10-Q
2012-10-31
false
STAR GOLD CORP.
0001401835
--04-30
23756156
Smaller Reporting Company
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<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 1 - NATURE OF OPERATIONS</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on Gold properties in Nevada.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">These financial statements are presented on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business over a reasonable length of time. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $5,518,186 and net loss of $1,467,758 for the six months ended October 31, 2012, and as of that date the Company's current liabilities exceeded its current assets by $187,396. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Its continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing or refinancing as may be required, to develop commercially viable mining reserves, and ultimately to establish profitable operations.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Management's plans for the continuation of the Company as a going concern include financing the Company's operations through issuance of its common stock. If the Company is unable to complete its financing requirements or achieve revenue as projected, it will then modify its expenditures and plan of operations to coincide with the actual financing completed and actual operating revenues. There are no assurances, however, with respect to the future success of these plans.</p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Basis of Presentation</u></p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:12pt">The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three months and six months ended October 31, 2012, are not necessarily indicative of the results that may be expected for the full year ending April 30, 2013.</p> <p style="TEXT-ALIGN:justify; LINE-HEIGHT:12pt">For further information, refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended April 30, 2012.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Use of Estimates</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Cash and cash equivalents</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Restricted cash</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Restricted cash represents collateral for bonds held for permits.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Fair Value Measures</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.5in; MARGIN:0in 0in 0pt 0.5in"> Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Stock-based Compensation </u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Company’s stock on the date of the award.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Loss Per Share</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The dilutive effect of convertible and outstanding securities as of October 31, 2012 and 2011, would be as follows:</p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2011</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="463" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:347.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Stock options</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,532,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">730,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="463" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:347.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Warrants</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">6,811,793</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">131,667</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Total possible dilution</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">9,343,793</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">891,667</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:311.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">At October 31, 2012 and 2011, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Reclassifications</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Certain reclassifications have been made to the 2011 financial statements in order to conform to the 2012 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as restated.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 3 – PREPAID EXPENSES</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s prepaid expenses at October 31, 2012 and April 30, 2012:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="119" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:89.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">April 30, 2012</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:5.4pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exploration expense</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">18,075</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">92,424</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Legal retainer</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">15,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Directors and officers liability insurance</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,452</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">26,130</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Total</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">28,527</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">133,554</p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Exploration expense was prepaid at October 31, 2012 in order to satisfy certain deposit requirements by contractors for which corresponding work had not been completed by the balance sheet date. Exploration expense at April 30, 2012 was prepaid in order to satisfy required expenditure obligations for the year ended January 15, 2012 for which the corresponding work could not be completed by that date. The prepaid balance is being reduced as invoices are applied to ongoing drilling and exploration activities in the future which the Company expects to recognize as exploration expense during the remainder of its fiscal year ending April 30, 2013.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 4 – EQUIPMENT AND MINING INTERESTS</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company's equipment and mining interests at October 31, 2012 and April 30, 2012, respectively:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">April 30, 2012</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:311.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="463" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:347.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Equipment</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">28,992</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">27,007</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="463" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:347.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Less accumulated depreciation</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(4,308)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(1,351)</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="3" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Equipment, net of accumulated depreciation</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">24,684</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,656</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="463" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:347.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Mining interests</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">311,999</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">300,999</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="3" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Total</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">336,683</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">326,655</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:311.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>Excalibur Property</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On April 11, 2008, the Company executed a property purchase agreement (the "Excalibur Agreement") with MinQuest, Inc. ("MinQuest") granting the Company the right to acquire 100% of the mining interests of the Nevada mineral exploration property known as the “Excalibur Property.” The Excalibur Property is located in Mineral County, Nevada. On June 18, 2009 the Company entered into an amending agreement to add an additional 42 claims surrounding the original 8 claims, expanding the total claims to 50 claims held. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company has completed an initial exploration program on the Excalibur Property, which included geological mapping, rock sampling and assaying. Based on this analysis the Company decided to move forward with the exploration of this property and drilling program. The permitting was completed in June 2010 and the drilling program commenced the week of June 20, 2010.