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<P id=PARA448 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P>
<P id=PARA547 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA548 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA549 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA551 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Form 10-Q</B></FONT></P>
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<P id=PARA553 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Mark One)</FONT></P>
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<P id=PARA554 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>[X]</B></FONT></P></TD>
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<P id=PARA555 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
<P id=PARA556 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For the quarterly period ended September 30, 2016</FONT></P></TD></TR></TABLE>
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<P id=PARA559 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">OR</FONT></P>
<P id=PARA560 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA561 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>[_]</B></FONT></P></TD>
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<P id=PARA562 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
<P id=PARA563 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For the transition period from ...........to...............</FONT></P></TD></TR></TABLE>
<P id=PARA565 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA566 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commission File Number &nbsp;<U>000-50655</U></FONT></P>
<P id=PARA567 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA864 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Madison Avenue Holdings, Inc.</B></FONT></P></TD></TR></TABLE>
<P id=PARA570 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P>
<P id=PARA571 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA572 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Delaware</B></FONT></P></TD>
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<P id=PARA573 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA574 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>20-0823997</B></FONT></P></TD></TR>
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<P id=PARA575 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction</FONT></P></TD>
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<P id=PARA576 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA577 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(I.R.S. Employer</FONT></P></TD></TR>
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<P id=PARA578 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">of incorporation or organization)</FONT></P></TD>
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<P id=PARA579 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA580 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</FONT></P></TD></TR></TABLE>
<P id=PARA582 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA583 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>3505 Hart Ave., Suite 201, Rosemead, CA 91770</B></FONT></P>
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<P id=PARA865 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices) (Zip Code)</FONT></P></TD></TR>
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<TD style="WIDTH: 100%">&nbsp;</TD></TR>
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<P id=PARA587 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(626)-576</B><B>-</B><B>4333</B></FONT></P></TD></TR>
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<P id=PARA589 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;(Registrant's telephone number, including area code)</FONT></P></TD></TR>
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<TD style="WIDTH: 100%; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
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<P id=PARA592 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;(Former name, former address and former fiscal year,</FONT></P></TD></TR>
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<P id=PARA593 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">if changed since last report)</FONT></P></TD></TR></TABLE>
<P id=PARA594 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA595 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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&nbsp;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.&nbsp;&nbsp;Yes [X]&nbsp;&nbsp;&nbsp;No[&nbsp;&nbsp;&nbsp;]</FONT></P>
<P id=PARA596 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA597 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web&nbsp;site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation&nbsp;S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;[X]</FONT></P>
<P id=PARA598 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA599 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>
<P id=PARA600 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA601 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom">
<P id=PARA602 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA603 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA604 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 24%; VERTICAL-ALIGN: middle">
<P id=PARA605 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA606 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<P id=PARA607 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<P id=PARA608 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Large&nbsp;accelerated&nbsp;filer</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom">
<P id=PARA609 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT></P></TD>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA610 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: bottom">
<P id=PARA611 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 24%; VERTICAL-ALIGN: bottom">
<P id=PARA612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accelerated&nbsp;filer</FONT></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<P id=PARA613 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<P id=PARA614 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT></P></TD></TR>
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<TD style="WIDTH: 20%; VERTICAL-ALIGN: middle">
<P id=PARA615 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 38%; VERTICAL-ALIGN: middle" colSpan=2>
<P id=PARA616 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: middle" colSpan=2>
<P id=PARA617 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 14%; VERTICAL-ALIGN: middle" colSpan=2>
<P id=PARA618 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<TD style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<P id=PARA619 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Non-accelerated filer</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: bottom">
<P id=PARA620 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT></P></TD>
<TD style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<P id=PARA621 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Do not check if a smaller reporting company)</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: bottom">
<P id=PARA622 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P></TD>
<TD style="WIDTH: 24%; VERTICAL-ALIGN: bottom">
<P id=PARA623 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Smaller&nbsp;reporting&nbsp;company</FONT></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<P id=PARA624 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<P id=PARA625 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9746;</FONT></P></TD></TR></TABLE>
<P id=PARA627 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA628 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;Yes [X]&nbsp;&nbsp;&nbsp;No[&nbsp;&nbsp;&nbsp;]</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA529 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<P id=PARA546.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA633 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY</FONT></P>
<P id=PARA634 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">PROCEEDINGS DURING THE PRECEDING FIVE YEARS</FONT></P>
<P id=PARA635 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA636 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934&nbsp;subsequent to the distribution of securities under a plan confirmed by a court. Yes [&nbsp;&nbsp;&nbsp;] No [&nbsp;&nbsp;&nbsp;]</FONT></P>
<P id=PARA637 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA638 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">APPLICABLE ONLY TO CORPORATE ISSUERS</FONT></P>
<P id=PARA639 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA640 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate the number of shares outstanding of the issuer's common stock, as of the latest practicable date: there were 500,000 shares outstanding as of November 14, 2016.</FONT></P>
<P id=PARA641 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK446  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR446  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM446  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR446  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA446.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Index to Financial Statements</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 90%">
<P id=PARA385 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 8%">
<P id=PARA386 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;<U>Page</U></P></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 90%; BACKGROUND-COLOR: #cceeff">
<P id=PARA387 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Financial Statements:</P></TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #cceeff">
<P id=PARA388 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 90%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 90%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA389 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;Balance Sheets as of September 30, 2016 (Unaudited) <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and December 31, 2015&nbsp;</FONT></P></TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #cceeff">
<P id=PARA390 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;F-2</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 90%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 90%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA391 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;Statements of Operations for the three and nine months ended <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September 30, 2016 and 2015 (Unaudited)&nbsp;</FONT></P></TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #cceeff">
<P id=PARA392 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;F-3</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 90%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 90%; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA393 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;Statements of Cash Flows for the nine months ended<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;September 30, 2016 and 2015 (Unaudited)</FONT></P></TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #cceeff">
<P id=PARA394 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;F-4</P></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 90%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 90%; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA395 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;Notes to Financial Statements (Unaudited)</P></TD>
<TD style="WIDTH: 8%; BACKGROUND-COLOR: #cceeff">
<P id=PARA396 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;F-5 - F-8</P></TD></TR></TABLE>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<DIV id=PGBK400  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR400  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM400  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR400  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA400.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA402 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PART I - FINANCIAL INFORMATION</B></FONT></P>
<P id=PARA646 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements</B></FONT></P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA403 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Balance Sheets</B></FONT></P>
<P id=PARA404 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA401 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV  data-td-statement-type="balance-sheet" data-td-taggable-table="">
<TABLE id=TBL257S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL257S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA194 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September</B></FONT></P></TD>
<TD id=TBL257S1.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA195 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>December 31, </B></FONT></P></TD>
<TD id=TBL257S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA196 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>2016</B></FONT></P></TD>
<TD id=TBL257S1.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL257S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA197 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>2015</B></FONT></P></TD>
<TD id=TBL257S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA198 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(Unaudited)</B></FONT></P></TD>
<TD id=TBL257S1.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%">&nbsp;</TD>
<TD id=TBL257S1.finRow.3.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.3.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.3.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: center"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.3.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD></TR>
<TR id=TBL257S1.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA199 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Assets</B></FONT></U></P></TD>
<TD id=TBL257S1.finRow.4.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.4.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL257S1.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.5.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA200 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Current assets:</FONT></P></TD>
<TD id=TBL257S1.finRow.6.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.6.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA201 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents</FONT></P></TD>
<TD id=TBL257S1.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL257S1.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL257S1.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL257S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL257S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA206 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prepaid expenses</FONT></P></TD>
<TD id=TBL257S1.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,000 </TD>
<TD id=TBL257S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.9.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA209 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total current assets</FONT></P></TD>
<TD id=TBL257S1.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,000 </TD>
<TD id=TBL257S1.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.11.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA212 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other assets</FONT></P></TD>
<TD id=TBL257S1.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.13.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA215 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total assets</FONT></P></TD>
<TD id=TBL257S1.finRow.14.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.14.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL257S1.finRow.14.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.14.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL257S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,000 </TD>
<TD id=TBL257S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.15.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.16 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA220 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Liabilities and Stockholders' Deficiency</B></FONT></U></P></TD>
<TD id=TBL257S1.finRow.16.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL257S1.finRow.16.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL257S1.finRow.17 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.17.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.18 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA221 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Current liabilities:</FONT></P></TD>
<TD id=TBL257S1.finRow.18.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.18.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.19 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA222 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accounts payable and accrued expenses</FONT></P></TD>
<TD id=TBL257S1.finRow.19.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.19.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL257S1.finRow.19.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,000 </TD>
<TD id=TBL257S1.finRow.19.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.19.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.19.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL257S1.finRow.19.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">3,115 </TD>
