2.6 $ 0.5
unit price for one share $ 1.75  
foregoing share issuances totaled 52,484  
foregoing share issuances warrants 26,685  
exercisable for a period of three years at a price $ 1.75  
warrants valued at Amount 79,555  
Issued common stock shares during the period 105,591  
warrants to consultants employees and directors 52,798  
warrants to consultants employees valued at Amount 184,777  
Allocated value of services 54,509  
Total value of services to the value of the warrants 184,777 73,791
Received cash subscriptions totaling 268,000 1,595,906
Received cash subscriptions shares of common stock 153,144 1,859,073
Received cash subscriptions shares of common stock per share $ 1.75 $ 1.2
Proceeds to the value of the warrants   150,000
issued shares of common stock to consultants, employees   434,726
stock was valued for the period   362,484
Prices Ranging per share   $ 1.00
Issued shares of common stock to a related party in advance for services   350,000
shares were valued at per share based   $ 1.00
value of the shares was recorded as a prepaid expense $ 35,000 $ 29,167
XML 33 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERNS (Details) (USD $)
Sep. 30, 2012
Incurred Losses Since Inception $ 6,108,305
XML 34 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2012
ACCOUNTING POLICIES  
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US 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. The Company also regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Reclassification of Financial Statement Accounts

Reclassification of Financial Statement Accounts

 

Certain amounts in the September 30, 2011 financial statements have been reclassified to conform to the presentation in the September 30, 2012 financial statements.

Principles of Consolidation

Principles of Consolidation

 

The accompanying consolidated financial statements for the period ended September 30, 2012 include the accounts of the Company and its wholly-owned subsidiaries, Singapore Volition Pte Ltd., Belgian Volition SA, and Hypergenomics Pte. Ltd.  All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.  As at September 30, 2012 and December 31, 2011, the Company had $315,277 and $347,892, respectively in cash equivalents.

Basic and Diluted Net Income (Loss) Per Share Policy

Basic and Diluted Net Income (Loss) Per Share

 

The Company computes net income (loss) per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of September 30, 2012, 873,315 warrants and options were excluded from the Diluted EPS calculation as their effect is anti dilutive.

Foreign Currency Translation Policy

Foreign Currency Translation

 

The Company’s functional currency is the Euro and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.  Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive income (loss).

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

XML 35 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies {1}  
Commitments and Contingencies

Note 8 – Commitments and Contingencies

 

a)       Walloon Region Grant

 

On March 16, 2010, the Company entered into an agreement with the Walloon Region government in Belgium wherein the Walloon Region would fund up to a maximum of $1,347,320 (€1,048,020) to help fund the research endeavors of the Company.  The Walloon Region agreed to provide working capital of $538,892 (€419,208), which was received by the Company during January 2011. Additional funds have been provided for approved expenditures. The Company will be obligated to pay a minimum of $395,397 (€404,169) if the project is deemed to be a failure under the terms of the agreement.  If the project is deemed a success, the Company will pay both the minimum of $404,169 (€314,406) and a 6 percent royalty on all relevant sales. The maximum amount payable due to the Walloon Region is twice the amount of funding received.

 

b)       Administrative Support Agreement

 

On August 6, 2010, the Company entered into an agreement with a related party to rent office space, contract for office support staff, and have consultancy services provided on behalf of the Company.  The agreement requires the Company to pay $5,700 per month for office space and staff services as well as approximately $17,300 per month in fees for two senior executives.  The Company is also required to pay for all reasonable expenses incurred.  The contract is in force for 12 months with automatic extensions of 12 months with a 3 month notice required for termination of the contract.

 

c)       Leases

 

On January 26, 2012, the Company entered into a new lease agreement in respect of its laboratory space at Namur in Belgium for $1,286 (€1,000) per month commencing April 1, 2012, for a period of one year.  On February 29, 2012, the Company entered into a lease agreement for additional laboratory and office space at Namur for approximately $4,927 (€3,833) per month commencing April 1, 2012, for a period of two years and eight months. Under this agreement the Company is also obliged to pay $1,928 (€1,500) per month as a provisional amount against expenses. On March 23, 2012, the Company entered into a lease agreement in respect of an apartment at Namur in Belgium for $797 (€620) per month commencing April 1, 2012, for a period of one year.

 

d)       Bonn University Agreement

 

On July 11, 2012, the Company entered into an agreement with Bonn University, Germany, relating to a program of samples testing. The agreement is for a period of two years commencing June 1, 2012, and the total payments to be made by the Company in accordance with the agreement are $501,345 (€390,000).

 

e)       Legal Proceedings

 

There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.

XML 36 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events  
Subsequent Events

Note 9 - Subsequent Events

 

Subsequent to September 30, 2012, the Company received cash subscriptions of $490,750 for 245,375 shares at $2.00 per share. The Company issued these shares on October 31, 2012.

