0001615774-17-001341.txt : 20170330 0001615774-17-001341.hdr.sgml : 20170330 20170330160220 ACCESSION NUMBER: 0001615774-17-001341 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170330 DATE AS OF CHANGE: 20170330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Celsius Holdings, Inc. CENTRAL INDEX KEY: 0001341766 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 202745790 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55663 FILM NUMBER: 17725637 BUSINESS ADDRESS: STREET 1: 2424 N. FEDERAL HWY STREET 2: SUITE 208 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 561-276-2239 MAIL ADDRESS: STREET 1: 2424 N. FEDERAL HWY STREET 2: SUITE 208 CITY: BOCA RATON STATE: FL ZIP: 33431 FORMER COMPANY: FORMER CONFORMED NAME: VECTOR VENTURES CORP. DATE OF NAME CHANGE: 20051018 10-K 1 s105632_10k.htm 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-K

  

ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d)

OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2016

 

Commission File No. 000-55663

 

CELSIUS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 20-2745790
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)

 

2424 N Federal Highway, Suite 206. Boca Raton, Florida 33431

(Address of Principal Executive Offices)

 

(561) 276-2239

(Registrant’s telephone number, including area code)

 

 
(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered under Section 12(b) of the Exchange Act: None

 

Name of each exchange on which registered – Not applicable

 

Securities registered under Section 12(g) of the Exchange Act:

 

Common Stock, $0.001 par value

(Title of Class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes x No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. x Yes ¨ No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

 

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

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large 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 x

 

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

 

The aggregate market value of the common stock held by non-affiliates of the Registrant was approximately $29,953,850 as of June 30, 2016, based on the closing price of $2.29 for the Company’s common stock on such date on the OTCQX tier of the over-the-counter market maintained by OTC Markets Group, Inc. For purposes of the foregoing computation, all executive officers, directors and 10% beneficial owners of the Registrant are deemed to be affiliates.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. There were 43,905,241 shares of common stock outstanding as of March 30, 2017.

 

DOCUMENTS INCORPORATED BY REFERENCE: No documents are incorporated by reference into this Report except those Exhibits so incorporated as set forth in the Exhibit index.

 

 

 

 

TABLE OF CONTENTS

 

  Page
     
Part I    
     
Item 1. Business. 3
Item 1A. Risk Factors. 9
Item1B. Unresolved Staff Comments. 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures. 17
     
Part II    
     
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 18
Item 6. Selected Financial Data. 19
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 19
Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 21
Item 8. Financial Statements and Supplementary Data 22
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 22
Item 9A. Controls and Procedures. 22
Item 9B. Other Information. 23
     
Part III    
     
Item 10. Directors, Executive Officers and Corporate Governance. 24
Item 11. Executive Compensation. 28
Item 12. Security Ownership of Certain Beneficial Owners and Management. 31
Item 13. Certain Relationships and Related Transactions. 33
Item 14. Principal Accountant Fees and Services. 34
     
Part IV    
     
Item 15. Financial Statements and Exhibits.  
    34
Signatures    

 

 2 

 

 

When used in this Annual Report on Form 10-K (this “Report”), unless otherwise indicated, the terms “the Company,” “Celsius,” “we,” “us” and “our” refers to Celsius Holdings, Inc. and its subsidiaries.

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Report contains forward-looking statements that reflect our current views about future events. We use the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks and other factors include described in “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Report.

 

PART I

 

Item 1. Business

 

Overview

 

We are engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name. According to multiple clinical studies we funded, a single serving of Celsius® burns 100 to 140 calories by increasing a consumer’s resting metabolism an average of 12% and providing sustained energy for up to a three-hour period. Our exercise focused studies show Celsius delivers additional benefits when consumed prior to exercise. The studies show benefits such as increase in fat burn, increase in lean muscle mass and increased endurance.

 

We seek to combine nutritional science with mainstream beverages by using our proprietary thermogenic (calorie-burning) MetaPlus® formulation, while fostering the goal of healthier everyday refreshment by being as natural as possible without the artificial preservatives often found in many energy drinks and sodas. Celsius® has no artificial preservatives, aspartame or high fructose corn syrup and is very low in sodium. Celsius® uses good-for-you ingredients and supplements such as green tea (EGCG), ginger, calcium, chromium, B vitamins and vitamin C. The main Celsius line of products are sweetened with sucralose, a sugar-derived sweetener that is found in Splenda®, which makes our beverages low-calorie and suitable for consumers whose sugar intake is restricted.

 

We have undertaken significant marketing efforts aimed at building brand awareness, including a wide variety of marketing vehicles such as television, radio, digital, social media, sponsorships, and magazine advertising. We also undertake various promotions at the retail level such as coupons and other discounts in addition to in-store sampling.

 

We do not directly manufacture our beverages, but instead outsource the manufacturing process to established third-party co-packers. We do, however, provide our co-packers with flavors, ingredient blends, cans and other raw materials for our beverages purchased by us from various suppliers.

 

Recent Developments

 

Product Line Extension

 

On February 28, 2017, Celsius announced its first product line extension, which is intended to broaden its reach into the natural channel. The new line has six refreshing flavors: three sparkling - grapefruit, cucumber lime, orange pomegranate and three non-carbonated - pineapple coconut, watermelon berry and strawberries & cream. We expect our new natural line to start being available at retailers on a limited basis by April 2017.

 

 3 

 

 

Private Offering

 

Between December 30, 2016 and March 14, 2017, the Company raised an aggregate of $15.0 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors. Investors in the private placement included:

 

·                     CD Financial, LLC (533,333 Shares), an existing shareholder of record affiliated with Carl DeSantis, one of our principal shareholders and William H. Milmoe, a director;

 

·                     Charmnew Limited (800,000 Shares), an existing shareholder of record affiliated with Li Ka Shing, one of our principal shareholders;

 

·                     Grieg International Limited (533,333 Shares), an existing shareholder of record affiliated with Chau Hoi Shuen Solina, one of our principal shareholders; and

 

·                     Nu Horizons Investment Group, LLC (433,333 Shares), an existing shareholder of record affiliated with Tim Leissner, a director and one of our principal shareholders; and Russell Simmons, one of our principal shareholders.

 

The net proceeds from the sale of the Shares are being used for:

 

  · expansion of Celsius’ Asian and other foreign distribution efforts;

 

  · additional domestic marketing and sales activities for the Company’s products;

 

  · additional product innovation efforts; and

 

  · working capital and other general corporate purposes.

 

Retirement of our President and Chief Executive Officer

 

Effective March 1, 2017, Gerry David, Celsius’ President and Chief Executive Officer retired from such positions with the Company. Pending our board of directors identifying and retaining a new President and Chief Executive Officer, John Fieldly, the Company’s Chief Financial Officer will serve in such additional capacities on an interim basis. Mr. David will continue to serve as a consultant to the Company through December 31, 2017.

 

Corporate History

 

We were incorporated in Nevada on April 26, 2005 under the name “Vector Ventures, Inc.” and originally we engaged in mineral exploration. Such business was unsuccessful. On January 26, 2007, we acquired the Celsius® beverage business of Elite FX, Inc., a Florida corporation engaged in the development of “functional” beverages since 2004 in a reverse merger, and subsequently changed our name to Celsius Holdings, Inc. In addition, on March 28, 2007, the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.

 

The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the “Jobs Act”) and as such, may elect to comply with certain reduced public company reporting requirements for future filings.

 

Our Products

 

Celsius® calorie-burning beverages were first introduced to the marketplace in 2005.

 

According to multiple clinical studies we funded, a single serving (12 ounce can) of Celsius® burns 100 to 140 calories by increasing a consumer’s metabolism an average of 12% for up to a three-hour period. In addition, these studies have indicated that drinking a single serving of Celsius® prior to exercising may improve cardiovascular health and fitness and enhance the loss of fat and gain of muscle from exercise.