<TD id=TBL257S1.finRow.19.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.20 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.20.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.21 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA227 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total current liabilities</FONT></P></TD>
<TD id=TBL257S1.finRow.21.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.21.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.21.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,000 </TD>
<TD id=TBL257S1.finRow.21.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.21.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.21.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.21.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">3,115 </TD>
<TD id=TBL257S1.finRow.21.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.22 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.22.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.23 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA230 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other liabilities</FONT></P></TD>
<TD id=TBL257S1.finRow.23.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.23.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.23.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL257S1.finRow.23.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.23.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.23.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.23.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL257S1.finRow.23.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.24 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.24.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.25 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA233 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total liabilities</FONT></P></TD>
<TD id=TBL257S1.finRow.25.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.25.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.25.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1,000 </TD>
<TD id=TBL257S1.finRow.25.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.25.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.25.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.25.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">3,115 </TD>
<TD id=TBL257S1.finRow.25.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.26 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.26.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.27 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA236 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commitments and contingencies</FONT></P></TD>
<TD id=TBL257S1.finRow.27.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.27.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.28 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.28.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.29 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA237 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Stockholders' deficiency:</FONT></P></TD>
<TD id=TBL257S1.finRow.29.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.29.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.31 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA239 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common stock, $.001 par value; 10,000,000 shares </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">authorized, 500,000 shares issued and outstanding </FONT></P></TD>
<TD id=TBL257S1.finRow.31.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.31.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.31.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">500 </TD>
<TD id=TBL257S1.finRow.31.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.31.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.31.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.31.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">500 </TD>
<TD id=TBL257S1.finRow.31.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.32 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA242 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Additional paid-in capital</FONT></P></TD>
<TD id=TBL257S1.finRow.32.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.32.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.32.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">210,037 </TD>
<TD id=TBL257S1.finRow.32.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.32.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.32.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.32.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">194,354 </TD>
<TD id=TBL257S1.finRow.32.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.33 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA245 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accumulated deficit </FONT></P></TD>
<TD id=TBL257S1.finRow.33.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.33.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.33.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(211,537</TD>
<TD id=TBL257S1.finRow.33.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL257S1.finRow.33.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.33.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.33.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(195,969</TD>
<TD id=TBL257S1.finRow.33.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL257S1.finRow.34 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.34.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.35 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA248 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total stockholders' deficiency </FONT></P></TD>
<TD id=TBL257S1.finRow.35.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.35.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.35.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,000</TD>
<TD id=TBL257S1.finRow.35.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL257S1.finRow.35.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.35.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.35.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(1,115</TD>
<TD id=TBL257S1.finRow.35.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL257S1.finRow.36 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL257S1.finRow.36.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL257S1.finRow.37 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA251 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total liabilities and stockholders' deficiency </FONT></P></TD>
<TD id=TBL257S1.finRow.37.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.37.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL257S1.finRow.37.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL257S1.finRow.37.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL257S1.finRow.37.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL257S1.finRow.37.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL257S1.finRow.37.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">2,000 </TD>
<TD id=TBL257S1.finRow.37.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P id=PARA405 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA406 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA407 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA408 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA409 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See notes to financial statements.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK410  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR410  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM410  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-2</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR410  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA410.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA412 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA413 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(A Development Stage Company)</B></FONT></P>
<P id=PARA414 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Statements of Operations</B></FONT></P>
<P id=PARA415 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(Unaudited)</B></FONT></P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<P id=PARA416 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA417 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA418 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA419 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA411 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV  data-td-statement-type="income" data-td-taggable-table="">
<TABLE id=TBL319S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL319S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA262 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Three Months</B></FONT></P></TD>
<TD id=TBL319S1.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA263 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Three Months</B></FONT></P></TD>
<TD id=TBL319S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA264 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Nine Months</B></FONT></P></TD>
<TD id=TBL319S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA265 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Nine Months</B></FONT></P></TD>
<TD id=TBL319S1.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD></TR>
<TR id=TBL319S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA266 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL319S1.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA267 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL319S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA268 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL319S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA269 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL319S1.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD></TR>
<TR id=TBL319S1.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA270 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2016</B></FONT></P></TD>
<TD id=TBL319S1.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA271 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2015</B></FONT></P></TD>
<TD id=TBL319S1.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA272 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2016</B></FONT></P></TD>
<TD id=TBL319S1.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL319S1.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA273 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2015</B></FONT></P></TD>
<TD id=TBL319S1.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL319S1.finRow.4>
<TD style="WIDTH: 44%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.lead.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.symb.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.amt.B2 style="WIDTH: 11%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.trail.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.lead.B3 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.symb.B3 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.amt.B3 style="WIDTH: 11%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.trail.B3 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.lead.B4 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.symb.B4 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.amt.B4 style="WIDTH: 11%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.trail.B4 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.lead.B5 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.symb.B5 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.amt.B5 style="WIDTH: 11%">&nbsp;</TD>
<TD id=TBL319S1.finRow.4.trail.B5 style="WIDTH: 1%">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA274 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Revenues</FONT></P></TD>
<TD id=TBL319S1.finRow.5.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.5.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL319S1.finRow.5.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL319S1.finRow.5.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL319S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL319S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL319S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL319S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL319S1.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL319S1.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 44%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.amt.B2 style="WIDTH: 11%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.amt.B3 style="WIDTH: 11%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.amt.B4 style="WIDTH: 11%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.amt.B5 style="WIDTH: 11%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.6.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA283 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Expenses:</FONT></P></TD>
<TD id=TBL319S1.finRow.7.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.7.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA284 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">General and administrative</FONT></P></TD>
<TD id=TBL319S1.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,313 </TD>
<TD id=TBL319S1.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,115 </TD>
<TD id=TBL319S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15,568 </TD>
<TD id=TBL319S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15,490 </TD>
<TD id=TBL319S1.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 44%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.amt.B2 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.amt.B3 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.amt.B4 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.amt.B5 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.9.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA289 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total expenses</FONT></P></TD>
<TD id=TBL319S1.finRow.10.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,313 </TD>
<TD id=TBL319S1.finRow.10.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.10.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4,115 </TD>
<TD id=TBL319S1.finRow.10.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15,568 </TD>
<TD id=TBL319S1.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15,490 </TD>
<TD id=TBL319S1.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 44%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.amt.B2 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.amt.B3 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.amt.B4 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.amt.B5 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.11.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA294 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net loss</FONT></P></TD>
<TD id=TBL319S1.finRow.12.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.12.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.12.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(4,313</TD>
<TD id=TBL319S1.finRow.12.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(4,115</TD>
<TD id=TBL319S1.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(15,568</TD>
<TD id=TBL319S1.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(15,490</TD>
<TD id=TBL319S1.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL319S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 44%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.amt.B2 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.amt.B3 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.amt.B4 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.amt.B5 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.13.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA303 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net loss per share, basic and diluted</FONT></P></TD>
<TD id=TBL319S1.finRow.14.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.14.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.14.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(0.01</TD>
<TD id=TBL319S1.finRow.14.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(0.01</TD>
<TD id=TBL319S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(0.03</TD>
<TD id=TBL319S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL319S1.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL319S1.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(0.03</TD>
<TD id=TBL319S1.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL319S1.finRow.15 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 44%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.amt.B2 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.amt.B3 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.amt.B4 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.amt.B5 style="WIDTH: 11%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL319S1.finRow.15.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL319S1.finRow.17 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 44%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA313 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Weighted average number of common</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">shares outstanding, basic and diluted</FONT></P></TD>
<TD id=TBL319S1.finRow.17.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">500,000 </TD>