 

XML 37 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allocated Purchase Price To The Acquired Assets And Liabilities (Table)
9 Months Ended
Sep. 30, 2012
Allocated Purchase Price To The Acquired Assets And Liabilities  
Allocated Purchase Price To The Acquired Assets And Liabilities

Fair value of ValiBio SA net assets:

$

 

 

Cash and cash equivalents

(68)

Other current assets

34,526

Property and equipment

1,887

Intangible assets/patents

1,218,297

Accounts payable and other liabilities

(254,642)

 

 

Net assets on acquisition

1,000,000

Purchase price

(1,000,000)

 

 

Excess of fair value of net assets over purchase price

 

XML 38 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions and Subsidiaries Fair value of ValiBio SA net Assets (Details) (USD $)
Sep. 22, 2010
Cash and cash equivalent acquired $ (68)
Other current assets acquired. 34,526
Property and equipments 1,887
Intangible assets/patents 1,218,297
Accountspayables and other liabilities (254,642)
Net assets on acquisition 1,000,000
Purchase price (1,000,000)
Excess of fair value of net assets over purchase price $ 0
XML 39 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summarizing table of warrants issued and outstanding Issued Date (Details) (USD $)
Sep. 30, 2012
May 12, 2012
May 11, 2012
Jul. 13, 2011
Jun. 21, 2011
Apr. 03, 2011
Mar. 24, 2011
Mar. 15, 2011
Dec. 31, 2010
Number of Outstanding: 1,120,744 26,685 344,059 250,000 100,000 100,000 100,000 200,000 0
Exercise Price : $ 1.3 $ 1.75 $ 2.6 $ 1.05 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0
Contractual Life (Years) 0 3 4 5 5 5 5 5 0
Value if Exercised. $ 1,453,752 $ 46,699 $ 894,553 $ 262,500 $ 50,000 $ 50,000 $ 50,000 $ 100,000 $ 0
XML 40 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended 26 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Operating Activities      
Net loss $ (2,605,726) $ (1,690,986) $ (6,108,305)
Adjustments to net loss relating to non-cash operating items:      
Depreciation and amortization 103,477 77,615 243,196
Stock based compensation 445,142 390,530 852,178
Common stock and warrants issued to settle liabilities for services 286,583 362,482 1,084,225
Amortization of stock issued in advance of services 52,500 0 81,667
Changes in operating assets and liabilities:      
Prepaid expenses. (83,028) 0 (83,028)
Other current assets. (10,444) (88,112) (12,432)
Accounts payable and accrued liabilities 28,288 (95,755) 224,522
Related parties payables (84,081) (34,674) (13,839)
Net Cash Used In Operating Activities (1,867,289) (1,078,900) (3,731,820)
Investing Activities      
Purchases of property and equipment (71,576) (24,526) (106,442)
Net Cash Used in Investing Activities (71,576) (24,526) (106,442)
Financing Activities      
Proceeds from issuance of common shares 1,951,625 1,595,907 3,814,854
Grants received 0 676,346 676,346
Proceeds from note payable 0 0 59,942
Repayment of note payable - related party 0 (255,807) (355,807)
Cash acquired through reverse merger 0 0 100
Net Cash Provided By Financing Activities 1,951,625 2,016,446 4,195,435
Effect of foreign exchange on cash (45,375) (1,412) (41,897)
Increase (Decrease) in Cash (32,615) 911,608 315,277
Cash - Beginning of Period 347,892 47,482 0
Cash - End of Period 315,277 959,090 315,277
Supplemental Disclosures of Cash Flow Information      
Interest paid 0 0 0
Income tax paid 0 0 0
Non Cash Financing Activities::      
Acquisition of subsidiary for Debt 0 0 1,000,000
Shares issuable for acquisition of intangible assets $ 0 $ 0 $ 1,169,943
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Related Party Transactions
9 Months Ended
Sep. 30, 2012
Related Party Transactions  
Related Party Transactions

Note 5 - Related Party Transactions

 

Related Party Payables

 

a)       As at September 30, 2012, the Company owed $192,059 (2011 - $278,845) to directors and officers of the Company and to other related parties.  The amounts represent expenses paid on behalf of the Company, accrued officer salary, or amounts borrowed to help fund operations.  The amounts owing are unsecured, non-interest bearing, and due on demand. 

 

b)        The Company contracts with a related party to rent office space, be provided office support staff, and have consultancy services provided on behalf of the Company.  See Note 8 for obligation under the contract.

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Subsequent Events Cash Subscriptions (Details) (USD $)
9 Months Ended
Sep. 30, 2012
Received cash subscriptions common stock shares value $ 490,750
Received cash subscriptions common stock shares 245,375
Received cash subscriptions shares of common stock at a price $ 2.00
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Acquisitions and Subsidiaries Purchase Agreement (Details) (USD $)
Oct. 06, 2011
Jun. 19, 2011
Sep. 22, 2010
purchase agreement to acquire outstanding shares Percent     100
purchase agreement to acquire outstanding shares in exchange for purchase price     $ 400,000
Issuance of common shares of the Company with a fair value   $ 510,000 $ 600,000
Acquire outstanding shares in exchange for shares of the common stock 6,908,652    
prior condition of agreement, cancelled common shares 1,073,000    
common shares issued and outstanding as of 1,212,000    
shares issued and outstanding upon closing of the share exchange agreement 8,120,652    
common shares to the former shareholders 6,908,652