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Excalibur Agreement includes cash payments totaling $100,000 over five years and the issuance of 200,000 stock options based on “fair market price” over the same five-year period. The Company has agreed to work commitments of $275,000 over five years. Following the fifth anniversary, if commitments have been met, the Company shall receive a quitclaim for 100% interest in the property in consideration of a 3% Net Smelter Return. The Excalibur Property Option Agreement was amended on January 30, 2012 revising the payment date of the final required expenditure to August 31, 2012 and thereafter amended on August 31, 2012 extending the payment date of the final expenditure to October 31, 2012 . The Excalibur Property Option Agreement was subsequently amended on September 7, 2012, revising the payment date on the final required expenditure to October 31, 2013. The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Excalibur Property agreement is as follows:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="119" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:89.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Required expenditure</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Payment to optioner</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Annual stock option obligation</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:5.4pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">$</p></td> <td width="103" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">20,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Total</p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">$</p></td> <td width="103" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">100,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">20,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">50,000</p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>The Longstreet Property</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u><font style="TEXT-DECORATION:none"> </font></u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On January 15, 2010, the Company signed an option agreement (the “Longstreet Agreement”) for the Sole Exclusive Rights to lease and obtain the option to acquire 60 unpatented mining claims totaling approximately 490 hectares known as the “Longstreet Property.”</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The terms of the Longstreet Agreement included an initial cash payment of $20,000, issuance of 25,000 common shares and 25,000 stock options based on “fair market price” to MinQuest. The Longstreet Agreement terms also include cash payments totaling $250,000 over seven years and the issuance of 175,000 common shares and 175,000 stock options based on “fair market price” over the same seven-year period. The Company has agreed to work commitments of $3,550,000 over seven years. Following the seventh anniversary of the agreement, if commitments have been met, the Company shall receive a quitclaim deed for a 100% interest in the property in consideration of a 3% Net Smelter Return. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company recognized prepaid expense of $18,075 at October 31, 2012 in order to satisfy certain deposit requirements by contractors for which corresponding working which had not been completed by the balance sheet date. This will be applied to cumulative expenditure requirements for the year ending January 15, 2013.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The schedule of remaining annual payments, minimum expenditures and number of stock options to be issued pursuant to the Longstreet Agreement is as follows:</p> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="187" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:140.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="101" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Required expenditure</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="117" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Payment to</p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> optioner</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="109" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Annual stock option obligation</p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Annual stock </p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">grant obligation</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="187" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:140.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="HEIGHT:11pt"> <td width="234" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:175.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">January 15, 2013</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$</p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">350,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">36,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="234" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:175.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">January 15, 2014</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">450,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">36,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="234" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:175.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">January 15, 2015</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">550,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">56,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="234" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:175.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">January 15, 2016</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">750,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">56,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="234" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:175.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">January 15, 2017</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1,000,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="117" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">56,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="187" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:140.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$</p></td> <td width="85" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3,100,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="117" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">240,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="109" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">125,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="110" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">125,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="187" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:140.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="85" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.05pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="117" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:87.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="109" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr></table> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><u>The Jet Property</u></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On July 7, 2010, the Company acquired, pursuant to the Jet Agreement, the right to earn a 100% mining interest in the Jet Property located in Nevada. The Jet Agreement calls for the Company to invest a total of $110,000 (consisting of $40,000 in direct payments and $70,000 in expenditures towards development of the project) over the next seven years. Under the Jet Agreement, MinQuest is also entitled to receive residual payments if and when the project enters into production. The Jet Property Option Agreement was amended on September 7, 2012 revising the payment date of the required expenditure to August 31, 2013 for one year only. The schedule of remaining annual payments and minimum expenditures pursuant to the Jet Agreement is as follows:</p> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="119" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:89.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Required expenditure</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Payment to</p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Optioner</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">July 7, 2013</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">5,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">August 31, 2013</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">20,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">July 7, 2014</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">5,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">July 7, 2015</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">5,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">July 7, 2016</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">5,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="344" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:257.