10-Q 1 form10q.htm IMAGIN MOLECULAR CORP 10-Q 3-31-2010 form10q.htm


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


FORM 10-Q

(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended
MARCH 31, 2010

OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from ___________________________ to ___________________________

Commission file number 000-23873

IMAGIN MOLECULAR CORPORATION

(Exact Name of Registrant as specified in its charter)

Delaware
13-4099008
(State or Other Jurisdiction of Incorporation or Organization)
(IRS Employer Identification No.)

3 Grant Square, #315
 
Hinsdale, Illinois
60521
(Address of Principal Executive Offices)
(Zip Code)

Issuer’s Telephone Number, Including Area Code:  (630) 230-8734
 
 
Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes Q No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ¨ No ¨
 
Indicate by check mark whether the registrant is a larger accelerated filer, an accelerated filer, a non-accelerated or a smaller reporting company. See the definition of "large accelerated filer, accelerated filer and smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one)
 
Large accelerated filer            ¨
Accelerated filer ¨
 Non-accelerated filer             ¨
Smaller reporting company Q
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes ¨             No Q
 
The numbers of shares outstanding of each of the issuer's classes of common equity, as of May 19, 2010 are as follows:
 
Class of Securities
 
Shares Outstanding
Common Stock, $0.001 par value
 
75,000,000
 


 
1

 

IMAGIN MOLECULAR CORPORATION
FOR THE QUARTER ENDED MARCH 31, 2010
TABLE OF CONTENTS

INDEX
Page
 
 
PART I  - FINANCIAL INFORMATION
 
 
 
3
 
 
3
 
 
4
 
 
5
 
 
6
 
 
10
 
 
12
 
 
12
 
 
PART II-OTHER INFORMATION
 
 
 
13
 
 
13
 
 
13
 
 
13
 
 
13


PART 1 – FINANCIAL INFORMATION
 
ITEM 1.  Financial Statements
 
IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
ASSETS
 
March 31, 2010 (unaudited)
   
December 31, 2009
 
Current assets:
 
 
   
 
 
Cash
  $ 98     $ 140  
Due from affiliate
    --       --  
Machine held for sale
    --       --  
                 
Total current assets
    98       140  
                 
                 
Other assets:
               
Investment in securities of Positron Corporation
    254,945       286,773  
                 
Total assets
  $ 255,043     $ 286,913  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
Current liabilities:
               
Accounts payable
  $ 48,238     $ 48,238  
Accrued expenses
    576,499       562,836  
Due to affiliate
    29,224       29,224  
                 
Total current liabilities
    653,961       640,298  
                 
Majority interest in consolidated subsidiary
    230,058       230,058  
                 
Total liabilities
    884,019       870,356  
                 
Stockholders’ deficit:
               
Preferred Stock, $0.001 par value; 5,000,000 shares authorized
    --       --  
Common stock, $0.001 par value; 95,000,000 shares authorized, 75,000,000 and 74,443,284 shares issued and outstanding
    75,000       74,443  
Additional paid-in capital
    4,150,687       4,112,274  
Accumulated deficit
    (4,854,663 )     (4,770,160 ) )
                 
Total stockholders’ deficit
    (628,976 )     (583,443 )
                 
Total liabilities and stockholders’ deficit
  $ 255,043     $ 286,913  

See accompanying notes to the financial statements.


IMAGIN MOLECULAR CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   
Three Months Ended
 
   
March 31, 2010
   
March 31, 2009
 
             
Revenues:
  $ --     $ --  
                 
Costs of revenues:
    --       90,315  
                 
Gross loss
    --       (90,315 )
                 
Operating expenses:
               
Marketing, general and administrative
    52,675       18,193  
                 
Total operating expenses
    52,675       18,193  
                 
Loss from operations
    (52,675 )     (108,508 )
                 
Interest expense
    --       (10,965 )
Equity in losses of Positron Corporation
    (31,828 )     (17,467 )
                 
Loss from continuing operations  before income taxes
    (84,503 )     (136,940 )
                 
Income taxes
    --       --  
                 
Net loss
  $ (84,503 )   $ (136,940 )
                 
Loss per share
  $ (0.0011 )   $ (0.0019 )
                 
Weighted average common shares:
    74,847,056       73,663,284  

See accompanying notes to the financial statements.


IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
   
March 31, 2010
   
March 31, 2009
 
   
 
   
 
 
Cash flows from operating activities:
 
 
   
 
 
Net loss
  $ (84,503 )   $ (136,940 )
Adjustment to reconcile net loss to net cash provided by (used in) operating activities
               
Depreciation expense
    --       245  
Loss on disposal of assets
    --       2,925  
Equity in losses of Positron Corporation
    31,828       17,467  
Common stock issued for services
    38,970       --  
Changes in operating assets and liabilities:
               
Accounts payable and accrued liabilities
    13,663       99,402  
                 
Net cash used in operating activities
    (42 )     (16,901 )
                 
Cash flows from financing activities:
               
Advance from affiliate
    --       16,155  
                 
Net cash provided by financing activities
    --       16,155  
                 
Net decrease in cash
    (42 )     (746 )
                 
Cash at beginning of period
    140       942  
                 
Cash at end of period
  $ 98     $ 196  
                 
Supplemental cash flow information:
               
Interest paid
  $ --     $ --  
Income taxes paid
    --       --  
 
See accompanying notes to the financial statements.


IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


NOTE 1. BUSINESS ORGANIZATION

Imagin Molecular Corporation (“Imagin” or the “Company”) was originally incorporated under the laws of the State of Delaware.  Imagin commenced operations upon incorporation and was in the development stage through the first quarter of 2006 and through that period had very little revenue.  Imagin’s subsidiary Cipher Multimedia, Inc (“Cipher”) operated Imagin’s original business, a digital distribution solution and marketing company which secures and allows access to digital content through proprietary encoding, encryption and authorization technology.

In 2005 Imagin’s Board of Director’s resolved to change the Company’s principal operations from multimedia encryption technology to positron emission tomography and medical imaging. Operations began in the second quarter of 2006 and the Company no longer operated in the development stage. On March 20, 2007, the Company’s Board of Directors authorized the spin-off of Cipher to the Company’s Shareholders of record on March 26, 2007. Solely from an accounting perspective, the results of Cipher are presented as discontinued operations in the Company’s consolidated statements of operations and cash flows.

Imagin Molecular Corporation, through its subsidiary Imagin Nuclear Partners (“INP”), engages in the business and operations of positron emission tomography (PET). The Company engages in the ownership of PET imaging center and the diagnosis and treatment of cancer, heart, and neurological diseases. It provides myocardial perfusion imaging technology, and related technical and educational services to diagnose and treat patients with coronary artery disease, and patients who are at risk of developing coronary heart disease. The Company also offers cardiovascular PET and noninvasive coronary artery disease reversal programs to general/family/internal medicine physicians in the United States.

The Company is actively seeking a partner to assist in the execution of its business and operation’s plan moving forward.

 
Positron Acquisition Corp.

On April 19, 2005, the Company organized a wholly owned subsidiary, under the laws of the state of Nevada, named Positron Acquisition Corp. (“PAC”).  Imagin’s original intent to create PAC was to acquire controlling interest in Positron Corporation (“Positron”), a publicly owned Texas corporation.

The Company holds 722,358 shares of Positron Corporation Series B Preferred Stock and 4,000,000 shares of the Positron Common Stock.


NOTE 2.  BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. 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 Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation for the interim periods have been included. Operating results for the three month period ended March 31, 2010, are not necessarily indicative of the results that may be expected for the year ending December 31, 2010. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis of Financial Position and Results of Operations” should be read in conjunction with our company’s audited financial statements and related notes included in our company’s Form 10-K for the year ended December 31, 2009.


NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For a summary of significant accounting policies (which have not changed from December 31, 2009), see the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.


Principles of Consolidation and Nature of Operations

For the periods ended March 31, 2010 and 2009, the financial statements include the accounts and transactions of Imagin Molecular Corporation and its subsidiaries Cipher Multimedia, Inc. (a discontinued operation), Positron Acquisition Corp. and Imagin Nuclear Partners Corporation. All Intercompany transactions and balances have been eliminated.