 

 4 

 

 

We seek to combine nutritional science with mainstream beverages by using our proprietary thermogenic (calorie-burning) MetaPlus® formulation, while fostering the goal of healthier everyday refreshment by being as natural as possible without the artificial preservatives often found in many energy drinks or sodas. Celsius® has no chemical preservatives, aspartame or high fructose corn syrup and is very low in sodium. Celsius® uses good-for-you ingredients and supplements such as green tea (EGCG), ginger, calcium, chromium, B vitamins and vitamin C. Celsius is sweetened with sucralose, a sugar-derived sweetener that is found in Splenda®, which makes our beverages low-calorie and suitable for consumers whose sugar intake is restricted. Each 12 ounce can of Celsius® contains 200 milligrams of caffeine which is comparable to one 12 ounce cup of coffee from the leading coffeehouse.

 

Our original Celsius® product line is currently offered in seven flavors: orange, wild berry, cola, grape, and watermelon (which are carbonated), and non-carbonated green tea raspberry/acai, and green tea/peach mango. Our beverages are sold in 12 ounce cans, and we have recently begun to market the active ingredients in powdered form in individual On-The-Go packets as well as multiple serving canisters. In addition to being sugar free, our original ready-to -drink product line is non-GMO, kosher and vegan certified and soy and gluten free.

 

In February 2017, Celsius announced its first product line extension, which is intended to broaden its reach into the natural channel. The new line has six refreshing flavors: three sparkling - grapefruit, cucumber lime, orange pomegranate and three non-carbonated - pineapple coconut, watermelon berry and strawberries & cream. The natural line extension boasts a clean ingredient panel featuring 100% natural caffeine-from-green-coffee bean extract, and an all-natural sweetener. Like the original Celsius® products, our new natural ready-to -drink beverages are non-GMO, kosher and vegan certified and soy and gluten free. We expect our new natural line to start being available at retailers on a limited basis by April 2017.

 

Celsius® is packaged in a distinctive 12 ounce sleek can that uses vivid colors in abstract patterns to create a strong on-shelf impact. The cans are sold as singles or in four-packs. We have recently redesigned our packaging to provide a cleaner, crisper and more modern look.

 

We target a niche in the functional beverage segment of the beverage industry consisting of consumers seeking calorie-burning beverages to help them manage their weight and enhance their exercise regimen. Our target consumers are generally individuals that exercise two to five times a week and are concerned about their health.

 

Clinical Studies

 

It is our belief that clinical studies substantiating product claims will become more important as more and more beverages are marketed with health claims. Celsius® was one of the first functional beverages to be launched along with a clinical study. Celsius® is also one of very few functional beverages that has clinical research on the actual product itself. Some beverage companies that do mention studies backing their claims are referencing independent studies conducted on one or more of the ingredients in the product. We believe that it is important and will become more important to have studies on the actual product.

 

We have funded seven U.S. based clinical studies for Celsius®. Each was conducted by a research organization and each studied the total Celsius® formula. The first study was conducted by the Ohio Research Group of Exercise Science & Sports Nutrition. The remaining studies were conducted by the Applied Biochemistry & Molecular Physiology Laboratory of the University of Oklahoma. We funded all of the studies and provided Celsius® beverage for the studies. However, none of our directors, executive officers or principal shareholders is in any way affiliated with either of the two research organizations which conducted the studies.

 

The first study was conducted in 2005 by the Ohio Research Group of Exercise Science & Sports Nutrition www.ohioresearchgroup.com. The Ohio Research Group of Exercise Science & Sports Nutrition is a multidisciplinary clinical research team dedicated to exploring the relationship between exercise, nutrition, dietary supplements and health. This placebo-controlled, double-blind cross-over study compared the effects of Celsius® and the placebo on metabolic rate. Twenty-two participants were randomly assigned to ingest a 12 ounce serving of Celsius® and on a separate day a serving of twelve ounces of Diet Coke®. All subjects completed both trials using a randomized, counterbalanced design. Randomized means that subjects were selected for each group randomly to ensure that the different treatments were statistically equivalent. Counterbalancing means that individuals in one group drank the placebo on the first day and drank Celsius® on the second day. The other group did the opposite. Counterbalancing is a design method that is used to control “order effects.” In other words, this was done to make sure that the order that subjects were served does not impact the results and analysis.

 

 5 

 

 

Metabolic rate (via indirect calorimetry, measurements taken from breaths into and out of calorimeter) and substrate oxidation (via respiratory exchange ratios) were measured at baseline (pre-ingestion) and for ten minutes at the end of each hour for three hours post-ingestion. The results showed an average increase of metabolism of twelve percent over the three-hour period, compared to a statistically insignificant change for the control group. Metabolic rate, or metabolism, is the rate at which the body expends energy. This is also referred to as the “caloric burn rate.” Indirect calorimetry calculates heat that living organisms produce from their production of carbon dioxide. It is called “indirect” because the caloric burn rate is calculated from a measurement of oxygen uptake. Direct calorimetry would involve the subject being placed inside the calorimeter for the measurement to determine the heat being produced. Respiratory Exchange Ratio is the ratio oxygen taken in a breath compared to the carbon dioxide breathed out in one breath or exchange. Measuring this ratio can be used for estimating which substrate (fuel such as carbohydrate or fat) is being metabolized or ‘oxidized’ to supply the body with energy.

 

The second study was conducted by the Applied Biochemistry & Molecular Physiology Laboratory of University of Oklahoma in 2007. This blinded, placebo-controlled study was conducted on a total of 60 men and women of normal weight. An equal number of participants were separated into two groups to compare one serving (a single 12 ounce can) of Celsius® to a placebo of the same amount. According to the study, those subjects consuming Celsius® burned significantly more calories versus those consuming the placebo, over a three-hour period. The study confirmed that over the three-hour period, subjects consuming a single serving of Celsius® burned 65% more calories than those consuming the placebo beverage and burned an average of more than 100 to 140 calories compared to the placebo. These results were statistically significant.

 

The third study, conducted by the Applied Biochemistry & Molecular Physiology Laboratory of University of Oklahoma in 2007, extended our second study with the same group of 60 individuals and protocol for 28 days and showed the same statistical significance of increased calorie burn (minimal attenuation). While the University of Oklahoma study did extend for 28 days, more testing would be needed for long term analysis of the Celsius® calorie-burning effects. Also, although these studies were on relatively small numbers of subjects, they have statistically significant results. Additional studies on a larger number and wider range of body compositions can be considered to further the analysis.

 

Our fourth study, conducted by the Applied Biochemistry & Molecular Physiology Laboratory of University of Oklahoma in 2009, combined Celsius® use with exercise. This ten-week placebo-controlled, randomized and blinded study was conducted on a total of 37 subjects. Participants were randomly assigned into one of two groups: Group 1 consumed one serving of Celsius® per day, and Group 2 consumed one serving of an identically flavored and labeled placebo beverage. Both groups participated in ten weeks of combined aerobic and weight training, following the American College of Sports Medicine guidelines of training for previously sedentary adults. The results showed that consuming a single serving of Celsius® prior to exercising may enhance the positive adaptations of exercise on body composition, cardio-respiratory fitness and endurance performance. According to the preliminary findings, subjects consuming a single serving of Celsius® lost significantly more fat mass and gained significantly more muscle mass than those subjects consuming the placebo — a 93.75% greater loss in fat and 50% greater gain in muscle mass, respectively. The study also confirmed that subjects consuming Celsius® significantly improved measures of cardio-respiratory fitness and the ability to delay the onset of fatigue when exercising to exhaustion.

 

Our fifth study was conducted by the Applied Biochemistry & Molecular Physiology Laboratory of University of Oklahoma in 2009. This ten-week placebo-controlled, randomized and blinded study was conducted on a total of 27 previously sedentary overweight and obese female subjects. Participants were randomly assigned into groups that consumed identically tasting treatment beverages with exercise or without exercise. All participants consumed one drink, either placebo or Celsius®, per day for 10 weeks. The exercise groups participated in ten weeks of combined aerobic and weight training, following the American College of Sports Medicine guidelines of training for previously sedentary adults. No changes were made to their diet. The results showed that consuming a single serving of Celsius® prior to exercising may improve cardiovascular health and fitness and enhance the positive adaptations of exercise on body composition. According to the preliminary findings, subjects consuming a single serving of Celsius® lost significantly more fat mass and gained significantly more muscle mass when compared to exercise alone — a 46% greater loss in fat, 27% greater gain in muscle mass, respectively. The study also confirmed that subjects consuming Celsius® significantly improved measures of cardio-respiratory fitness — 35% greater endurance performance with significant improvements to lipid profiles — total cholesterol decreases of 5 to 13% and bad LDL cholesterol 12 to 18%. Exercise alone had no effect on blood lipid levels.