<TD id=TBL319S1.finRow.17.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.17.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">500,000 </TD>
<TD id=TBL319S1.finRow.17.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">500,000 </TD>
<TD id=TBL319S1.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL319S1.finRow.17.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL319S1.finRow.17.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 11%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">500,000 </TD>
<TD id=TBL319S1.finRow.17.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P id=PARA420 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA423 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA424 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA425 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See notes to financial statements.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK421  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR421  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM421  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-3</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR421  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA421.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA427 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA428 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(A Development Stage Company)</B></FONT></P>
<P id=PARA429 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Statements of Cash Flows</B></FONT></P>
<P id=PARA430 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(Unaudited)</B></FONT></P>
<P id=PARA431 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA432 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA433 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA434 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA426 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV  data-td-statement-type="cash-flows" data-td-taggable-table="">
<TABLE id=TBL384S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL384S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA324 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Nine Months</B></FONT></P></TD>
<TD id=TBL384S1.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA325 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Nine Months</B></FONT></P></TD>
<TD id=TBL384S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD></TR>
<TR id=TBL384S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA326 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL384S1.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center" colSpan=2>
<P id=PARA327 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Ended</B></FONT></P></TD>
<TD id=TBL384S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD></TR>
<TR id=TBL384S1.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.3.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.3.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA328 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2016</B></FONT></P></TD>
<TD id=TBL384S1.finRow.3.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%"><B>&nbsp;</B></TD>
<TD id=TBL384S1.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2>
<P id=PARA329 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>September 30, 2015</B></FONT></P></TD>
<TD id=TBL384S1.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL384S1.finRow.4>
<TD style="WIDTH: 70%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.lead.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.symb.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.amt.B2 style="WIDTH: 12%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.trail.B2 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.lead.B3 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.symb.B3 style="WIDTH: 1%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.amt.B3 style="WIDTH: 12%">&nbsp;</TD>
<TD id=TBL384S1.finRow.4.trail.B3 style="WIDTH: 1%">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA330 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from operating activities:</FONT></P></TD>
<TD id=TBL384S1.finRow.5.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.5.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA331 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net loss</FONT></P></TD>
<TD id=TBL384S1.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(15,568</TD>
<TD id=TBL384S1.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL384S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(15,490</TD>
<TD id=TBL384S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL384S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA336 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Changes in operating assets and liabilities:</FONT></P></TD>
<TD id=TBL384S1.finRow.7.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.7.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA337 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Prepaid expenses</FONT></P></TD>
<TD id=TBL384S1.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">2,000 </TD>
<TD id=TBL384S1.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">(1,000</TD>
<TD id=TBL384S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL384S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA340 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Accounts payable and accrued expenses</FONT></P></TD>
<TD id=TBL384S1.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(2,115</TD>
<TD id=TBL384S1.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL384S1.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">5,000 </TD>
<TD id=TBL384S1.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.10.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA343 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net cash used in operating activities </FONT></P></TD>
<TD id=TBL384S1.finRow.11.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.11.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.11.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(15,683</TD>
<TD id=TBL384S1.finRow.11.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL384S1.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">(11,490</TD>
<TD id=TBL384S1.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL384S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.12.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA346 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from investing activities</FONT></P></TD>
<TD id=TBL384S1.finRow.13.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.13.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.13.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.13.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.14.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.15 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA349 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash flows from financing activities:</FONT></P></TD>
<TD id=TBL384S1.finRow.15.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.15.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.16 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA350 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Proceeds from sale of common stock</FONT></P></TD>
<TD id=TBL384S1.finRow.16.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.16.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.16.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.16.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.16.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.16.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.16.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.16.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.17 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA353 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Capital contributions</FONT></P></TD>
<TD id=TBL384S1.finRow.17.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.17.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.17.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">15,683 </TD>
<TD id=TBL384S1.finRow.17.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.17.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.17.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.17.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">11,490 </TD>
<TD id=TBL384S1.finRow.17.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.18 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.18.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.19 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA356 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net cash provided by financing activities</FONT></P></TD>
<TD id=TBL384S1.finRow.19.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.19.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.19.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">15,683 </TD>
<TD id=TBL384S1.finRow.19.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.19.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.19.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.19.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">11,490 </TD>
<TD id=TBL384S1.finRow.19.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.20 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.20.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.21 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA360 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net increase (decrease) in cash and cash equivalents</FONT></P></TD>
<TD id=TBL384S1.finRow.21.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.21.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.21.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.21.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.21.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.21.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.21.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.21.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.22 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.22.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.23 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA363 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents, beginning of period</FONT></P></TD>
<TD id=TBL384S1.finRow.23.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.23.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.23.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.23.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.23.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.23.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.23.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.23.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.24 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.24.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.25 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA367 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash and cash equivalents, end of period</FONT></P></TD>
<TD id=TBL384S1.finRow.25.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.25.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL384S1.finRow.25.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.25.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.25.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.25.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL384S1.finRow.25.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">- </TD>
<TD id=TBL384S1.finRow.25.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.26 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.26.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.27 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA372 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Supplemental disclosures of cash flow information:</FONT></P></TD>
<TD id=TBL384S1.finRow.27.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.27.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.28 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA373 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Interest paid</FONT></P></TD>
<TD id=TBL384S1.finRow.28.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.28.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.28.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.28.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.28.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.28.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.28.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.28.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.29 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 70%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.lead.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.symb.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.amt.B2 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.trail.B2 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.amt.B3 style="WIDTH: 12%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL384S1.finRow.29.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL384S1.finRow.30 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA378 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income taxes paid</FONT></P></TD>
<TD id=TBL384S1.finRow.30.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.30.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.30.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.30.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL384S1.finRow.30.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL384S1.finRow.30.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL384S1.finRow.30.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">- </TD>
<TD id=TBL384S1.finRow.30.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P id=PARA435 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA436 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA437 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA438 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA439 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA440 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">See notes to financial statements.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK441  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR441  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM441  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-4</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR441  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA441.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Notes to Financial Statements</B></FONT></P>
<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>For the Three and Nine Months Ended September 30, 2016 and 2015 </B></FONT></P>
<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B><B>(Unaudited)</B></FONT></P>
<P id=PARA24 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA25 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA25 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 1 &#8211; INTERIM FINANCIAL STATEMENTS</B></FONT></P>
<P id=PARA26 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA27 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The unaudited financial statements as of September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of Septmeber 30, 2016 and the results of operations and cash flows for the three and nine months ended September 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the nine month period ended September 30, 2016 are not necessarily indicative of the results to be expected for any subsequent quarter of the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.</FONT></P>
<P id=PARA28 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA29 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission&#8217;s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our report on Form 10-K.</FONT></P></DIV>
<P id=PARA29 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA30 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA31 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA32 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA32 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 2 &#8211; ORGANIZATION</B></FONT></P>
<P id=PARA33 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA34 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Madison Avenue Holdings Inc. (the &#8220;Company&#8221;) was incorporated in the State of Delaware on February 27, 2004. The Company has no products or services; the Company is seeking a business to merge with or acquire.</FONT></P></DIV>
<P id=PARA34 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA35 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA36 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA37 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA37 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 3 &#8211;GOING CONCERN UNCERTAINTY</B></FONT></P>
<P id=PARA38 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA39 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">At September 30, 2016, the Company had no cash and for the period February 27, 2004 (inception) to September 30, 2016, the Company incurred a net loss of $211,537. These factors create uncertainty as to the Company&#8217;s ability to continue as a going concern. The Company is making efforts to acquire a business with assets and operations. However, there is no assurance that the Company will be successful in accomplishing this objective. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.</FONT></P></DIV>