Recently Issued Accounting Pronouncements
 
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.


NOTE 4.  GOING CONCERN

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.  The Company has sustained losses since inception and has accumulated losses of $4,854,663 and total stockholders’ deficit of $628,976 as of March 31, 2010.  The Company will need to raise additional capital to continue operations.

The Company has made a significant investment into the securities of Positron Corporation, a publicly owned Texas Corporation and affiliate of the Company (“Positron”).  As of December 31, 2009, the Company held 4,000,000 shares of Positron’s common stock and 722,358 shares of Positron’s Series B Convertible Preferred stock.

While the Company is expending its best efforts to achieve its operating goals, there is no assurance that such activity will generate sufficient funds to accomplish its business purpose, or that the Company’s business plan will be successful. Furthermore, there can be no assurance that amounts invested in and advanced to Positron Corporation will ever be realized.


NOTE 5.  INVESTMENT IN SECURITIES OF POSITRON CORPORATION

At March 31, 2010, the Company owned 4,000,000 shares of Positron Corporation’s common stock, representing .97% of the outstanding common stock, and 722,358 of Positron’s Series B Preferred Shares or approximately 11% of the class. The Company accounts for its investment in the securities of Positron Corporation under the equity method of accounting. Based on its percentage of ownership of Positron common stock, for the three months ended March 31, 2010 and 2009, the Company recorded equity in the losses of Positron of $31,828 and $17,467, respectively, reducing the carrying value of the Positron securities to $254,945 at March 31, 2010.

Summarized financial information for Positron for the three months ended March 31, 2010 and 2009 follows:

 
  Three Months Ended March 31, 2010    
Three Months Ended March 31, 2009
 
Revenues
  $ 467,000     $ 367,000  
Loss from operations
    (3,146,000 )     (527,000 )
Net loss
    (3,265,000 )     (746,000 )
Loss per share
  $ (0.01 )   $ (0.01 )
Weighted average shares outstanding
    410,371,000       170,733,440  
 
 
 
March 31, 2010
 
Current assets
  $ 1,540,000  
Total assets
    1,667,000  
Current liabilities
    8,887,000  
Total liabilities
    9,147,000  
Stockholders’ deficit
    (7,480,000 )
Common shares outstanding
    455,620,000  

The underlying common shares related to anti-dilutive securities not included in Positron’s net loss per share calculation as of March 31, 2010 were as follows:

Convertible Series A Preferred Stock
    457,000  
Convertible Series B Preferred Stock
    634,599,000  
Convertible Series G Preferred Stock
    5,829,000  
Convertible Series S Preferred Stock
    1,000,000,000  
Stock Warrants
    190,642,000  
Stock Options
    26,645,000  
      250,000,000  
      2,108,172,000  


NOTE 6. STOCKHOLDERS’ DEFICIT

On January 25, 2010, the Company issued 556,716 shares of common stock to it Chief Financial Officer as compensation.  On the date the shares were issued the common stock had a fair market value of $0.07 per share.  For the three months ended March 31, 2010, the Company recorded compensation expense of $38,970 to the shares issued.


NOTE 7. INCOME TAXES

The Company has incurred losses since its inception and, therefore, has not been subject to federal income taxes.  As of March 31, 2010, the Company had net operating loss (“NOL”) carryforwards for income tax purposes of approximately $6,000,000, which expire in 2022 through 2029.  Under the provisions of Section 382 of the Internal Revenue Code the greater than 50% ownership change of the Company’s common stock limits the Company’s ability to utilize its NOL carryforwards to reduce future taxable income and related tax liabilities.

Section 382 allows an owner shift any time there is a transfer of stock by a person who directly, or indirectly, owns more than 5% of the corporation and the percentage of stock of the corporation owned by one or more five percent shareholders has increased, in the aggregate, by more than 50 percentage points over the lowest percentage of stock owned by such shareholders at any time during the "testing period."  The "testing period" is generally a three-year period ending on the date of any owner or equity structure shift.