 

 6 

 

 

Our sixth study was conducted by the Applied Biochemistry & Molecular Physiology Laboratory of University of Oklahoma in 2009. This ten-week placebo-controlled, randomized and blinded study was conducted on a total of 37 previously sedentary male subjects. Participants were randomly assigned into groups that consumed identically tasting treatment beverages with exercise or without exercise. All participants consumed one drink, either placebo or Celsius®, per day for 10 weeks. The exercise groups participated in ten weeks of combined aerobic and weight training, following the American College of Sports Medicine guidelines of training for previously sedentary adults. No changes were made to their diet. The results showed that consuming a single serving of Celsius® prior to exercising may improve cardiovascular health and fitness and enhance the positive adaptations of exercise on body composition. Significantly greater decreases in fat mass and percentage body fat and increases in VO2 were observed in the subjects that consumed Celsius® before exercise versus those that consumed the placebo before exercise. Mood was not affected. Clinical markers for hepatic, renal, cardiovascular and immune function, as determined by pre-and post blood work revealed no adverse effects.

 

Our seventh study was conducted by Miami Research Institute in 2010 and demonstrated the efficacy and safety of the powders and the shots. This study allows the Company to make the same structure/function claims as the ready to drink beverages.

 

Manufacture and Supply of Our Products

 

Our beverages are produced by established third party beverage co-packers. A co-packer is a manufacturing plant that provides the service of filling bottles or cans for the brand owner. We believe one benefit of using co-packers is that we do not have to invest in the production facility and can focus our resources on brand development, sales and marketing. It also allows us produce in multiple locations strategically placed throughout the country. We purchase most of the ingredients and all packaging materials. The co-pack facility assembles our products and charges us a fee by the case. The shelf life of Celsius® is specified as 15 to 18 months.

 

Substantially all of the raw materials used in the preparation, bottling and packaging of our products are purchased by us or by our co-packers in accordance with our specifications. Generally, we obtain the ingredients used in our products from domestic suppliers and some ingredients have several reliable suppliers. The ingredients in Celsius® include green tea (EGCG), ginger (from the root), caffeine, B vitamins, vitamin C, taurine, guarana, chromium, calcium, glucuronolactone, sucralose, natural flavors and natural colorings. Celsius® is labeled with a supplements facts panel. We have no major supply contracts with any of our suppliers. We single-source all our ingredients for purchasing efficiency; however, we have identified a second source for our critical ingredients and there are many suppliers of flavors, colorings and sucralose. In case of a supply restriction or interruption from any of the flavor and coloring suppliers, we would have to test and qualify other suppliers that may disrupt our production schedules.

 

Packaging materials, except for our distinctive sleek aluminum cans, are easily available from multiple sources in the United States; however, due to efficiencies we utilize single source vendor relationships.

 

We believe that our co-packing arrangement and supply sources are adequate for our present needs.

 

Distribution

 

Celsius® is sold across many retail segments. They include supermarkets, convenience stores, drug stores, nutritional stores, and mass merchants. We also sell to health clubs, spas, gyms, the military, e-commerce websites and a limited number of international markets.

 

 7 

 

 

We distribute our products through a hybrid of direct-store delivery (DSD) distributors and as well as sales direct to retailers (DTR).

 

Sales of our products to two customers, a foreign distributor of our products and a domestic retailer of vitamins and health products, accounted for 37% and 8% of our revenues for the year ended December 31, 2016, respectively and 50.0% and 11.8% of our revenues for the year ended December 31, 2015, respectively. Accordingly, if sales to either of these customers were to significantly decline or cease entirely, our business, results of operations and financial condition may be significantly harmed.

 

We are also seeking to expand our international sales, particularly in the Far East and elsewhere in Asia, by entering into agreements with large established distributors who service those markets.

 

Seasonality of Sales

 

As is typical in the beverage industry, sales of our beverages are seasonal, with the highest sales volumes generally occurring in the second and third fiscal quarters, which correspond to the warmer months of the year in our major markets.

 

Competition

 

We believe that we are one of the few calorie-burning fitness beverages whose effectiveness is supported by clinical studies, which gives us a unique position in the beverage market. However, our products do compete broadly with all categories of consumer beverages. The beverage market is highly competitive, and includes international, national, regional and local producers and distributors, most of whom have greater financial, management and other resources than us. Our direct competitors in the functional beverage market include, but are not limited to The Coca-Cola Company, Dr. Pepper Snapple Group, PepsiCo, Inc., Nestlé, Waters North America, Inc., Hansen Natural Corp., and Red Bull.

 

Proprietary Rights

 

We have registered the Celsius® and MetaPlus® trademarks with the United States Patent and Trademark Office, as well as a number of additional trademarks.

 

We have and will continue to take appropriate measures, such as entering into confidentiality agreements with our contract packers and ingredient suppliers, to maintain the secrecy and proprietary nature of our MetaPlus® formulation and product formulas.

 

We maintain our MetaPlus® formulation and product formulas as trade secrets. We believe that trade secrecy is a preferable method of protection for our formulas as patenting them might require their disclosure. Other than a company that is our outsourced production manager, no single member of the raw material supply chain or our co-packers has access to the complete formula.

 

We consider our trademarks and trade secrets to be of considerable value and importance to our business. No successful challenges to our registered trademarks have arisen and we have no reason to believe that any such challenges will arise in the future.

 

Government Regulation

 

The production, distribution and sale of our products in the United States is subject to the Federal Food, Drug and Cosmetic Act, the Dietary Supplement Health and Education Act of 1994, the Occupational Safety and Health Act, various environmental statutes and various other federal, state and local statutes and regulations applicable to the production, transportation, sale, safety, advertising, labeling and ingredients of such products. California law requires that a specific warning appear on any product that contains a component listed by California as having been found to cause cancer or birth defects. The law exposes all food and beverage producers to the possibility of having to provide warnings on their products because the law recognizes no generally applicable quantitative thresholds below which a warning is not required. Consequently, even trace amounts of listed components can expose affected products to the prospect of warning labels. Products containing listed substances that occur naturally in the product or that are contributed to the product solely by a municipal water supply are generally exempt from the warning requirement. While none of our products are required to display warnings under this law, we cannot predict whether an important component of any of our products might be added to the California list in the future. We also are unable to predict whether or to what extent a warning under this law would have an impact on costs or sales of our products.

 

 8 

 

 

Measures have been enacted in various localities and states that require that a deposit be charged for certain non-refillable beverage containers. The precise requirements imposed by these measures vary. Other deposit, recycling or product stewardship proposals have been introduced in certain states and localities and in Congress, and we anticipate that similar legislation or regulations may be proposed in the future at the local, state and federal levels, both in the United States and elsewhere.

 

Our facilities in the United States are subject to federal, state and local environmental laws and regulations. Compliance with these provisions has not had, and we do not expect such compliance to have, any material adverse effect upon our business, financial condition and results of operations.

 

Employees

 

As of the date of this Report, the Company employs 39 persons, including its executive officers.

 

Item 1A. Risk Factors

 

Our business faces certain risks. The risks described below may not be the only risks we face. Additional risks that we do not yet know of, or that we currently think as immaterial, may also impair our business.  If any of the events anticipated by the risks described below or elsewhere in this report occur, our results of operations and financial conditions could be adversely affected.

 

Risk Factors Relating to Our Business

 

We have a history of losses and we may experience additional losses in the futures.

 

The Company has a history of losses, including net losses available to common shareholders of $3,433,769 and $2,570,297 for the years ended December 31, 2016 and 2015, respectively. Our future operating results will depend on many factors, both in and out of our control, including the ability to increase and sustain demand for and acceptance of our products, the level of our competition, and our ability to attract and maintain key management and key employees. Accordingly, there can be no assurance that we can attain consistent profitability.