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">July 7, 2017</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">5,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Total</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">60,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">30,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of capitalized mineral interests as of October 31, 2012 and April 30, 2012, respectively: </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="105" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">April 30, 2012</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Longstreet Property</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">120,499</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="88" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66.1pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">114,499</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Excalibur Property</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">176,500</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="88" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66.1pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">176,500</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Jet Property</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">15,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="88" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66.1pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">10,000</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:311.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Total</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">311,999</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">$</p></td> <td width="88" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66.1pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">300,999</p></td></tr> <tr> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="416" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="88" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 5– RELATED PARTY TRANSACTIONS</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On October 1, 2008, the Company leased office space for $1,000 per month plus a proportionate share of utilities and insurance from Marlin Property Management, LLC (“Marlin”) an entity owned by the spouse of the Company President. On September 1, 2011, the Company moved its offices to Coeur d’Alene, Idaho and continues to lease space from Marlin at the rate of $1,500 per month. The Company believes this office space and facilities are sufficient to meet its present needs, and do not anticipate any difficulty securing alternative or additional space, as needed, on terms acceptable to us. For the three months ended October 31, 2012 and 2011, $8,643 and $3,078, and for the six months ended October 31, 2012 and 2011, $17,227 and $7,466 was paid to this related entity inclusive of the Company’s pro-rata share of common expenses. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">During the years ended April 30, 2012 and 2011, the Company entered into a series of short term promissory notes, with the spouse of the Company’s then President (and current Chairman of the Board) Lindsay Gorrill, in the amount of $145,400. The notes matured October 1, November 1, December 1, 2011 and January 1, 2012 and bore interest at 12% per annum and have subsequently been extended at the payor's option for an additional six months each. Accrued interest of $5,816 was paid through issuance of 9,693 shares of common stock at $0.60 per share which approximated fair value of the shares at the date of issuance and is included in “Common stock payable” on the Company’s balance sheet at April 30, 2012. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">On or about February 17, 2012, the balance of the short term promissory notes was subsequently converted into debentures as discussed in Note 6. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On or about October 31, 2012, the Company entered into a short term promissory note with the spouse of the Company’s Chairman of the Board, Lindsay Gorrill, in the amount of $30,000. The note matures December 31, 2012 and bears interest at 6% per annum. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 6 - CONVERTIBLE DEBENTURES </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On or about February 17, 2012, the Company issued $900,000 in five percent (5%) convertible debentures which were due one (1) year after their original issue date and were convertible into 9,000,000 shares of the Company’s common stock at the conversion price of $.10 per share. In connection with the issuance the Company issued common stock purchase warrants convertible into 9,000,000 shares of the Company’s common stock at the exercise price of $.15 per share. The warrants expire one (1) year from their original issue date. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">Management recognized a debt discount of $667,571 representing the relative fair value of the detachable warrants, to be amortized over the term of the associated debt. Management determined the fair value of the detachable warrants using a Black-Scholes pricing model with the following inputs: </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Stock price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.60</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$1.15</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercise price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.15</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.15</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected life </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1 year</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1 year</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Weighted average volatility</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">373.9%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">376.2%</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Risk-free rate</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.18%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.18%</p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">Management determined the embedded conversion feature in the debentures constituted a beneficial conversion feature, and recognized a debt discount of $87,029. In calculating the accounting conversion rate of the beneficial conversion feature, the intrinsic value exceeded the debt instrument itself. Therefore, the amount of discount assigned to the feature was limited to the proceeds allocated to the convertible instrument.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">$145,400 of related-party short term promissory notes (Note 5) were converted into the debentures. The Company has considered the impact of ASC 470-50 “Debt-Modifications and Extinguishments” on the conversion of the related-party short term promissory notes and concluded that it constitutes a substantial modification and therefore should be accounted for as an extinguishment of debt. During the year ended April 30, 2012, the Company recognized a loss on extinguishment of the short term promissory notes of $1,639,575 representing the difference between the fair value of the debt and warrants and the carrying value of the original notes. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">As per Note 7, on April 30, 2012, the Company elected to convert all the debentures into common shares pursuant to the terms of the agreement. Therefore, all remaining debt discount was recognized as an expense as of that date. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On June 18, 2012, the Company closed on a private placement of its securities. The placement consisted of issuing two hundred fifty thousand dollars ($250,000) in five percent (5%) convertible debentures. The debentures were due one (1) year from their original issue date and were convertible to 833,333 shares of the Company’s common stock, at the conversion price of $.30 per share, at any time before maturity, solely at the option of the Company. The placement also included the issuance of warrants to the debenture holders, giving the holders thereof the ability to purchase, at the exercise price of $.75 per share, one (1) share of common stock of the Company for each share of Company’s common stock issuable to the holder upon conversion of the debentures issued in conjunction with the warrants. The warrants expire two (2) years from their original issue date. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">Management recognized a debt discount of $119,821 representing the relative fair value of the detachable warrants, to be amortized over the term of the associated debt. Management determined the fair value of the detachable warrants using a Black-Scholes pricing model with the following inputs: </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Stock price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.30</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercise price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.75</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected life </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2 years</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Weighted average volatility</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">275.0%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Risk-free rate</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1.00%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; BACKGROUND:white">On June 18, 2012, the Company elected to convert all the debentures into common shares pursuant to the terms of the agreement. Therefore, all remaining debt discount was recognized as an expense as of that date. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 7 - COMMON STOCK PAYABLE</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On April 30, 2012, the Company elected to convert all convertible debentures (Note 6) into 9,000,000 shares of the Company's common stock at the conversion price of $0.10 per share as per terms of the debenture agreement. The Company also elected to convert $22,276 of accrued interest associated with the debentures to 27,434 shares of common stock at $0.60 per share which approximated fair value of the shares at the date of conversion. On May 10, 2012, the Company issued 9,000,000 shares of common stock to various debenture holders in satisfaction of common stock payable. The Company also issued 27,434 shares of common stock for accrued interest on May 10, 2012 (Note 12).</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">As per terms of their respective employment agreements, the Company authorized the issuance of common stock to executives and management for accrued compensation through April 30, 2012 of $92,000 or 130,333 shares of common stock valued at $0.71 per share which is the average end of month closing price for the period in which compensation was earned. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; tab-stops:7.5in">On May 19, 2012, the Company paid accrued interest of $5,816 with common stock payable. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 8 - REVERSE STOCK SPLIT</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On or about November 30, 2011 the Company received written consents in lieu of a special meeting of the Board and of the Shareholders authorizing the Board to undertake a 1:6 reverse split of the Company's common shares.<font style="BACKGROUND:white"><strong> </strong></font>Pursuant to the reverse split, holders of Star Gold common stock, as of November 30, 2011 (the "Record Date"), received one (1) share of Star Gold common stock in exchange for every six (6) shares of Star Gold common stock held by the shareholder on the Record Date (the "Reverse Split"). The Company's shares immediately prior to the Reverse stock split totaled 63,710,000, which were adjusted to 10,618,333 shares as a result of the Reverse Stock Split. The Reverse Stock Split became effective February 2, 2012 when the Financial Industry Regulatory Authority ("FINRA") approved the Reverse Stock Split. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company's common stock began trading at its post Reverse Stock Split price at the beginning of trading on February 3, 2012. Share, per share, and stock option amounts for all periods presented within this report for common stock and additional paid-in capital have been retroactively adjusted to reflect the Reverse Stock Split.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 9 - WARRANTS</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s warrants outstanding:</p> <div align="center"> <table width="735" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:3.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Weighted Average Exercise Price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="127" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Expiration Date</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:3.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Outstanding at April 30, 2011</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">131,667</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1.75</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">9,000,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.15</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">February 17, 2013</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercised</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(1,350,000)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.15</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expired</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(91,667)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(1.20)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Outstanding at April 30, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">7,690,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.16</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">833,334</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.75</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">June 18, 2014</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Exercised</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(1,711,541)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.15</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Expired</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Outstanding at October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">6,811,793</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.24</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 10 - STOCK OPTIONS</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">In consideration for mining interests on several properties (see Note 4), the Company is obligated to issue a total of 350,000 stock options based on "fair market price" which is considered to be the closing price of the Company's common stock on the grant dates. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company has estimated the fair value of these option grants using the Black-Scholes model for the year ended April 30, 2012 with the following assumptions: </p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.6pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Options issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">75,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Weighted average volatility</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">373.8%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected dividends</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected term (years)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3.00</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Risk-free rate</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2.5%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s options issued and outstanding in conjunction with certain mining interest agreements on several properties:</p> <div align="center"> <table width="731" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="32" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:23.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="269" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:201.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="177" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:132.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">For the six months ended October 31, 2012</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="179" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:134.55pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">For the year ended April 30, 2012</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="32" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:23.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="269" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:201.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="32" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:23.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="269" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:201.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="301" colspan="3" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Beginning balance outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">275,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.36</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">200,000</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.28</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="285" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:213.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">75,000</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.56</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="285" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:213.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expired</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="285" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:213.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercised</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="301" colspan="3" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Ending balance outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">275,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.36</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">275,000</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.36</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="285" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:213.9pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="269" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Future stock option obligations under the terms of property agreements detailed in Note 4 are as follows:</p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><u>Fiscal year ending April 30,</u></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Stock Options</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2013</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">75,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2014</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2015</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2016</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">2017</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">25,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">175,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">As per the agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The consultant options vest on the first day of the following month of service and are exercisable for a period of six months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model for the three months and six months ended October 31, 2012, with the following range of assumptions:</p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Options issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Weighted average volatility range</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">453.0% to 465.9%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected dividends</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expected term (years)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1.00</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Risk-free rate</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.15% to 0.17%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s options issued and outstanding associated with certain consulting agreements:</p> <div align="center"> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="225" colspan="4" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:168.