<P id=PARA39 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA40 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK442  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR442  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM442  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-5</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR442  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA442.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Notes to Financial Statements</B></FONT></P>
<P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>For the Three and Nine Months Ended September 30, 2016 and 2015 </B></FONT></P>
<P id=PARA46 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B><B>(Unaudited)</B></FONT></P>
<P id=PARA47 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA48 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA48 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 4 &#8211; STOCKHOLDERS&#8217; EQUITY</B></FONT></P>
<P id=PARA49 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA50 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In March 2004, the Company sold 500,000 shares of its common stock at a price of $.001 per share, or $500 total, to a corporation (the &#8220;First Stockholder&#8221;) controlled by the then president and director of the Company. From March 2004 to September 2005, the First Stockholder made additional capital contributions to the Company of $13,951. </FONT></P>
<P id=PARA51 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA52 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In August 2005, the First Stockholder of the Company sold 475,000 shares of Company common stock to an unrelated third party (the &#8220;Second Stockholder&#8221;). The Company agreed under the related Stock Purchase Agreement that, in exchange for the First Stockholder&#8217;s efforts in procuring the Second Stockholder&#8217;s services to identify merger or acquisition targets for the Company; in the event that the Company successfully completes a merger or acquisition of one or more business entities identified by the new 95% Second Stockholder (the &#8220;Business Combination&#8221;), the Company will issue such number of new shares of the common stock of the Company to the First Stockholder so that it will continue to retain 5% of equity ownership in the Company immediately after the close of any Business Combination. From October 2005 to June 2006, the Second Stockholder made additional capital contributions to the Company of $7,744.</FONT></P>
<P id=PARA53 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA54 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In June 2006, the Second Stockholder sold a total of 237,500 shares of Company common stock to two unrelated third parties (the &#8220;Third Stockholder&#8221; and the &#8220;Fourth Stockholder&#8221;), 118,750 shares to each of them. From September 2006 to September 2016, the Second Stockholder, Third Stockholder and Fourth Stockholder made capital contributions to the Company of $188,342.</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P></DIV>
<P id=PARA55 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"></P>
<DIV id=PGBK443  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR443  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM443  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-6</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR443  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA443.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA76 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Notes to Financial Statements</B></FONT></P>
<P id=PARA77 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>For the Three and Nine Months Ended September 30, 2016 and 2015 </B></FONT></P>
<P id=PARA78 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B><B>(Unaudited)</B></FONT></P>
<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA80 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA80 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 5 &#8211; INCOME TAXES</B></FONT></P>
<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 34% to income (loss) before income taxes. The sources of the difference are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<DIV  data-td-taggable-table="">
<TABLE id=TBL116  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 95%; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL116.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL116.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL116.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA83 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">months </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ended</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">30, 2016</FONT></P></TD>
<TD id=TBL116.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL116.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL116.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA85 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three </FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">months</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ended</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">30, 2015</FONT></P></TD>
<TD id=TBL116.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL116.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL116.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA87 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nine</FONT></P>
<P id=PARA88 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">months</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ended</FONT></P>
<P id=PARA89 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">30, 2016</FONT></P></TD>
<TD id=TBL116.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL116.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL116.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA90 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nine</FONT></P>
<P id=PARA91 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">months</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">ended </FONT></P>
<P id=PARA92 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">30, 2015</FONT></P></TD>
<TD id=TBL116.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL116.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 48%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA93 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Expected tax at 34%</FONT></P></TD>
<TD id=TBL116.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,466</TD>
<TD id=TBL116.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL116.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(1,399</TD>
<TD id=TBL116.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL116.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(5,293</TD>
<TD id=TBL116.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL116.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(5,266</TD>
<TD id=TBL116.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL116.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.symb.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.8.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL116.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA102 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Increase in valuation allowance</FONT></P></TD>
<TD id=TBL116.finRow.9.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,466</TD>
<TD id=TBL116.finRow.9.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">1,399</TD>
<TD id=TBL116.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,293</TD>
<TD id=TBL116.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">5,266</TD>
<TD id=TBL116.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL116.finRow.10 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.symb.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL116.finRow.10.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL116.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA107 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Income tax provision</FONT></P></TD>
<TD id=TBL116.finRow.11.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.11.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.11.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL116.finRow.11.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL116.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL116.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL116.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL116.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL116.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL116.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P id=PARA117 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA444 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Significant components of the Company's deferred income tax assets are as follows:</FONT></P>
<P id=PARA120 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<DIV  data-td-taggable-table="">
<TABLE id=TBL139  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 80%; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL139.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL139.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL139.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA122 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">30, 2016</FONT></P></TD>
<TD id=TBL139.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL139.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
<TD id=TBL139.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA123 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA124 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">December</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31,</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2015</FONT></P></TD>
<TD id=TBL139.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL139.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA125 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA126 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Net operating loss carryforward</FONT></P></TD>
<TD id=TBL139.finRow.2.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.2.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL139.finRow.2.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">71,923</TD>
<TD id=TBL139.finRow.2.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL139.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL139.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">66,630</TD>
<TD id=TBL139.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL139.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.symb.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.3.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL139.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA131 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Less valuation allowance</FONT></P></TD>
<TD id=TBL139.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(71,923</TD>
<TD id=TBL139.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL139.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">(66,630</TD>
<TD id=TBL139.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL139.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.symb.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL139.finRow.5.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL139.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA134 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Deferred income tax assets - net</FONT></P></TD>
<TD id=TBL139.finRow.6.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.6.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL139.finRow.6.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL139.finRow.6.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL139.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL139.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL139.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">-</TD>
<TD id=TBL139.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P id=PARA140 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA141 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Based on management&#8216;s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $71,923 attributable to the future utilization of the $211,537 net operating loss carryforward as of September 30, 2016 will be realized. Accordingly, the Company has maintained a 100% allowance against the deferred tax asset in the financial statements at September 30, 2016. The Company will continue to review this valuation allowance and make adjustments as appropriate. The net operating loss carryforward expires in years 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035 and 2036 in the amounts of $7,297, $12,450, $9,621, $20,306, $16,739, $15,325, $16,318, $18,203, $19,160, $20,410, $20,535, $19,605 and $15,568 respectively.</FONT></P>
<P id=PARA142 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA143 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.</FONT></P></DIV>
<P id=PARA143 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA144 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 216pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK445  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR445  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM445  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-7</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR445  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA445.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA145 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>MADISON AVENUE HOLDINGS INC.</B></FONT></P>
<P id=PARA146 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Notes to Financial Statements</B></FONT></P>
<P id=PARA147 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>For the Three and Nine Months Ended September 30, 2016 and 2015 </B></FONT></P>
<P id=PARA148 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B><B>(Unaudited)</B></FONT></P>
<P id=PARA149 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA150 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P>
<DIV  data-td-statement-type="note">
<P id=PARA150 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>NOTE 6 &#8211; COMMITMENTS AND CONTINGENCIES</B></FONT></P>
<P id=PARA151 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA152 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All activities of the Company are being conducted by the officers and directors from either their homes or their business offices at no cost to the Company. The officers and directors have agreed to continue this arrangement until the Company completes a business combination.</FONT></P></DIV>
<P id=PARA152 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA153 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK647  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR647  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM647  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">F-8</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR647  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA647.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA648 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</B></FONT></P>
<P id=PARA649 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA650 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Search Business Opportunities.</B></FONT></P>
<P id=PARA651 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA652 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Avenue Holdings, Inc. ("MAHI") plans to search for target companies as potential candidates for a business combination.</FONT></P>
<P id=PARA653 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA654 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI has not entered into agreements with any third parties to locate potential merger candidates.</FONT></P>
<P id=PARA655 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA656 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI may seek to locate a target company through solicitation. Such solicitation may include newspaper or magazine advertisements, mailings and other distributions to law firms, accounting firms, investment bankers, financial advisors and similar persons, the use of one or more World Wide Web sites and similar methods. If MAHI engages in solicitation, no estimate can be made as to the number of persons who may be contacted or solicited. MAHI may utilize consultants in the business and financial communities for referrals of potential target companies. There is no assurance that MAHI will locate a target company or that a business combination will be successful.</FONT></P>
<P id=PARA657 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA658 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Management of MAHI</B></FONT></P>
<P id=PARA659 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA660 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI has no full time employees. There are two officers - Alex Kam and Pan-Rong Liu. Mr. Kam is the Chief Executive Officer and a director. Mr. Liu is the Chief Financial Officer. Mr. Kam acquired 95% of the outstanding stock of MAHI (the "Shares") pursuant to a Stock Purchase Agreement dated as of July 8, 2005. The purchase price for the Shares was $120,000 paid in cash. The source of funds was personal funds. The Stock Purchase Agreement was closed on August 16, 2005.</FONT></P>