 

We rely on third party co-packers to manufacture our products. If we are unable to maintain good relationships with our co-packers and/or their ability to manufacture our products becomes constrained or unavailable to us, our business could suffer.

 

We do not directly manufacture our products, but instead outsource such manufacturing to established third party co-packers. These third-party co-packers may not be able to fulfill our demand as it arises, could begin to charge rates that make using their services cost inefficient or may simply not be able to or willing to provide their services to us on a timely basis or at all. In the event of any disruption or delay, whether caused by a rift in our relationship or the inability of our co-packers to manufacture our products as required, we would need to secure the services of alternative co-packers.  We may be unable to procure alternative packing facilities at commercially reasonable rates and/or within a reasonably short time period and any such transition could be costly.  In such case, our business, financial condition and results of operations would be adversely affected.

 

 9 

 

  

We rely on distributors to distribute our products in the DSD sales channel and in international markets. If we are unable to secure such distributors and/or we are unable to maintain good relationships with our existing distributors, our business could suffer.

  

We distribute Celsius® in the DSD sales channel by entering into agreements with direct-to-store delivery distributors having established sales, marketing and distribution organizations. We similarly are seeking to expand our international distribution, particularly in the Far East and elsewhere in Asia by entering into agreements with large established distributors who service those markets. Many of our distributors are affiliated with and manufacture and/or distribute other beverage products. In many cases, such products compete directly with our products. The marketing efforts of our distributors are important for our success. If Celsius® proves to be less attractive to our distributors and/or if we fail to attract distributors, and/or our distributors do not market and promote our products with greater focus in preference to the products of our competitors, our business, financial condition and results of operations could be adversely affected.

 

Our customers are material to our success. If we are unable to maintain good relationships with our existing customers, our business could suffer.

 

Unilateral decisions could be taken by our distributors, grocery chains, convenience chains, drug stores, nutrition stores, mass merchants, club warehouses and other customers to discontinue carrying all or any of our products that they are carrying at any time, which could cause our business to suffer.

 

Two of our customers account for a significant portion of our revenues. If sales to either of those customers were to significantly decline or cease, our business could be significantly harmed.

 

Sales of our products to two customers, a foreign distributor of our products and a domestic retailer of vitamins and health products, accounted for 37% and 8% of our revenues for the year ended December 31, 2016, respectively and 50% and 12% of our revenues for the year ended December 31, 2015, respectively. Accordingly, if sales to either of these customers were to significantly decline or cease entirely, our business, results of operations and financial condition may be significantly harmed.

 

Increases in cost or shortages of raw materials or increases in costs of co-packing could harm our business.

 

The principal raw materials used by us are flavors and ingredient blends as well as aluminum cans, the prices of which are subject to fluctuations. We are uncertain whether the prices of any of the above or any other raw materials or ingredients we utilize will rise in the future and whether we will be able to pass any of such increases on to our customers. We do not use hedging agreements or alternative instruments to manage the risks associated with securing sufficient ingredients or raw materials. In addition, some of these raw materials, such as our distinctive sleek 12 ounce can, are available from a single or a limited number of suppliers. As alternative sources of supply may not be available, any interruption in the supply of such raw materials might materially harm us.

 

Our failure to accurately estimate demand for our products could adversely affect our business and financial results.

 

We may not correctly estimate demand for our products. If we materially underestimate demand for our products and are unable to secure sufficient ingredients or raw materials, we might not be able to satisfy demand on a short-term basis, in which case our business, financial condition and results of operations could be adversely affected.

 

We depend upon our trademarks and proprietary rights, and any failure to protect our intellectual property rights or any claims that we are infringing upon the rights of others may adversely affect our competitive position.

 

Our success depends, in large part, on our ability to protect our current and future brands and products and to defend our intellectual property rights. We cannot be sure that trademarks will be issued with respect to any future trademark applications or that our competitors will not challenge, invalidate or circumvent any existing or future trademarks issued to, or licensed by, us.

 

Our products are manufactured using our proprietary blends of ingredients. These blends are created by third-party suppliers to our specifications and then supplied to our co-packers. Although all of the third parties in our supply and manufacture chain execute confidentiality agreements, there can be no assurance that our trade secrets, including our proprietary ingredient blends will not become known to competitors.

 

We believe that our competitors, many of whom are more established and have greater financial and personnel resources than we do, may be able to replicate or reverse engineer our processes, brands, flavors, or our products in a manner that could circumvent our protective safeguards. Therefore, we cannot give you any assurance that our confidential business information will remain proprietary. Any such loss of confidentiality could diminish or eliminate any competitive advantage provided by our proprietary information.

 

 10 

 

 

We may incur material losses as a result of product recall and product liability.

 

We may be liable if the consumption of any of our products causes injury, illness or death. We also may be required to recall some of our products if they become contaminated or are damaged or mislabeled. A significant product liability judgment against us, or a widespread product recall, could have a material adverse effect on our business, financial condition and results of operations. The amount of the insurance we carry is limited, and that insurance is subject to certain exclusions and may or may not be adequate.

 

Our lack of product diversification and inability to timely introduce new or alternative products could cause us to cease operations.

 

Our business is centered on Celsius®. The risks associated with focusing on a limited product line are substantial. I Even though we recently announced our first product line extension, if consumers do not accept our products or if there is a general decline in market demand for, or any significant decrease in, the consumption of functional beverages, we are not financially or operationally capable of introducing alternative products within a short time frame. As a result, such lack of acceptance or market demand decline could cause us to cease operations.

 

We are dependent on our key executives and employees and the loss of any of their services could materially adversely affect us which may have a material adverse effect on our Company.

 

Our future success will depend substantially upon the abilities of, and personal relationships developed by our key executives and employees. The sudden loss of the services of any key executive or employee could materially adversely affect our business and our prospects for the future. We do not have key person insurance on the lives of such individuals.

 

We are dependent on our ability to attract and retain qualified technical, sales and managerial personnel.

 

Our future success depends in part on our continuing ability to attract and retain highly qualified technical, sales and managerial personnel. Competition for such personnel in the beverage industry is intense and we may not be able to retain our key managerial, sales and technical employees or attract and retain additional highly qualified technical, sales and managerial personnel in the future. Any inability to attract and retain the necessary technical, sales and managerial personnel could materially adversely affect us.

 

The FDA has not passed on the efficacy of our products or the accuracy of any claim we make related to our products.

 

Although six independent clinical studies have been conducted relating to the calorie-burning and related effects of our products, the results of these studies have not been submitted to or reviewed by the FDA.  Further, the FDA has not passed on the efficacy of any of our products nor has it reviewed or passed on any claims we make related to our products, including the claim that our products aid consumers in burning calories or enhancing their metabolism.

 

Risk Factors Relating to Our Industry

 

We are subject to significant competition in the beverage industry.

 

The beverage industry is highly competitive. The principal areas of competition are pricing, packaging, distribution channel penetration, development of new products and flavors and marketing campaigns. Our products compete with a wide range of drinks produced by a relatively large number of manufacturers, most of which have substantially greater financial, marketing and distribution resources and name recognition than we do.

 

 11 

 

 

Important factors affecting our ability to compete successfully include the taste and flavor of our products, trade and consumer promotions, rapid and effective development of new, unique cutting edge products, attractive and different packaging, branded product advertising and pricing. Our products compete with all liquid refreshments and with products of much larger and substantially better financed competitors, including the products of numerous nationally and internationally known producers, such as The Coca Cola Company, Dr. Pepper Snapple Group, PepsiCo, Inc., Nestle, Waters North America, Inc., Hansen Natural Corp. and Red Bull. We also compete with companies that are smaller or primarily local in operation. Our products also compete with private label brands such as those carried by supermarket chains, convenience store chains, drug store chains, mass merchants and club warehouses.

 

There can be no assurance that we will compete successfully in the functional beverage industry. The failure to do so would materially adversely affect our business, financial condition and results of operations.