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">October 31, 2012</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Beginning balance outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.45</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expired or forfeited</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="431" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:323.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercised</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="447" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:335.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Ending balance outstanding</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.45</p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The fair value of the consultant options issued as of October 31, 2012 was $1,580. Total charged against operations under the option grants for consulting services was $1,580 for the three and six months ended October 31, 2012. These costs are classified under management and administrative expense.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The Company established the 2011 Stock Option/Restricted Stock Plan. The Stock Option Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On May 30, 2011 the Board of Directors authorized the grant of 326,667 options to purchase shares of common stock of the Company to various directors, officers and consultants. On March 22, 2012, the Board of Directors authorized the grant of 236,667 options to purchase shares of the Company to various directors, officers and consultants. </p> <p style="TEXT-ALIGN:justify">On June 18, 2012 the Board of Directors authorized the grant of 1,725,000 options to purchase shares of common stock of the Company to various directors, officers and consultants. The options have a strike price of $0.30 based on the closing price of the Company's common stock on the date of grant vesting over one year.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <table width="719" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="119" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:89.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">May 30, 2011</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="112" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:83.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">March 22, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="113" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:84.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">June 18, 2012</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:222.35pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Options issued</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">326,666</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">236,667</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1,725,000</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Weighted average volatility</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">276.1%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">350.2%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">302.2%</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Expected dividends</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Expected term (years)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3.1</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3.1</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3.1</p></td></tr> <tr style="HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.15pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Risk-free rate</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="103" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:77.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">3.07%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.56%</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:71.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.41%</p></td></tr></table> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s options issued and outstanding in conjunction with the Company’s Stock Option Plan:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="731" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="177" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:132.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Six months ended October 31, 2012</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="179" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:134.55pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Six months ended</p> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">October 31, 2011</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="308" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:230.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Beginning balance outstanding (b)</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">530,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.83</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">266,667</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$1.80</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Granted </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1,725,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.30</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">326,667</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.90</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Expired or forfeited</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">(63,333)</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">($0.90)</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Exercised</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">-</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="308" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:230.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt">Ending balance outstanding </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,255,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.42</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">530,000</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$1.35</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="292" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:218.85pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59.2pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="82" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> (a) Weighted average exercise price per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> (b) The options were granted to employees, management and consultants by the Board of Directors and had vesting periods from immediate to three years.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following table summarizes additional information about the Company's stock options outstanding as of October 31, 2012:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="731" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="272" colspan="5" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:204pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Options Outstanding</p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="179" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:134.55pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Options Exercisable</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Date of Grant</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td> <td width="16" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Life (b)</p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="20" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Price (a)</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">May 27, 2011</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">293,333</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.90</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">8.83</p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">220,000</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.90</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">March 22, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">236,667</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.78</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">9.65</p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">78,905</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.78</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="230" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:172.