<P id=PARA661 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA662 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 22, 2006, Mr. Kam entered into two separate share purchase agreements with each of Mr. Pan-Rong Liu and Mr. Seung Chi Tang. Under the share purchase agreements, Mr. Kam agreed to sell 118,750 shares of Common Stock (the "Common Shares") to each of Mr. Liu and Mr. Tang. The purchase price for the Common Shares under each share purchase agreement was $160,000 and was paid in cash. The share purchase agreements closed on June 13, 2006.</FONT></P>
<P id=PARA663 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA664 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both Mr. Kam and Mr. Liu have agreed to allocate a limited portion of their time to the activities of MAHI without compensation. Potential conflicts may arise with respect to the limited time commitment by Mr. Kam and Mr. Liu and the potential demands of the activities of MAHI.</FONT></P>
<P id=PARA665 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA666 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of time spent by management on the activities of MAHI is not predictable. Such time may vary widely from an extensive amount when reviewing a target company and effecting a business combination to an essentially quiet time when activities of management focus elsewhere. It is impossible to predict the amount of time management will actually be required to spend to review a suitable target company. Management estimates that the business plan of MAHI can be implemented by devoting approximately 10 to 25 hours per month over the course of several months, but such figure cannot be stated with precision.</FONT></P>
<P id=PARA667 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA668 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>General Business Plan</B></FONT></P>
<P id=PARA669 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA670 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of MAHI is to seek, investigate and, if such investigation warrants, acquire an interest in a business entity which desires to seek the perceived advantages of a corporation which has a class of securities registered under the Exchange Act. MAHI will not restrict its search to any specific business, industry, or geographical location and MAHI may participate in a business venture of virtually any kind or nature. Management anticipates that it will be able to participate in only one potential business venture because MAHI has nominal assets and limited financial resources. This lack of diversification should be considered a substantial risk to the stockholders of MAHI because it will not permit MAHI to offset potential losses from one venture against gains from another.</FONT></P>
<P id=PARA671 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA672 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI may seek a business opportunity with entities which have recently commenced operations, or which wish to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes.</FONT></P>
<P id=PARA673 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA674 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI anticipates that the selection of a business opportunity in which to participate will be complex and extremely risky. MAHI has not conducted any research to confirm that there are business entities seeking the perceived benefits of a reporting corporation. Such perceived benefits may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for incentive stock options or similar benefits to key employees, increasing the opportunity to use securities for acquisitions, providing liquidity for stockholders and other factors. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities difficult and complex.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA859.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<P id=PARA676 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI has, and will continue to have, minimal capital with which to provide the owners of business entities with any cash or other assets. However, MAHI offers owners of acquisition candidates the opportunity to acquire a controlling ownership interest in a reporting company without the time required to become a reporting company by other means. MAHI has not conducted market research and is not aware of statistical data to support the perceived benefits of a business combination for the owners of a target company.</FONT></P>
<P id=PARA677 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA678 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The analysis of new business opportunities will be undertaken by, or under the supervision of, the officers and director of MAHI, who are not professional business analysts. In analyzing prospective business opportunities, MAHI may consider such matters as the available technical, financial and managerial resources; working capital and other financial requirements; history of operations, if any; prospects for the future; nature of present and expected competition; the quality and experience of management services which may be available and the depth of that management; the potential for further research, development, or exploration; specific risk factors not now foreseeable, but which then may be anticipated to impact the proposed activities of MAHI; the potential for growth or expansion; the potential for profit; the perceived public recognition or acceptance of products, services, or trades; name identification; and other relevant factors. This discussion of the proposed criteria is not meant to be restrictive of the virtually unlimited discretion of MAHI to search for and enter into potential business opportunities.</FONT></P>
<P id=PARA679 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA680 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI will not restrict its search for any specific kind of business entities, but may acquire a venture, which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its business life. It is impossible to predict at this time the status of any business in which MAHI may become engaged, whether such business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which MAHI may offer.</FONT></P>
<P id=PARA681 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA682 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following a business combination MAHI may benefit from the services of others in regard to accounting, legal services, underwritings and corporate public relations. If requested by a target company, MAHI may recommend one or more underwriters, financial advisors, accountants, public relations firms or other consultants to provide such services.</FONT></P>
<P id=PARA683 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA684 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A potential target company may have an agreement with a consultant or advisor providing that services of the consultant or advisor be continued after any business combination. Additionally, a target company may be presented to MAHI only on the condition that the services of a consultant or advisor are continued after a merger or acquisition. Such preexisting agreements of target companies for the continuation of the services of attorneys, accountants, advisors or consultants could be a factor in the selection of a target company.</FONT></P>
<P id=PARA685 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA686 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Terms of a Business Combination</B></FONT></P>
<P id=PARA687 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA688 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In implementing a structure for a particular business acquisition, MAHI may become a party to a merger, consolidation, reorganization, joint venture, licensing agreement or other arrangement with another corporation or entity. On the consummation of a transaction, it is likely that the present management and stockholders of MAHI will no longer be in control of MAHI. In addition, it is likely that the officer and director of MAHI will, as part of the terms of the business combination, resign and be replaced by one or more new officers and directors.&nbsp;</FONT></P>
<P id=PARA689 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA690 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that any securities issued in any such business combination would be issued in reliance upon exemption from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of its transaction, MAHI may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after MAHI has entered into an agreement for a business combination or has consummated a business combination and MAHI is no longer considered a blank check company. The issuance of additional securities and their potential sale into any trading market which may develop in the securities of MAHI may depress the market value of the securities of MAHI in the future if such a market develops, of which there is no assurance.</FONT></P>
<P id=PARA691 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA692 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the terms of a business transaction to which MAHI may be a party cannot be predicted, it is expected that the parties to the business transaction will desire to avoid the creation of a taxable event and thereby structure the acquisition in a tax-free reorganization under Sections 351 or 368 of the Internal Revenue Code of 1986, as amended.</FONT></P>
<P id=PARA693 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA694 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending upon, among other things, the target company&#8217;s assets and liabilities, the stockholders of MAHI will in all likelihood hold a substantially lesser percentage ownership interest in MAHI following any merger or acquisition. The percentage of ownership may be subject to significant reduction in the event MAHI acquires a target company with substantial assets.</FONT></P>
<P id=PARA695 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA696 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any merger or acquisition effected by MAHI can be expected to have a significant dilutive effect on the percentage of shares held by the stockholders of MAHI at such time.</FONT></P>
<P id=PARA697 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA698 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI plans to participate in a business combination only after the negotiation and execution of appropriate agreements. Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing and will include miscellaneous other terms.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA860.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA700 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If MAHI stops or becomes unable to continue to pay the operating expenses of MAHI, MAHI may not be able to timely make its periodic reports required under the Exchange Act nor to continue to search for an acquisition target.</FONT></P>
<P id=PARA701 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA702 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Undertakings and Understandings Required of Target Companies</B></FONT></P>
<P id=PARA703 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA704 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of a business combination agreement, MAHI intends to obtain certain representations and warranties from a target company as to its conduct following the business combination. Such representations and warranties may include (i) the agreement of the target company to make all necessary filings and to take all other steps necessary to remain a reporting company under the Exchange Act for at least a specified period of time; (ii) imposing certain restrictions on the timing and amount of the issuance of additional free-trading stock, including stock registered on Form S-8 or issued pursuant to Regulation S and (iii) giving assurances of ongoing compliance with the Securities Act, the Exchange Act, the General Rules and Regulations of the Securities and Exchange Commission, and other applicable laws, rules and regulations.</FONT></P>
<P id=PARA705 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA706 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">A potential target company should be aware that the market price and trading volume of the securities of MAHI, when and if listed for secondary trading, may depend in great measure upon the willingness and efforts of successor management to encourage interest in MAHI within the United States financial community. MAHI does not have the market support of an underwriter that would normally follow a public offering of its securities. Initial market makers are likely to simply post bid and asked prices and are unlikely to take positions in MAHI's securities for their own account or customers without active encouragement and basis for doing so. In addition, certain market makers may take short positions in MAHI's securities, which may result in a significant pressure on their market price. MAHI may consider the ability and commitment of a target company to actively encourage interest in MAHI's securities following a business combination in deciding whether to enter into a transaction with such company.</FONT></P>
<P id=PARA707 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA708 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A business combination with MAHI separates the process of becoming a public company from the raising of investment capital. As a result, a business combination with MAHI normally will not be a beneficial transaction for a target company whose primary reason for becoming a public company is the immediate infusion of capital. MAHI may require assurances from the target company that it has, or that it has a reasonable belief that it will have, sufficient sources of capital to continue operations following the business combination. However, it is possible that a target company may give such assurances in error, or that the basis for such belief may change as a result of circumstances beyond the control of the target company.</FONT></P>
<P id=PARA709 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA710 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to completion of a business combination, MAHI may require that it be provided with written materials regarding the target company containing such items as a description of products, services and company history; management resumes; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or service marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such company and its affiliates during relevant periods; a description of present and required facilities; an analysis of risks and competitive conditions; a financial plan of operation and estimated capital requirements; audited financial statements, or if they are not available, unaudited financial statements, together with reasonable assurances that audited financial statements would be able to be produced within a reasonable period of time not to exceed 75 days following completion of a business combination; and other information deemed relevant.</FONT></P>
<P id=PARA711 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA712 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Competition</B></FONT></P>
<P id=PARA713 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA714 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAHI will remain an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns which have significantly greater financial and personnel resources and technical expertise than MAHI. In view of MAHI's combined extremely limited financial resources and limited management availability, MAHI will continue to be at a significant competitive disadvantage compared to MAHI's competitors.</FONT></P>
<P id=PARA715 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA716 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Results of Operations </B></FONT></P>
<P id=PARA717 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA718 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Three Months ended September 30, 2016, compared to Three Months ended September 30, 2015:</FONT></P>
<P id=PARA719 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA720 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">MAHI has no revenues, as it has no products or services. MAHI&#8217;s general and administrative expenses (and net loss) increased by $198 from $4,115 in the three months ended</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> September</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> 30, 2015 to $4,313 in three months ended September</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> 30, 2016.</FONT></P>
<P id=PARA721 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA722 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Nine Months ended September 30, 2016 Compared to Nine Months ended September 30, 2015:</FONT></P>
<P id=PARA723 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA724 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">MAHI&#8217;s general and administrative expenses (and net loss) increased by $78 from $15,490 in the nine months ended September 30, 2015 to $15,568 in the nine months ended September 30, 2016 as a result of expenses for professional services in the nine months ended September 30, 2016.</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<DIV id=PGHDR861  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA861.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA726 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Liquidity and Capital Resources</B></FONT></P>