 

We compete in an industry that is brand-conscious, so brand name recognition and acceptance of our products are critical to our success and significant marketing and advertising could be needed to achieve and sustain brand recognition.

 

Our business is substantially dependent upon awareness and market acceptance of our products and brands by our targeted consumers. Our business depends on acceptance by our independent distributors of our brand as one that has the potential to provide incremental sales growth rather than reduce distributors’ existing beverage sales. The development of brand awareness and market acceptance is likely to require significant marketing and advertising expenditures. There can be no assurance that Celsius® will achieve and maintain satisfactory levels of acceptance by independent distributors and retail consumers. Any failure of Celsius® brand to maintain or increase acceptance or market penetration would likely have a material adverse effect on business, financial condition and results of operations.

 

Our sales are affected by seasonality.

 

As is typical in the beverage industry, our sales are seasonal. Our highest sales volumes generally occur in the second and third quarters, which correspond to the warmer months of the year in our major markets. Consumer demand for our products is also affected by weather conditions. Cool, wet spring or summer weather could result in decreased sales of our beverages and could have an adverse effect on our results of operations.

 

Our business is subject to many regulations and noncompliance is costly.

 

The production, marketing and sale of our beverage products are subject to the rules and regulations of various federal, state and local health agencies. If a regulatory authority finds that a current or future product or production run is not in compliance with any of these regulations, we may be fined, or production may be stopped, thus adversely affecting our business, financial condition and results of operations. Similarly, any adverse publicity associated with any noncompliance may damage our reputation and our ability to successfully market our products. Furthermore, the rules and regulations are subject to change from time to time and while we closely monitor developments in this area, we have no way of anticipating whether changes in these rules and regulations will impact our business adversely. Additional or revised regulatory requirements, whether labeling, environmental, tax or otherwise, could have an adverse effect on our business, financial condition and results of operations.

 

Risk Factors Relating to our Status as a Fully Reporting Public Company

 

We recently became subject to the periodic reporting requirements of the Securities Exchange Act of 1934 (the “Exchange Act”) that require us to incur audit fees and legal fees in connection with the preparation of such reports. These additional costs could reduce or eliminate our ability to earn a profit.

 

We recently became subject to the periodic reporting requirements of the Exchange Act and as a result, we are now required to file periodic reports with the Securities and Exchange Commission (the “SEC”) pursuant to the Exchange Act and the rules and regulations promulgated thereunder. In order to comply with these requirements, our independent registered public accounting firm has to review our financial statements on a quarterly basis and audit our financial statements on an annual basis. Moreover, our legal counsel has to review and assist in the preparation of such reports. The costs charged by these professionals for such services cannot be accurately predicted at this time because factors such as the number and type of transactions that we engage in and the complexity of our reports cannot be determined at this time and will have a major effect on the amount of time to be spent by our auditors and attorneys. However, the incurrence of such costs will obviously be an expense to our operations and thus have a negative effect on our ability to meet our overhead requirements and earn a profit. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock, if a market ever develops, could drop significantly.

 

 12 

 

 

Our internal controls may be inadequate, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rule 13a-15(f) under the Exchange Act, internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officers and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 

•           pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 

•           provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and/or directors of the Company; and

 

•           provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

We will be required to include a report of management on the effectiveness of our internal control over financial reporting in certain of our periodic filings. We expect to incur additional expenses and diversion of management’s time as a result of performing the system and process evaluation, testing and remediation required in order to comply with the management certification requirements.

 

We do not have a sufficient number of employees to segregate responsibilities and may be unable to afford increasing our staff or engaging outside consultants or professionals to overcome our lack of employees. During the course of our testing, we may identify other deficiencies that we may not be able to timely remediate. Moreover, effective internal controls, particularly those related to revenue recognition, are necessary for us to produce reliable financial reports and are important to help prevent financial fraud. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock could drop significantly.

 

The Jumpstart Our Business Startups Act of 2012 (the “Jobs Act”) has reduced the information that the Company is required to disclose.

 

Under the Jobs Act, the information that the Company is required to disclose has been reduced in a number of ways.

 

As a company that had gross revenues of less than $1 billion during the Company’s last fiscal year, the Company is an “emerging growth company,” as defined in the Jobs Act (an “EGC”). The Company will retain that status until the earliest of (a) the last day of the fiscal year which the Company has total annual gross revenues of $1,000,000,000 (as indexed for inflation in the manner set forth in the Jobs Act) or more; (b) the last day of the fiscal year of following the fifth anniversary of the date of the first sale of the common stock pursuant to an effective registration statement under the Securities Act of 1933 (the “Securities Act”); (c) the date on which the Company has, during the previous three year period, issued more than $1,000,000,000 in non-convertible debt; or (d) the date on which the Company is deemed to be a “large accelerated filer,” as defined in Rule 12b-2 under the Exchange Act or any successor thereto. As an EGC, the Company is relieved from the following:

 

 13 

 

 

•           The Company is excluded from Section 404(b) of Sarbanes-Oxley Act (“Sarbanes-Oxley”), which otherwise would have required the Company’s auditors to attest to and report on the Company’s internal control over financial reporting. The Jobs Act also amended Section 103(a)(3) of Sarbanes-Oxley to provide that (i) any new rules that may be adopted by the PCAOB requiring mandatory audit firm rotation or changes to the auditor’s report to include auditor discussion and analysis (each of which is currently under consideration by the PCAOB) shall not apply to an audit of an EGC; and (ii) any other future rules adopted by the PCAOB will not apply to the Company’s audits unless the SEC determines otherwise.

 

•           The Jobs Act amended Section 7(a) of the Securities Act to provide that the Company need not present more than two years of audited financial statements in an initial public offering registration statement and in any other registration statement, need not present selected financial data pursuant to Item 301 of Regulation S-K for any period prior to the earliest audited period presented in connection with such initial public offering. In addition, the Company is not required to comply with any new or revised financial accounting standard until such date as a private company (i.e., a company that is not an “issuer” as defined by Section 2(a) of Sarbanes-Oxley) is required to comply with such new or revised accounting standard. Corresponding changes have been made to the Exchange Act, which relates to periodic reporting requirements, which would be applicable if the Company were required to comply with them.

 

•           As long as the Company is an EGC, the Company may comply with Item 402 of Regulation S-K, which requires extensive quantitative and qualitative disclosure regarding executive compensation, by disclosing the more limited information required of a “smaller reporting company.”

 

•           The Jobs Act also exempts the Company from the following additional compensation-related disclosure provisions that were imposed on U.S. public companies pursuant to the Dodd-Frank Act: (i) the advisory vote on executive compensation required by Section 14A(a) of the Exchange Act; (ii) the requirements of Section 14A(b) of the Exchange Act relating to shareholder advisory votes on “golden parachute” compensation; (iii) the requirements of Section 14(i) of the Exchange Act as to disclosure relating to the relationship between executive compensation and our financial performance; and (iv) the requirement of Section 953(b)(1)of the Dodd-Frank Act, which requires disclosure as to the relationship between the compensation of the Company’s chief executive officer and median employee pay.

 

In addition to the foregoing, Section 107 of the Jobs Act provides that an EGC can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, we are choosing to “opt out” of such extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for companies that are not EGCs. Section 107 of the Jobs Act provides that our decision to “opt out” of the extended transition period for complying with new or revised accounting standards is irrevocable.

 

Risk Factors Related to our Common Stock

 

We cannot guarantee the continued existence of an active established public trading market for our common stock.

 

Our common stock currently is listed for trading on the OTCQX tier of the over-the-counter market operated by OTC Markets Group, Inc. Trading in stock quoted on the OTCQX is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects. This volatility could depress the market price of our common stock for reasons unrelated to operating performance. Accordingly, OTCQX may provide less liquidity for holders of our common stock than a national securities exchange such as the Nasdaq Stock Market. Although we have applied to list our common stock for trading on the Nasdaq Stock Market, we have not as yet been approved for listing, there is no assurance that we can successfully do so or that in any event, we can maintain an active established trading market for our common stock.