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">June 18, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1,725,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.30</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">9.89</p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">862,500</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$0.30</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="214" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:160.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Total options</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,255,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="83" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">1,161,405</p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"><b> </b></p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="214" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:160.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.4pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.8pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="18" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:13.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:61.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:14.95pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="77" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:57.65pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The total value of the stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of October 31, 2012, total unrecognized compensation cost related to stock-based options and awards is $466,732 and the related weighted average period over which it is expected to be recognized is approximately .80 years. There are 1,161,405 options vested under the Plan at October 31, 2012, and 1,093,595 unvested options as of the same date. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The average remaining contractual term of the options both outstanding and exercisable at October 31, 2012 was 9.47 years. No options were exercised during the three months and six months ended October 31, 2012. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">Total compensation charged against operations under the plan for employees and consultants was $159,084 and $23,198 for the three months ended October 31, 2012 and 2011, respectively and $352,469 and $90,062 for the six months then October 31, 2012 and 2011. These costs are classified under management and administrative expense.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The aggregate intrinsic value of options exercisable at October 31, 2012, was $615,545 based on the Company's closing price of $0.53 per common share at October 31, 2012. The Company's current policy is to issue new shares to satisfy option exercises. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">The following is a summary of the Company’s stock options outstanding:</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <div align="center"> <table width="735" style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:3.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Shares</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Weighted Average Exercise Price</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="127" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center">Expiration Date</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="312" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:3.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Stock options issued in conjunction with mineral interest agreements</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">275,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.36</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">April 11, 2019 through April 11, 2022</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Stock options issued pursuant to 2011 Stock Option Plan</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,255,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.43</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">May 30, 2021 through June 18, 2022</p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Stock options issued in lieu of cash for services</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.45</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt">Outstanding at October 31, 2012</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">2,532,000</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">$</p></td> <td width="104" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right">0.42</p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11pt"> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:16.75pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align="center"> </p></td> <td width="313" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:234.7pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> <p style="MARGIN:0in 0in 0pt"> </p></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="104" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:78pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:12pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td> <td width="127" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:95.45pt; PADDING-RIGHT:5.4pt; HEIGHT:11pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> <p style="TEXT-ALIGN:right; MARGIN:0in 0in 0pt" align="right"> </p></td></tr> <tr> <td width="22" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="17" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="296" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="20" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td> <td width="125" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; BACKGROUND-COLOR:transparent; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0"></td></tr></table></div> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b> </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"><b>NOTE 11 – STOCKHOLDERS’ EQUITY (DEFICIT)</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On May 10, 2012, the Company issued 9,000,000 shares of common stock to various debenture holders in satisfaction of common stock payable at April 30, 2012 as discussed in Note 7. The Company also issued 27,434 shares of common stock for accrued interest as discussed in Note 7. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On May 16, 2012, an individual exercised 250,000 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On May 25, 2012, an individual exercised 200,000 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On June 1, 2012, the Company issued 130,333 shares of common stock to executives in satisfaction of employment agreements for accrued compensation through April 30, 2012. These shares were value at $92,000 or $0.71 per share which is the average end of month closing price for the period in which compensation was earned.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On June 13, 2012, an individual exercised 30,000 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On June 18, 2012, a individual exercised 333,333 common stock purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On July 27, 2012, the Company issued 166,667 shares of common stock in satisfaction of common stock payable. These shares were valued at $0.30 per share or $50,000 representing the conversion price per share at date of conversion.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On August 20, 2012, an individual exercised 50,000 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; tab-stops:7.5in">On August 22, 2012, common stock payable of $200,000 was paid through issuance of 666,667 shares of common stock at $0.30 per share which represented the conversion price of $0.30 per share and is included in "Common stock payable" on the Company's balance sheet at October 31, 2012. </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; tab-stops:7.5in"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; tab-stops:7.5in">On September 5, 2012, common stock payable of $5,816 was paid through issuance of 9,693 shares of common stock at $0.60 per share which approximated fair value of the shares at the date of issuance and is included in “Common stock payable” on the Company’s balance sheet at October 31, 2012.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt; tab-stops:7.5in">On September 5, 2012, common stock payable of $45,000 was paid through issuance of 300,000 shares of common stock at $0.15 per share and is included in “Common stock payable” on the Company’s balance sheet at October 31, 2012.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On October 12, 2012, individuals exercised 120,000 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt">On October 29, 2012, an individual exercised 261,543 share purchase warrants at $0.15 per share.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt"> </p>
0001401835
2012-08-01
2012-10-31
0001401835
2012-10-31
0001401835
2012-04-30
0001401835
2011-08-01
2011-10-31
0001401835
2012-05-01
2012-10-31
0001401835
2011-05-01
2011-10-31
0001401835
2008-12-06
2012-10-31
0001401835
2011-10-31
0001401835
2006-12-08
2012-10-31
0001401835
2011-04-30
iso4217:USD
shares
iso4217:USD
shares