<P id=PARA727 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA728 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As of </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">September 30, 2016, MAHI had no cash. Certain MAHI stockholders have been currently paying MAHI&#8217;s vendors directly as capital contributions to MAHI.</FONT></P>
<P id=PARA729 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA730 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Off-Balance Sheet Arrangements</B></FONT></P>
<P id=PARA731 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA732 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; MAHI does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.</FONT></P>
<P id=PARA733 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA734 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Going Concern</B></FONT></P>
<P id=PARA735 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA736 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; The financial statements included in this filing have been prepared in conformity with generally accepted accounting principles that contemplate the continuance of us as a going concern. MAHI's cash is inadequate to pay all of the costs associated with our operations. Management intends to use borrowings and security sales to mitigate the effects of its cash position; however, no assurance can be given that debt or equity financing, if and when required, will be available. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and classification of liabilities that might be necessary should MAHI be unable to continue its existence.</FONT></P>
<P id=PARA737 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA738 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Critical Accounting Policies</B></FONT></P>
<P id=PARA739 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA740 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (&#8220;GAAP&#8221;). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.</FONT></P>
<P id=PARA741 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA742 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; Our significant accounting policies are summarized in Note 3 of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment&nbsp;and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect&nbsp;on our results of operations, financial position or liquidity for the periods presented in this report.</FONT></P>
<P id=PARA743 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA744 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk</B></FONT></P>
<P id=PARA745 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA746 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA747 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA748 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures</B></FONT></P>
<P id=PARA749 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA750 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Disclosure Controls and Procedures.</FONT></P>
<P id=PARA751 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA752 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the supervision and with the participation of the Company&#8217;s management, including the principal executive officer and principal financial officer, as of the end of the period covered by this report, the Company conducted an evaluation of the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act. The Company&#8217;s disclosure controls and procedures are designed to provide reasonable assurance that the information required to be included in the Company&#8217;s reports to Securities and Exchange Commission (&#8220;SEC&#8221;) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, the Company&#8217;s principal executive officer and principal financial officer concluded that, as of the period covered by this report, the Company&#8217;s disclosure controls and procedures are effective at these reasonable assurance levels.</FONT></P>
<P id=PARA753 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA754 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. There is no assurance that our disclosure controls or our internal controls over financial reporting can prevent all errors. An internal control system, no matter how well designed and operated, has inherent limitations, including the possibility of human error. Because of the inherent limitations in a cost-effective control system, misstatements due to error may occur and not be detected. We monitor our disclosure controls and internal controls and make modifications as necessary. Our intent in this regard is that our disclosure controls and our internal controls will improve as systems change and conditions warrant.</FONT></P>
<P id=PARA755 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></P>
<DIV id=PGBK862  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR862  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM862  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noshade="">

<DIV id=PGHDR862  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA862.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA756 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Internal Control over Financial Reporting</FONT></P>
<P id=PARA757 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA758 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 20pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; During the period ended September 30, 2016, there has been no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.</FONT></P>
<P id=PARA759 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA760 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA761 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PART II - OTHER INFORMATION</B></FONT></P>
<P id=PARA762 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA763 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1. Legal Proceedings</B></FONT></P>
<P id=PARA764 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA765 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA766 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA767 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</B></FONT></P>
<P id=PARA768 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA769 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA770 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA771 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3. Defaults Upon Senior Securities</B></FONT></P>
<P id=PARA772 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA773 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA774 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA775 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 4.&nbsp;Mine Safety Disclosure</B></FONT></P>
<P id=PARA776 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA777 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA778 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA779 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 5. Other Information</B></FONT></P>
<P id=PARA780 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA781 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not applicable.</FONT></P>
<P id=PARA782 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA783 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</B></FONT></P>
<P id=PARA784 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL788  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top">
<P id=PARA785 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">EXHIBIT</FONT></P>
<P id=PARA786 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">NUMBER</FONT></P></TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: bottom">
<P id=PARA787 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">DESCRIPTION</FONT></P></TD></TR></TABLE>
<P id=PARA789 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL792  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top">
<P id=PARA790 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.1</FONT></P></TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">
<P id=PARA791 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002;</FONT></P></TD></TR></TABLE>
<P id=PARA793 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL796  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top">
<P id=PARA794 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">31.2</FONT></P></TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">
<P id=PARA795 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002;</FONT></P></TD></TR></TABLE>
<P id=PARA797 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<TABLE id=TBL800  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13%; VERTICAL-ALIGN: top">
<P id=PARA798 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">32.1</FONT></P></TD>
<TD style="WIDTH: 87%; VERTICAL-ALIGN: top">
<P id=PARA799 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certification pursuant to 18 U.S.C. 1350.</FONT></P></TD></TR></TABLE>
<P id=PARA801 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL804  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA802 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.INS**</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA803 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Instance Document</FONT></P></TD></TR></TABLE>
<P id=PARA805 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL808  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA806 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.SCH**</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA807 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Taxonomy Extension Schema Document</FONT></P></TD></TR></TABLE>
<P id=PARA809 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL812  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA810 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.CAL**</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA811 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></P></TD></TR></TABLE>
<P id=PARA813 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL816  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA814 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.DEF**</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA815 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Taxonomy Extension Definition Linkbase Document</FONT></P></TD></TR></TABLE>
<P id=PARA817 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL820  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA818 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.LAB**</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA819 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Taxonomy Extension Label Linkbase Document</FONT></P></TD></TR></TABLE>
<P id=PARA821 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL828  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 13.3%; VERTICAL-ALIGN: top">
<P id=PARA822 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">101.PRE**</FONT></P>
<P id=PARA823 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA824 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL**&nbsp;</FONT></P></TD>
<TD style="WIDTH: 86.6%; VERTICAL-ALIGN: top">
<P id=PARA825 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></P>
<P id=PARA826 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA827 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.</I></FONT></P></TD></TR></TABLE>
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<P id=PARA833 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SIGNATURES</FONT></P>
<P id=PARA834 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA836 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 41.1%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA838 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">MADISON AVENUE HOLDINGS, INC.</FONT></P></TD>
<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA839 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<TD style="WIDTH: 41.1%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA841 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;(Registrant)</FONT></P></TD>
<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA842 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 46.7%; VERTICAL-ALIGN: top">
<P id=PARA843 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA845 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<P id=PARA846 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date:&nbsp;November 14, 2016</FONT></P></TD>
<TD style="WIDTH: 7.8%; VERTICAL-ALIGN: top">
<P id=PARA847 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:</FONT></P></TD>
<TD style="WIDTH: 33.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA848 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/ Alex Kam</FONT></P></TD>
<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA849 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 46.7%; VERTICAL-ALIGN: top">
<P id=PARA850 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 7.8%; VERTICAL-ALIGN: top">
<P id=PARA851 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 33.3%; VERTICAL-ALIGN: bottom">
<P id=PARA852 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Alex Kam</FONT></P></TD>
<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA853 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR>
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<P id=PARA854 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 7.8%; VERTICAL-ALIGN: top">
<P id=PARA855 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 33.3%; VERTICAL-ALIGN: top">
<P id=PARA856 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Executive Officer</FONT></P></TD>
<TD style="WIDTH: 12.2%; VERTICAL-ALIGN: top">
<P id=PARA857 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE></BODY></HTML>
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madison20160830_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2016
OR
[_]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ...........to...............
Commission File Number
000-50655
Madison Avenue Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
20-0823997
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
3505 Hart Ave., Suite 201, Rosemead, CA 91770
(Address of principal executive offices) (Zip Code)
(626)-576
-
4333
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
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.  Yes [X]   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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes [   ]     No [X]
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
☐
(Do not check if a smaller reporting company)
Smaller reporting company
☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes [X]   No[   ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [   ] No [   ]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of the issuer's common stock, as of the latest practicable date: there were 500,000 shares outstanding as of November 14, 2016.
MADISON AVENUE HOLDINGS INC.
Index to Financial Statements
Page
Financial Statements:
Balance Sheets as of September 30, 2016 (Unaudited)
and December 31, 2015
F-2
Statements of Operations for the three and nine months ended
September 30, 2016 and 2015 (Unaudited)
F-3
Statements of Cash Flows for the nine months ended
September 30, 2016 and 2015 (Unaudited)
F-4
Notes to Financial Statements (Unaudited)
F-5 - F-8
F-1
PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements
MADISON AVENUE HOLDINGS INC.
Balance Sheets
September
December 31,
2016
2015
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
-
$
-
Prepaid expenses
-
2,000
Total current assets
-
2,000
Other assets
-
-
Total assets
$
-
$
2,000
Liabilities and Stockholders' Deficiency
Current liabilities:
Accounts payable and accrued expenses
$
1,000
$
3,115
Total current liabilities
1,000
3,115
Other liabilities
-
-
Total liabilities
1,000
3,115
Commitments and contingencies
Stockholders' deficiency:
Common stock, $.001 par value; 10,000,000 shares
authorized, 500,000 shares issued and outstanding
500
500
Additional paid-in capital
210,037
194,354
Accumulated deficit
(211,537
)
(195,969
)
Total stockholders' deficiency
(1,000
)
(1,115
)
Total liabilities and stockholders' deficiency
$
-
$
2,000
See notes to financial statements.
F-2
MADISON AVENUE HOLDINGS INC.
(A Development Stage Company)
Statements of Operations
(Unaudited)
Three Months
Three Months
Nine Months
Nine Months
Ended
Ended
Ended
Ended
September 30, 2016
September 30, 2015
September 30, 2016
September 30, 2015
Revenues
$
-
$
-
$
-
$
-
Expenses:
General and administrative
4,313
4,115
15,568
15,490
Total expenses
4,313
4,115
15,568
15,490
Net loss
$
(4,313
)
$
(4,115
)
$
(15,568
)
$
(15,490
)
Net loss per share, basic and diluted
$
(0.01
)
$
(0.01
)
$
(0.03
)
$
(0.03
)
Weighted average number of common
shares outstanding, basic and diluted
500,000
500,000
500,000
500,000
See notes to financial statements.
F-3
MADISON AVENUE HOLDINGS INC.
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
Nine Months
Nine Months
Ended
Ended
September 30, 2016
September 30, 2015
Cash flows from operating activities:
Net loss
$
(15,568
)
$
(15,490
)
Changes in operating assets and liabilities:
Prepaid expenses
2,000
(1,000
)
Accounts payable and accrued expenses
(2,115
)
5,000
Net cash used in operating activities
(15,683
)
(11,490
)
Cash flows from investing activities
-
-
Cash flows from financing activities:
Proceeds from sale of common stock
-
-
Capital contributions
15,683
11,490
Net cash provided by financing activities
15,683
11,490
Net increase (decrease) in cash and cash equivalents
-
-
Cash and cash equivalents, beginning of period
-
-
Cash and cash equivalents, end of period
$
-
$
-
Supplemental disclosures of cash flow information:
Interest paid
$
-
$
-
Income taxes paid
$
-
$
-
See notes to financial statements.