 

Market prices for our common stock may also be influenced by a number of other factors, including:

 

 14 

 

 

  the issuance of new equity securities pursuant to a public or private offering;

 

  changes in interest rates;

 

  competitive developments, including announcements by competitors of new products or services or significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;

 

  variations in quarterly operating results;

 

  change in financial estimates by securities analysts;

 

  the depth and liquidity of the market for our common stock;

 

  investor perceptions of Celsius and the functional beverage industry generally; and

 

  general economic and other national conditions.

 

Our common stock is currently deemed to be a “penny stock” and is restricted by the SEC’s penny stock regulations and FINRA’s sales practice requirements, which may limit a shareholder’s ability to buy and sell our common stock.

 

Our common stock is currently classified as a “penny stock.” The SEC has adopted Rule 15g-9 which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our common stock is covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and “accredited investors.” The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock.

 

In addition to the “penny stock” rules promulgated by the SEC, the Financial Industry Regulatory Authority (“FINRA”) has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, the FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. FINRA’s requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock.

  

 15 

 

 

The market for penny stocks has experienced numerous frauds and abuses that could adversely impact investors in our common stock.

 

Company management believes that the market for penny stocks has suffered from patterns of fraud and abuse. Such patterns include:

 

  control of the market for the security by one or a few broker-dealers that are often related to a promoter or issuer;

 

  manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases;

 

  “boiler room” practices involving high pressure sales tactics and unrealistic price projections by sales persons;

 

  excessive and undisclosed bid-ask differentials and markups by selling broker-dealers; and

 

  wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the inevitable collapse of those prices with consequent investor losses.

 

Our board of directors has the authority, without shareholder approval, to issue preferred stock with terms that may not be beneficial to common shareholders and with the ability to affect adversely shareholder voting power and perpetuate their control over us.

 

Our Articles of Incorporation allows our board of directors to issue shares of preferred stock without any vote or further action by our shareholders. Our board of directors has the authority to fix and determine the relative rights and preferences of preferred stock. As a result, our board of directors could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock.

 

The ability of our principal shareholders to control our business may limit or eliminate minority shareholders’ ability to influence corporate affairs.

 

Our principal shareholders own common stock and/or preferred stock which holds a majority of the voting power of our issued and outstanding capital. Accordingly, they will be able to effectively control the election of directors, as well as all other matters requiring shareholder approval. The interests of our principal shareholders may differ from the interests of other shareholders with respect to the issuance of shares, business transactions with or sales to other companies, selection of other directors and other business decisions. The minority shareholders have no way of overriding decisions made by our principal shareholders. This level of control may also have an adverse impact on the market value of our shares because our principal shareholders may institute or undertake transactions, policies or programs that result in losses, may not take any steps to increase our visibility in the financial community and / or may sell sufficient numbers of shares to significantly decrease our price per share.

 

We do not expect to pay cash dividends in the foreseeable future.

 

We have never paid cash dividends on our common stock. We do not expect to pay cash dividends on our common stock at any time in the foreseeable future. The future payment of dividends directly depends upon our future earnings, capital requirements, financial requirements and other factors that our board of directors will consider. Since we do not anticipate paying cash dividends on our common stock, return on your investment, if any, will depend solely on an increase, if any, in the market value of our common stock.

 

The “market overhang” from our outstanding options, warrants and convertible securities could adversely impact the market price of our common stock.

 

As of the date of this Report, we have 13,638,895 shares of common stock issuable upon exercise of outstanding options and warrants and conversion of outstanding convertible securities. Such “market overhang” could adversely impact the market price of our common stock as a result of the dilution which would result if such securities were exercised for or converted into shares of common stock.

 

 16 

 

 

Item 1B. Unresolved Staff Comments.

 

Not applicable to the Company because we are a “smaller reporting company.”

 

Item 2. Properties.

 

At present, we do not own any real property.  We currently lease our principal executive offices located at 2424 N Federal Highway, Boca Raton, Florida 33431. Our premises are leased for a monthly cost of $8,809. The current lease expires on October 2020. The Company has no warehouses or other facilities as we store our product at third party contract warehouse facilities.

 

Item 3. Legal Proceedings.

 

On February 22, 2017, we were served with a summons and complaint with respect to a breach of contract action filed in Superior Court of the State of California, Los Angeles County, by Statewide Beverage Company, Inc. (“Statewide”), a former distributor of the Company’s products, whose distribution agreement, the Company had terminated effective November 2016 for “cause” (non-payment of invoices within the applicable grace period provided in the distribution agreement). The complaint alleges that the distribution agreement was terminated without cause” and seeks unspecified damages consisting of termination payments and fees which would be due upon a termination without cause,” but not on a termination for “cause” as well as certain invasion fees allegedly due under the terms of the distribution agreement. The Company believes that it validly terminated the agreement for “cause” and will vigorously defend against the action.

 

In addition to the foregoing, from time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. 

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 17 

 

 

PART II

 

Item 5. Market Price of and Dividends on the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Market Information

 

Since January 11, 2016, our common stock has been on the OTCQX tier of the over-the-counter market maintained by OTC Markets Group, Inc., under the trading ticker “CELH.” Prior thereto, our common stock was quoted on the OTCPink tier of the over-the counter market maintained by OTC Markets Group, Inc. The trading price of our common stock has been volatile at times. Further, the stock market has from time to time experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These kinds of broad market fluctuations may adversely affect the market price of our common stock. For additional information, see “Item 1A. Risk Factors” above.

 

The following table sets forth the quarterly high and low sale prices of our common stock for the two most recent fiscal years, as reported by the OTC Markets Group, Inc.:

 

   High Sale   Low Sale 
Fiscal Quarters  Price ($)   Price ($) 
         
2016          
           
Fourth Quarter   2.94    1.83 
Third Quarter   2.40    1.83 
Second Quarter   2.64    2.06 
First Quarter   2.40    1.56 
           
2015          
           
Fourth Quarter   2.48    1.49 
Third Quarter   2.83    1.71 
Second Quarter   3.55    1.25 
First Quarter   1.25    0.44 

 

Holders

 

As of March 30, 2017, there were 66 holders of record of our common stock and in excess of 5,000 beneficial owners of our common stock.

 

Dividends

 

We have never declared or paid cash dividends on our common stock.  We anticipate that in the future we will retain any earnings for operation of our business. Accordingly, we do not anticipate declaring or paying any cash dividends in the foreseeable future.

 

 18 

 

 

Securities Authorized for Issuance under Equity Compensation Plans

 

Plan category  Number of securities to
be issued upon exercise of
outstanding options,
warrants and rights
   Weighted-average
exercise price of
outstanding options,
warrants and rights
   Number of securities remaining
available for future issuance
under equity compensation
plans (excluding securities
reflected in column (a))
 
             
Equity compensation plans approved by security holders   5,626,335 shares(1)  $1.04    173,633(1)
                
Equity Compensation plans not approved by security holders   0 shares     n/a    0 shares 
                
Total   5,626,335shares(1)   1.04    173,633(1)

 

(1) Represents shares of common stock reserved for issuance under our Amended 2006 Incentive Stock Plan and our 2015 Incentive Stock Plan.

 

Recent Sales of Unregistered Securities

 

Not Applicable.

 

Item 6. Selected Financial Data

 

Not applicable to the Company because we are a “smaller reporting company.”

 

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

You should read the following discussion in conjunction with the audited financial statements and the corresponding notes, the unaudited financial statements and the corresponding notes included elsewhere in this information statement.  This Item 7 contains forward-looking statements.  The matters discussed in these forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements.  Please refer to "Item 1A. Risk Factors" for a discussion of the uncertainties, risks and assumptions associated with these statements.

 

Results of Operations

 

Year ended December 31, 2016 compared to year ended December 31, 2015

 

Revenue

 

For the year ended December 31, 2016, revenue was approximately $22.8 million, an increase of $5.6 million or 33% from $17.2 million in revenue for year ending December 31, 2015. This revenue growth was mainly associated with blended growth rates of 4% in international revenues and 59% in domestic sales. The domestic sales growth of 59% from 2015 to 2016 was mainly associated from blended growth rates of 70% from retail accounts, 51% from health and fitness accounts and 26% from Internet retailer accounts. The overall increase in revenue from 2015 to 2016 was primarily attributable to an increase in sales volume, as opposed to increases in product pricing.