The amount of post-change income that may be offset by pre-change losses is limited each year by the "Section 382 Limitation." Generally, the Section 382 Limitation is an amount equal to the value of the old loss corporation multiplied by a long-term interest rate established monthly by the Internal Revenue Service
 
Deferred income taxes consist of the following as of March 31, 2010 and December 31, 2009:

 
 
March 31, 2010
 
 
December 31, 2009
 
 
 
 
 
 
 
 
Deferred tax assets
 
 
 
 
 
 
Net operating loss carryforwards
 
$
1,535,000
 
 
$
1,500,000
 
Unrealized loss on investment impairment and equity in losses of Positron Corporation
   
503,000
     
442,000
 
Stock Based Compensation
   
285,000
     
272,000
 
 
 
 
2,323,000
 
 
 
2,214,000
 
Valuation allowance
 
 
(2,323,000)
 
 
 
(2,214,000)
 
 
 
$
-
 
 
$
-
 

Due to the uncertainty of future realization of the net deferred tax asset, a valuation allowance has been placed against this asset.


ITEM 2.  Management's Discussion And Analysis Of Financial Condition And Results Of Operation

The Company is including the following cautionary statement in this Quarterly Report on Form 10-Q to make applicable and utilize the safe harbor provision of the Private Securities Litigation Reform Act of 1995 regarding any forward-looking statements made by, or on behalf of, the Company.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts.  Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, examination of historical operating trends, data contained in records and other data available from third parties, but there can be no assurance that the Company’s expectations, beliefs or projections will result, or be achieved, or be accomplished.

Overview

Imagin Molecular Corporation, through its subsidiaries, has engaged in the business and operations of positron emission tomography (PET). The Company engaged in the ownership of PET imaging center and the diagnosis and treatment of cancer, heart, and neurological diseases. It provides myocardial perfusion imaging technology, and related technical and educational services to diagnose and treat patients with coronary artery disease, and patients who are at risk of developing coronary heart disease. The Company also offers cardiovascular PET and noninvasive coronary artery disease reversal programs to general/family/internal medicine physicians in the United States.
 
Although not currently engaged in any PET imaging operations, the Company is actively seeking a partner to assist in the execution of its business and operation’s plan moving forward.

Comparison of the Results of Operations for the Three Months ended March 31, 2010 and 2009

During the three months ended March 31, 2010 the Company had a net loss of $84,503 compared to a net loss of $136,940 for the three months ended March 31, 2009.
 
For the three months ended March 31, 2009 costs of revenues were $90,315. The Company terminated its agreement with the supplier of rubidium, the pharmaceutical agent used in the PET scanning process. However, under the terms of its agreement with the supplier, the Company was required give a 90 day notice prior to terminating the agreement. Consequently, the Company recorded an additional $90,315 of costs despite not recording any lease revenue.

Operating expenses were $52,675 and $18,193 for the three months ended March 31, 2010 and 2009, respectively. For the three months ended March 31, 2010, the Company recorded compensation expense of $38,970 for shares of common stock issued to its Chief Financial Officer.

For the three months ended March 31, 2009, interest expense on notes payable was $10,965. In October 2009, the Company satisfied its obligation with respect to the notes.

For the three months ended March 31, 2010 and 2009, the Company recorded equity in the losses of Positron of $31,828 and $17,467, respectively.

Liquidity and Capital Resources
 
At March 31, 2010, the Company had current assets of $98 and current liabilities of $653,961 compared to December 31, 2009 when the Company had current assets and current liabilities of $140 and $640,298, respectively.

Current liabilities at March 31, 2010 include accounts payable and accrued expenses of $624,737 and amounts due affiliated companies totaling $29,224.

Net cash used in operating activities during the three months ended March 31, 2010 was $42 compared to $16,901 during the three months ended March 31, 2009.   Overall, the decrease is attributable to a lower net loss during the three months ended March 31, 2010 as compared to the three months ended March 31, 2009.


The Company did not have any investing activities during the three months ended March 31, 2010 or March 31, 2009.