F-4
MADISON AVENUE HOLDINGS INC.
Notes to Financial Statements
For the Three and Nine Months Ended September 30, 2016 and 2015
(Unaudited)
NOTE 1 – INTERIM FINANCIAL STATEMENTS
The unaudited financial statements as of September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of Septmeber 30, 2016 and the results of operations and cash flows for the three and nine months ended September 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the nine month period ended September 30, 2016 are not necessarily indicative of the results to be expected for any subsequent quarter of the entire year ending December 31, 2016. The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2015 as included in our report on Form 10-K.
NOTE 2 – ORGANIZATION
Madison Avenue Holdings Inc. (the "Company") was incorporated in the State of Delaware on February 27, 2004. The Company has no products or services; the Company is seeking a business to merge with or acquire.
NOTE 3 –GOING CONCERN UNCERTAINTY
At September 30, 2016, the Company had no cash and for the period February 27, 2004 (inception) to September 30, 2016, the Company incurred a net loss of $211,537. These factors create uncertainty as to the Company's ability to continue as a going concern. The Company is making efforts to acquire a business with assets and operations. However, there is no assurance that the Company will be successful in accomplishing this objective. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
F-5
MADISON AVENUE HOLDINGS INC.
Notes to Financial Statements
For the Three and Nine Months Ended September 30, 2016 and 2015
(Unaudited)
NOTE 4 – STOCKHOLDERS' EQUITY
In March 2004, the Company sold 500,000 shares of its common stock at a price of $.001 per share, or $500 total, to a corporation (the "First Stockholder") controlled by the then president and director of the Company. From March 2004 to September 2005, the First Stockholder made additional capital contributions to the Company of $13,951.
In August 2005, the First Stockholder of the Company sold 475,000 shares of Company common stock to an unrelated third party (the "Second Stockholder"). The Company agreed under the related Stock Purchase Agreement that, in exchange for the First Stockholder's efforts in procuring the Second Stockholder's services to identify merger or acquisition targets for the Company; in the event that the Company successfully completes a merger or acquisition of one or more business entities identified by the new 95% Second Stockholder (the "Business Combination"), the Company will issue such number of new shares of the common stock of the Company to the First Stockholder so that it will continue to retain 5% of equity ownership in the Company immediately after the close of any Business Combination. From October 2005 to June 2006, the Second Stockholder made additional capital contributions to the Company of $7,744.
In June 2006, the Second Stockholder sold a total of 237,500 shares of Company common stock to two unrelated third parties (the "Third Stockholder" and the "Fourth Stockholder"), 118,750 shares to each of them. From September 2006 to September 2016, the Second Stockholder, Third Stockholder and Fourth Stockholder made capital contributions to the Company of $188,342.
F-6
MADISON AVENUE HOLDINGS INC.
Notes to Financial Statements
For the Three and Nine Months Ended September 30, 2016 and 2015
(Unaudited)
NOTE 5 – INCOME TAXES
The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 34% to income (loss) before income taxes. The sources of the difference are as follows:
Three
months
ended
September
30, 2016
Three
months
ended
September
30, 2015
Nine
months
ended
September
30, 2016
Nine
months
ended
September
30, 2015
Expected tax at 34%
$
(1,466
)
$
(1,399
)
$
(5,293
)
$
(5,266
)
Increase in valuation allowance
1,466
1,399
5,293
5,266
Income tax provision
$
-
$
-
$
-
$
-
Significant components of the Company's deferred income tax assets are as follows:
September
30, 2016
December
31,
2015
Net operating loss carryforward
$
71,923
$
66,630
Less valuation allowance
(71,923
)
(66,630
)
Deferred income tax assets - net
$
-
$
-
Based on management's present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $71,923 attributable to the future utilization of the $211,537 net operating loss carryforward as of September 30, 2016 will be realized. Accordingly, the Company has maintained a 100% allowance against the deferred tax asset in the financial statements at September 30, 2016. The Company will continue to review this valuation allowance and make adjustments as appropriate. The net operating loss carryforward expires in years 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035 and 2036 in the amounts of $7,297, $12,450, $9,621, $20,306, $16,739, $15,325, $16,318, $18,203, $19,160, $20,410, $20,535, $19,605 and $15,568 respectively.
Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.
F-7
MADISON AVENUE HOLDINGS INC.
Notes to Financial Statements
For the Three and Nine Months Ended September 30, 2016 and 2015
(Unaudited)
NOTE 6 – COMMITMENTS AND CONTINGENCIES
All activities of the Company are being conducted by the officers and directors from either their homes or their business offices at no cost to the Company. The officers and directors have agreed to continue this arrangement until the Company completes a business combination.
F-8
Item  2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
Search Business Opportunities.
Madison Avenue Holdings, Inc. ("MAHI") plans to search for target companies as potential candidates for a business combination.
MAHI has not entered into agreements with any third parties to locate potential merger candidates.
MAHI may seek to locate a target company through solicitation. Such solicitation may include newspaper or magazine advertisements, mailings and other distributions to law firms, accounting firms, investment bankers, financial advisors and similar persons, the use of one or more World Wide Web sites and similar methods. If MAHI engages in solicitation, no estimate can be made as to the number of persons who may be contacted or solicited. MAHI may utilize consultants in the business and financial communities for referrals of potential target companies. There is no assurance that MAHI will locate a target company or that a business combination will be successful.
Management of MAHI
MAHI has no full time employees. There are two officers - Alex Kam and Pan-Rong Liu. Mr. Kam is the Chief Executive Officer and a director. Mr. Liu is the Chief Financial Officer. Mr. Kam acquired 95% of the outstanding stock of MAHI (the "Shares") pursuant to a Stock Purchase Agreement dated as of July 8, 2005. The purchase price for the Shares was $120,000 paid in cash. The source of funds was personal funds. The Stock Purchase Agreement was closed on August 16, 2005.
On May 22, 2006, Mr. Kam entered into two separate share purchase agreements with each of Mr. Pan-Rong Liu and Mr. Seung Chi Tang. Under the share purchase agreements, Mr. Kam agreed to sell 118,750 shares of Common Stock (the "Common Shares") to each of Mr. Liu and Mr. Tang. The purchase price for the Common Shares under each share purchase agreement was $160,000 and was paid in cash. The share purchase agreements closed on June 13, 2006.
Both Mr. Kam and Mr. Liu have agreed to allocate a limited portion of their time to the activities of MAHI without compensation. Potential conflicts may arise with respect to the limited time commitment by Mr. Kam and Mr. Liu and the potential demands of the activities of MAHI.
The amount of time spent by management on the activities of MAHI is not predictable. Such time may vary widely from an extensive amount when reviewing a target company and effecting a business combination to an essentially quiet time when activities of management focus elsewhere. It is impossible to predict the amount of time management will actually be required to spend to review a suitable target company. Management estimates that the business plan of MAHI can be implemented by devoting approximately 10 to 25 hours per month over the course of several months, but such figure cannot be stated with precision.
General Business Plan
The purpose of MAHI is to seek, investigate and, if such investigation warrants, acquire an interest in a business entity which desires to seek the perceived advantages of a corporation which has a class of securities registered under the Exchange Act. MAHI will not restrict its search to any specific business, industry, or geographical location and MAHI may participate in a business venture of virtually any kind or nature. Management anticipates that it will be able to participate in only one potential business venture because MAHI has nominal assets and limited financial resources. This lack of diversification should be considered a substantial risk to the stockholders of MAHI because it will not permit MAHI to offset potential losses from one venture against gains from another.
MAHI may seek a business opportunity with entities which have recently commenced operations, or which wish to utilize the public marketplace in order to raise additional capital in order to expand into new products or markets, to develop a new product or service, or for other corporate purposes.
MAHI anticipates that the selection of a business opportunity in which to participate will be complex and extremely risky. MAHI has not conducted any research to confirm that there are business entities seeking the perceived benefits of a reporting corporation. Such perceived benefits may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for incentive stock options or similar benefits to key employees, increasing the opportunity to use securities for acquisitions, providing liquidity for stockholders and other factors. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities difficult and complex.
MAHI has, and will continue to have, minimal capital with which to provide the owners of business entities with any cash or other assets. However, MAHI offers owners of acquisition candidates the opportunity to acquire a controlling ownership interest in a reporting company without the time required to become a reporting company by other means. MAHI has not conducted market research and is not aware of statistical data to support the perceived benefits of a business combination for the owners of a target company.