 

 19 

 

 

The following table sets forth the amount of revenues by category and changes therein for the years ended December 31, 2016 and 2015:

 

   Year Ending December 31,     
Revenue Source  2016   2015   Change  (%) 
             
Total Revenue  $22,760,983   $17,217,944    32%
                
International Revenue  $8,808,481   $8,442,971    4%
                
Domestic Revenue  $13,952,502   $8,774,973    59%
                
Retail accounts  $9,369,734   $5,517,466    70%
                
Health and Fitness accounts  $2,891,251   $1,912,459    51%
                
Internet Retailer accounts  $1,691,517   $1,345,048    26%

 

Gross profit

 

For the year ended December 31, 2016, gross profit increased by approximately $2.7 million or 39% to $9.7 million compared to $7.0 million for 2015. Gross profit margins improved 1.9% to 42.8% in the year ended December 31, 2016 from 40.9% in 2015. The increases in gross profit and the improvement in gross profit margins from 2015 to 2016 are primarily attributable to the increases in revenue and a reduction in the cost of raw materials.

 

Sales and marketing expenses

 

Sales and marketing expenses for the year ended December 31, 2016, were approximately $8.7 million, an increase of $3.0 million, or 53% from $5.7 million in 2015. The increase is due primarily to increases in investments in marketing programs of $1.2 million, increases in human resource investments of $1.5 million and increases in related sales expenses totaling $360,000.

 

General and administrative expenses

 

General and administrative expenses for the year ended December 31, 2016 were approximately $3.9 million, an increase of $730,000, or 23%, from $3.2 million for the year ended December 31, 2015. The increase was primarily due to increases in professional fees of $430,000 relating in part to the Company’s status as a fully reporting company under the Exchange Act, office related costs of $110,000, investor relations costs of $130,000, human resources costs of $120,000, increased travel costs of $130,000, bad debt expense of $70,000, research and development costs of $20,000 and other general administration expenses, offset by savings in stock based compensation expenses of $250,000 and depreciation and amortization of $ 20,000.

 

Other expense

 

Total other expense decreased by approximately $100,000 for year ended December 31, 2016 to $223,000 from $322,000 for the same period in 2015, as a result of $93,000 in savings in interest expense and a gain from the sale of equipment $6,000.

 

Net Loss

 

As a result of all the above, for the year ended December 31, 2016, Celsius had a net loss of $3.1 million and after giving effect to preferred stock dividends of $366,000, a net loss of $3.4 million or $0.09 per share based on a weighted average of 38,568,088 shares outstanding. In comparison, for the year ended December 31, 2015 we had a net loss of $2,149,804, and after giving effect to preferred stock dividends of $420,493, a net loss of $2,570,297 or $0.08 per share based on a weighted average of 33,175,826 shares outstanding.

 

 20 

 

 

Liquidity and Capital Resources

 

As of December 31, 2016 and 2015, we had cash of approximately $11.7 million and $10.1 million, respectively and working capital of approximately $15.4 million and $13.2 million, respectively. Cash used in operations during the years ended December 31, 2016 and 2015, totaled approximately $2.4 million and $755,000, respectively, reflecting capital investments in sales and marketing programs and human resources initiatives.

 

In addition to cash flow from operations, our primary sources of working capital have been private placements of our securities and our credit facility with CD Financial, LLC (“CD Financial”), an affiliate of Carl DeSantis, a principal shareholder of the Company.

 

We originally entered into a loan and security agreement with CD Financial in July 2010, which provided us with a line of credit to fund operations. As amended in connection with a private investment transaction consummated in April 2015, the loan and security agreement provides Celsius with a revolving line of credit pursuant to which Celsius can borrow up to an aggregate maximum of $4.5 million from time to time until maturity in January 2020. The credit facility requires quarterly cash payments of interest only at the rate of five percent (5%) per annum until maturity and is secured by a pledge of substantially all the Company’s assets. As of December 31, 2016, the principal amount outstanding under the credit facility with CD Financial was $4.5 million.

 

Between December 30, 2016 and March 14, 2017, the Company raised an aggregate of $15.0 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors. Investors in the private placement included:

 

·                     CD Financial (533,333 Shares);

 

·                     Charmnew Limited (800,000 Shares), an existing shareholder of record affiliated with Li Ka Shing, one of our principal shareholders;

 

·                     Grieg International Limited (533,333 Shares), an existing shareholder of record affiliated with Chau Hoi Shuen Solina, one of our principal shareholders; and

 

·                     Nu Horizons Investment Group, LLC (433,333 Shares), an existing shareholder of record affiliated with Tim Leissner, a director and one of our principal shareholders; and Russell Simmons, one of our principal shareholders.

 

Our current operating plan for next twelve (12) months plans on a sufficient financial condition and we do not contemplate obtaining additional financing. However, if our sales volumes do not meet our projections, expenses exceed our expectations, or our plans change, we may be unable to generate enough cash flow from operations to cover our working capital requirements. In such case, we may be required to adjust our business plan, by reducing marketing and other expenses or seek additional financing. There can be no assurance that such financing, if required, will be available on commercially reasonable terms if at all.

 

Off Balance Sheet Arrangements

 

As of December 31, 2016, we had no off-balance sheet arrangements.

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

 

Not applicable.

 

 21 

 

 

Item 8. Financial Statements and Supplementary Data

 

The financial statements and supplementary data listed in “Item 15 Financials Statements and Exhibits” are attached to this Report.

 

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None.

 

Item 9A. Controls and Procedures.

 

Disclosure controls and procedures

 

Our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of December 31, 2016, to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the SEC, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our President and Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial and accounting officer), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2016, our disclosure controls and procedures were effective.

 

Our Chief Executive Officer and Chief Financial Officer do not expect that our disclosure controls or internal controls will prevent all error and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our principal executive officer has determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented if there exists in an individual a desire to do so. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

 

Management’s report on internal control over financial reporting

 

Our management of is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the Company’s principal executive and financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

 

 22 

 

 

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

Our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as of December 31, 2016. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2016, our disclosure controls and procedures were effective.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Controls Over Financial Reporting

 

There were no changes in our internal controls over financial reporting that occurred during the fourth quarter of 2016t that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 9B. Other Information.

 

None.

 

 23 

 

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance.

 

Directors and Executive Officers

 

The following sets forth the name of each of our directors and executive officers and their positions with Celsius. The address for each of such individuals is c/o Celsius, 2424 N Federal Highway, Boca Raton, Florida 33431.

 

Name   Age   Position with the Company
         
John Fieldly   37   Interim President and Chief Executive Officer; Chief Financial Officer
         
Nicholas Castaldo   65   Director
         
Hal Kravitz   59   Director
         
Kevin Harrington   60   Director
         
Chris Lai   29   Director
         
Tim Leissner   47   Director
         
Thomas E. Lynch   69   Director
         
William H. Milmoe   68   Director

 

John Fieldly joined Celsius in January 2012 as its Chief Financial Officer and has served in that position since that time. Mr. Fieldly joined the Company from Oragenics, Inc., where he served as corporate controller from April 2010 until January 2012. Effective March 1, 2017, Mr. Fieldly was appointed to serve as Interim President and Chief Executive Officer upon the retirement of Gerry David from those positions, pending the board of directors identifying and retaining a permanent replacement for Mr. David

 

Nicholas Castaldo became a director of Celsius in March 2013. Since September 2004 he has served as Senior Vice President and Chief Marketing Officer of Anthony’s Coal Fired Pizza, Inc., a Florida based chain of casual dining restaurants.

 

Kevin Harrington joined Celsius’ board of directors in March 2013. He has almost forty (40) years experience in product introduction and direct marketing, being one of the first to market products through infomercials. Since 2005, he has been Chief Executive Officer of Harrington Business Development, Inc., a privately-held consulting firm. A serial entrepreneur, Mr. Harrington appeared as one of the original panelists on the ABC television program, “Shark Tank.” He currently also serves as Chairman of the Board of As Seen On TV, Inc., a public company which focuses on marketing products through infomercials and other direct marketing.