Net cash provided by financing activities was $16,155 for the three months ended March 31, 2009 which represents advances from Positron Corporation, an affiliated company. The Company did not record any financing activity during the three months ended March 31, 2010.

On March 31, 2010 the Company had an accumulated deficit of $4,854,663and total stockholders’ deficit of $628,976.  The Company is dependent on debt or equity financings to resolve the Company’s liquidity issues and allow it to continue to operate as a going concern.

Effects of Inflation
 
The Registrant believes that the relatively low rate of inflation over the past few years has not had a significant impact on the Registrant's financial position or operating results.
 
Forward Looking Statements
 
This report includes "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be considered "forward looking statements". Such statements are included, among other places in this registration statement, in the sections entitled "Management's Discussion and Analysis or Plan of Operation," "Description of Business" and "Description of Property." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Registrant can give no assurance that such expectations will prove to have been correct.


ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk
 
The Company is not exposed to market risk related to interest rates or foreign currencies.
 
 
ITEM 4. Controls And Procedures
 
Disclosure Controls and Procedures

Based upon an evaluation of the effectiveness of disclosure controls and procedures, our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were not effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the SEC and is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.  As reported in our Annual Report on Form 10-K for the year ended December 31, 2009, the Company’s chief executive and financial officer has determined that there are material weaknesses in our disclosure controls and procedures.

The material weaknesses in our disclosure control procedures are as follows:

 
1.
Lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions. In the case of the Company’s recent restatement of the investment in Positron securities, a periodic review (not less than quarterly) and discussion of significant transactions (i.e. increasing advances to a related party) may have led to more timely adoption of the proper method of accounting.

 
2.
Audit Committee and Financial Expert. The Company does not have a formal audit committee with a financial expert, and thus the Company lacks the board oversight role within the financial reporting process.

We intend to initiate measures to remediate the identified material weaknesses including, but not necessarily limited to, the following:

 
·
Establishing a formal review process of significant accounting transactions that includes participation of the Chief Executive Officer, the Chief Financial Officer and the Company’s corporate legal counsel.

 
·
Form an Audit Committee that will establish policies and procedures that will provide the Board of Directors a formal review process that will among other things, assure that management controls and procedures are in place and being maintained consistently.

Changes in Internal Control over Financial Reporting

As reported in our Annual Report on Form 10-K for the year ended December 31, 2009, management is aware that there a significant deficiency and a material weakness in our internal control over financial reporting and therefore has concluded that the Company’s internal controls over financial reporting were not effective as of December 31, 2009. The significant deficiency relates to a lack of segregation of duties due to the small number of employees involvement with general administrative and financial matters.  The material weakness relates to a lack of formal policies and procedures necessary to adequately review significant accounting transactions. 

There have not been any changes in the Company's internal control over financial reporting during the quarter ended March 31, 2010 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.


FORM 10-Q
SEPTEMBER 30, 2008

PART II - OTHER INFORMATION
 
ITEM 1. Legal Proceedings
 
None.
 
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
None.
 
ITEM 3. Defaults Upon Senior Securities
 
None.
 
ITEM 4. Other Information

ITEM 5. Exhibits

(a)  Exhibit Index

Exhibit
 
Description of the Exhibit
   
 
31.1
 
Chairman of the Board Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2
 
Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1
 
Chairman of the Board Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
 
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.


SIGNATURES
 
Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hinsdale, State of Illinois on May 17, 2010.
 
Imagin Molecular Corporation
 
Date:     May 19, 2010
 /s/ Joseph G. Oliverio
 
Joseph G. Oliverio
 
Chief Executive Office, Director
 
(principal executive officer)
 
 
Date:    May 19, 2010
/s/ Corey N. Conn
 
Corey N. Conn
 
Chief Financial Officer
 
(principal accounting officer)
 

 
EXHIBIT INDEX


Exhibit
 
Description of the Exhibit
 
Chairman of the Board Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
     
 
Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
     
 
Chairman of the Board Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.#
     
 
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.#
 
* Filed herewith
 
# Furnished herewith
 
 
14