The analysis of new business opportunities will be undertaken by, or under the supervision of, the officers and director of MAHI, who are not professional business analysts. In analyzing prospective business opportunities, MAHI may consider such matters as the available technical, financial and managerial resources; working capital and other financial requirements; history of operations, if any; prospects for the future; nature of present and expected competition; the quality and experience of management services which may be available and the depth of that management; the potential for further research, development, or exploration; specific risk factors not now foreseeable, but which then may be anticipated to impact the proposed activities of MAHI; the potential for growth or expansion; the potential for profit; the perceived public recognition or acceptance of products, services, or trades; name identification; and other relevant factors. This discussion of the proposed criteria is not meant to be restrictive of the virtually unlimited discretion of MAHI to search for and enter into potential business opportunities.
MAHI will not restrict its search for any specific kind of business entities, but may acquire a venture, which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its business life. It is impossible to predict at this time the status of any business in which MAHI may become engaged, whether such business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which MAHI may offer.
Following a business combination MAHI may benefit from the services of others in regard to accounting, legal services, underwritings and corporate public relations. If requested by a target company, MAHI may recommend one or more underwriters, financial advisors, accountants, public relations firms or other consultants to provide such services.
A potential target company may have an agreement with a consultant or advisor providing that services of the consultant or advisor be continued after any business combination. Additionally, a target company may be presented to MAHI only on the condition that the services of a consultant or advisor are continued after a merger or acquisition. Such preexisting agreements of target companies for the continuation of the services of attorneys, accountants, advisors or consultants could be a factor in the selection of a target company.
Terms of a Business Combination
In implementing a structure for a particular business acquisition, MAHI may become a party to a merger, consolidation, reorganization, joint venture, licensing agreement or other arrangement with another corporation or entity. On the consummation of a transaction, it is likely that the present management and stockholders of MAHI will no longer be in control of MAHI. In addition, it is likely that the officer and director of MAHI will, as part of the terms of the business combination, resign and be replaced by one or more new officers and directors.
It is anticipated that any securities issued in any such business combination would be issued in reliance upon exemption from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of its transaction, MAHI may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after MAHI has entered into an agreement for a business combination or has consummated a business combination and MAHI is no longer considered a blank check company. The issuance of additional securities and their potential sale into any trading market which may develop in the securities of MAHI may depress the market value of the securities of MAHI in the future if such a market develops, of which there is no assurance.
While the terms of a business transaction to which MAHI may be a party cannot be predicted, it is expected that the parties to the business transaction will desire to avoid the creation of a taxable event and thereby structure the acquisition in a tax-free reorganization under Sections 351 or 368 of the Internal Revenue Code of 1986, as amended.
Depending upon, among other things, the target company's assets and liabilities, the stockholders of MAHI will in all likelihood hold a substantially lesser percentage ownership interest in MAHI following any merger or acquisition. The percentage of ownership may be subject to significant reduction in the event MAHI acquires a target company with substantial assets.
Any merger or acquisition effected by MAHI can be expected to have a significant dilutive effect on the percentage of shares held by the stockholders of MAHI at such time.
MAHI plans to participate in a business combination only after the negotiation and execution of appropriate agreements. Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing and will include miscellaneous other terms.
If MAHI stops or becomes unable to continue to pay the operating expenses of MAHI, MAHI may not be able to timely make its periodic reports required under the Exchange Act nor to continue to search for an acquisition target.
Undertakings and Understandings Required of Target Companies
As part of a business combination agreement, MAHI intends to obtain certain representations and warranties from a target company as to its conduct following the business combination. Such representations and warranties may include (i) the agreement of the target company to make all necessary filings and to take all other steps necessary to remain a reporting company under the Exchange Act for at least a specified period of time; (ii) imposing certain restrictions on the timing and amount of the issuance of additional free-trading stock, including stock registered on Form S-8 or issued pursuant to Regulation S and (iii) giving assurances of ongoing compliance with the Securities Act, the Exchange Act, the General Rules and Regulations of the Securities and Exchange Commission, and other applicable laws, rules and regulations.
A potential target company should be aware that the market price and trading volume of the securities of MAHI, when and if listed for secondary trading, may depend in great measure upon the willingness and efforts of successor management to encourage interest in MAHI within the United States financial community. MAHI does not have the market support of an underwriter that would normally follow a public offering of its securities. Initial market makers are likely to simply post bid and asked prices and are unlikely to take positions in MAHI's securities for their own account or customers without active encouragement and basis for doing so. In addition, certain market makers may take short positions in MAHI's securities, which may result in a significant pressure on their market price. MAHI may consider the ability and commitment of a target company to actively encourage interest in MAHI's securities following a business combination in deciding whether to enter into a transaction with such company.
A business combination with MAHI separates the process of becoming a public company from the raising of investment capital. As a result, a business combination with MAHI normally will not be a beneficial transaction for a target company whose primary reason for becoming a public company is the immediate infusion of capital. MAHI may require assurances from the target company that it has, or that it has a reasonable belief that it will have, sufficient sources of capital to continue operations following the business combination. However, it is possible that a target company may give such assurances in error, or that the basis for such belief may change as a result of circumstances beyond the control of the target company.
Prior to completion of a business combination, MAHI may require that it be provided with written materials regarding the target company containing such items as a description of products, services and company history; management resumes; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or service marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such company and its affiliates during relevant periods; a description of present and required facilities; an analysis of risks and competitive conditions; a financial plan of operation and estimated capital requirements; audited financial statements, or if they are not available, unaudited financial statements, together with reasonable assurances that audited financial statements would be able to be produced within a reasonable period of time not to exceed 75 days following completion of a business combination; and other information deemed relevant.
Competition
MAHI will remain an insignificant participant among the firms which engage in the acquisition of business opportunities. There are many established venture capital and financial concerns which have significantly greater financial and personnel resources and technical expertise than MAHI. In view of MAHI's combined extremely limited financial resources and limited management availability, MAHI will continue to be at a significant competitive disadvantage compared to MAHI's competitors.
Results of Operations
Three Months ended September 30, 2016, compared to Three Months ended September 30, 2015:
MAHI has no revenues, as it has no products or services. MAHI's general and administrative expenses (and net loss) increased by $198 from $4,115 in the three months ended
September
30, 2015 to $4,313 in three months ended September
30, 2016.
Nine Months ended September 30, 2016 Compared to Nine Months ended September 30, 2015:
MAHI's general and administrative expenses (and net loss) increased by $78 from $15,490 in the nine months ended September 30, 2015 to $15,568 in the nine months ended September 30, 2016 as a result of expenses for professional services in the nine months ended September 30, 2016.
Liquidity and Capital Resources
As of
September 30, 2016, MAHI had no cash. Certain MAHI stockholders have been currently paying MAHI's vendors directly as capital contributions to MAHI.
Off-Balance Sheet Arrangements
MAHI does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Going Concern
The financial statements included in this filing have been prepared in conformity with generally accepted accounting principles that contemplate the continuance of us as a going concern. MAHI's cash is inadequate to pay all of the costs associated with our operations. Management intends to use borrowings and security sales to mitigate the effects of its cash position; however, no assurance can be given that debt or equity financing, if and when required, will be available. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and classification of liabilities that might be necessary should MAHI be unable to continue its existence.
Critical Accounting Policies
Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States ("GAAP"). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.
Our significant accounting policies are summarized in Note 3 of our financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect on our results of operations, financial position or liquidity for the periods presented in this report.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4.     Controls and Procedures
(a)       Disclosure Controls and Procedures.
Under the supervision and with the participation of the Company's management, including the principal executive officer and principal financial officer, as of the end of the period covered by this report, the Company conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act. The Company's disclosure controls and procedures are designed to provide reasonable assurance that the information required to be included in the Company's reports to Securities and Exchange Commission ("SEC") is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, the Company's principal executive officer and principal financial officer concluded that, as of the period covered by this report, the Company's disclosure controls and procedures are effective at these reasonable assurance levels.
Our internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. There is no assurance that our disclosure controls or our internal controls over financial reporting can prevent all errors. An internal control system, no matter how well designed and operated, has inherent limitations, including the possibility of human error. Because of the inherent limitations in a cost-effective control system, misstatements due to error may occur and not be detected. We monitor our disclosure controls and internal controls and make modifications as necessary. Our intent in this regard is that our disclosure controls and our internal controls will improve as systems change and conditions warrant.
(b)      Changes in Internal Control over Financial Reporting
During the period ended September 30, 2016, there has been no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Not applicable.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosure
Not applicable.
Item 5. Other Information
Not applicable.
Item 6.     Exhibits
EXHIBIT
NUMBER
DESCRIPTION
31.1
Certification pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002;
31.2
Certification pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002;
32.1
Certification pursuant to 18 U.S.C. 1350.
101.INS**
XBRL Instance Document
101.SCH**
XBRL Taxonomy Extension Schema Document
101.CAL**
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**
XBRL Taxonomy Extension Label Linkbase Document
101.PRE**
XBRL**
XBRL Taxonomy Extension Presentation Linkbase Document
Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
MADISON AVENUE HOLDINGS, INC.
(Registrant)
Date: November 14, 2016
By:
/s/ Alex Kam
Alex Kam
Chief Executive Officer