 

Hal Kravitz became a director of Celsius in April 2016. Since November 2014, Mr. Kravitz has served as Chief Executive Officer of AQUAhydrate, Inc., a company engaged in the manufacture, distribution and marketing of bottled water. He also served as a consultant to AQUAhydrate from August to November 2014 and in 2013, Mr. Kravitz helped form InterContinental Beverage Capital, a New York-based merchant bank focused on investments in the beverage industry. For over thirty (30) years prior thereto, Mr. Kravitz served as an executive officer and in other management positions in various units of the Coca-Cola system

 

Chris Lai joined our board of directors in April 2015. Since September 2012, he has served as a Project Manager for Horizon Ventures, Limited (“Horizon Ventures”), a Hong Kong based private investment fund. From April 2011 to September 2012, Mr. Lai was an analyst with Mooreland Partners, LLC, another private investment concern. Mr. Lai joined the board as one of two designees of an investor group led by Horizon Ventures, pursuant to an Investors’ Rights Agreement entered into in April 2015.

 

 24 

 

 

Tim Leissner joined Celsius’ board of directors in April 2016 as the second designee of the investor groups pursuant to the Investors’ Rights agreement. From December 2002 to February 2016, Mr. Leissner was a partner at Goldman Sachs, Inc. Since that time, he has been acting a private investor and business consultant. Mr. Leissner serves as a member of the board of directors of All Def Digital, Inc. (“All Def Digital”).

 

Thomas E. Lynch became a director of the Company in November, 2009. For over forty (40) years, Mr. Lynch has served as President of the Plastridge Agency, Inc., a five-office insurance agency based in Delray Beach, Florida, which traces its origins to 1919. He also serves as a director of First United Bancorp, Inc.

 

William H. Milmoe has served as a director of Celsius since August. 2008. Since June 2000, Mr. Milmoe has served as President of CDS International Holdings, Inc., a privately-held holding company based in Boca Raton, Florida, which oversees the business investments and holdings of Carl De Santis, one of our principal shareholders.

 

Terms of Directors and Executive Officers

 

Our directors are appointed for a one-year term to hold office until the next annual meeting of our shareholders and until their successors are appointed and qualified, or until their removal, resignation, or death.  Pursuant to the Investors’ Rights Agreement, the number of directors is set at seven (7) and the Investors have the right to appoint two (2) designees to the board of directors. Officers of the Company serve at the pleasure of the board of directors.

 

Family Relationships

 

There are no familial relationships among our officers and directors.

 

Board Committees and Independence

 

Our board of directors has established three standing committees, an audit committee, a compensation committee and a nominating and corporate governance committee. The audit committee currently consists of Messrs. Lynch, Kravitz and Milmoe, the compensation committee currently consists of Messrs. Lai, Castaldo and Harrington and the nominating and corporate governance committee currently consists of Messrs. Milmoe, Leissner and Lai. Our board of directors has determined that each of our directors is “independent” within the meaning of the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market.

 

In addition, we believe each of Messrs. Lynch, Kravitz, and Milmoe qualifies an “audit committee financial expert” as the term is defined by the applicable rules and regulations of the SEC and the Nasdaq Stock Market listing standards, based on their respective business professional experience in the financial and accounting fields. At the time of the listing of our common stock for trading on the Nasdaq Stock Market, we will be required to certify to the Nasdaq Stock Market, that our audit committee has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results in the individual’s financial sophistication.

 

Audit Committee

 

The audit committee assists our board of directors in its oversight of the company’s accounting and financial reporting processes and the audits of the company’s financial statements, including (i) the quality and integrity of the company’s financial statements, (ii) the company’s compliance with legal and regulatory requirements, (iii) the independent auditors’ qualifications and independence and (iv) the performance of our company’s internal audit functions and independent auditors, as well as other matters which may come before it as directed by the board of directors. Further, the audit committee, to the extent it deems necessary or appropriate, among its several other responsibilities, shall:

 

` be responsible for the appointment, compensation, retention, termination and oversight of the work of any independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for our company;

 

 25 

 

 

  discuss the annual audited financial statements and the quarterly unaudited financial statements with management and the independent auditor prior to their filing with the SEC in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q;

 

  review with the company’s financial management on a period basis (a) issues regarding accounting principles and financial statement presentations, including any significant changes in our company’s selection or application of accounting principles, and (b) the effect of any regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of our company;

 

  monitor our Company’s policies for compliance with federal, state, local and foreign laws and regulations and our company’s policies on corporate conduct;

 

  maintain open, continuing and direct communication between the board of directors, the audit committee and our independent auditors; and

 

  monitor our compliance with legal and regulatory requirements and shall have the authority to initiate any special investigations of conflicts of interest, and compliance with federal, state and local laws and regulations, including the Foreign Corrupt Practices Act, as may be warranted.

 

Mr. Lynch is the chairman of our audit committee.

 

Compensation Committee

 

The compensation committee aids our board of directors in meeting its responsibilities relating to the compensation of our company’s executive officers and to administer all incentive compensation plans and equity-based plans of the company, including the plans under which company securities may be acquired by directors, executive officers, employees and consultants. Further, the compensation committee, to the extent it deems necessary or appropriate, among its several other responsibilities, shall:

 

  review periodically our company’s philosophy regarding executive compensation to (i) ensure the attraction and retention of corporate officers; (ii) ensure the motivation of corporate officers to achieve our company’s business objectives, and (iii) align the interests of key management with the long-term interests of our company’s shareholders;

 

  review and approve corporate goals and objectives relating to Chief Executive Officer compensation and other executive officers of Celsius;

 

  make recommendations to the board of directors regarding compensation for non-employee directors, and review periodically non-employee director compensation in relation to other comparable companies and in light of such factors as the compensation committee may deem appropriate; and

 

  review periodically reports from management regarding funding our company’s pension, retirement, long-term disability and other management welfare and benefit plans.

 

Mr. Lai is the chairman of our compensation committee.

 

Nominating and Corporate Governance Committee

 

The nominating and corporate governance committee recommends to the board of directors individuals qualified to serve as directors and on committees of the board of directors to advise the board of directors with respect to the board of directors composition, procedures and committees to develop and recommend to the board of directors a set of corporate governance principles applicable to the Company; and to oversee the evaluation of the board of directors and Celsius’ management.

 

 26 

 

 

Further, the nominating and corporate governance committee, to the extent it deems necessary or appropriate, among its several other responsibilities shall:

 

  recommend to the board of directors and for approval by a majority of independent directors for election by shareholders or appointment by the board of directors as the case may be, pursuant to our bylaws and consistent with the board of director’s evidence for selecting new directors;

 

  review the suitability for continued service as a director of each member of the board of directors when his or her term expires or when he or she has a significant change in status;

 

  review annually the composition of the board of directors and to review periodically the size of the board of directors;

 

  make recommendations on the frequency and structure of board of directors meetings or any other aspect of procedures of the board of directors;

 

  make recommendations regarding the chairmanship and composition of standing committees and monitor their functions;

 

  review annually committee assignments and chairmanships;

 

  recommend the establishment of special committees as may be necessary or desirable from time to time; and

 

  develop and review periodically corporate governance procedures and consider any other corporate governance issue.

 

Messrs. Milmoe and Leissner are the co-chairman of our nominating and corporate governance committee.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Section 16(a) of the Exchange Act requires our directors and executive officers and persons who beneficially own more than 10% of our common stock (collectively, the "Reporting Persons") to report their ownership of and transactions in our common stock to the SEC. Copies of these reports are also required to be supplied to us. To our knowledge, based on our review of such reports, during the year ended December 31, 2016 the Reporting Persons complied with all applicable Section 16(a) reporting requirements, except that Thomas E. Lynch’s Form 3 was not filed until March 22, 2017, due to an administrative oversight.

 

Code of Ethics

 

We have adopted a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies the business and ethical principles that govern all aspects of our business. This document will be made available in print, free of charge, to any shareholder requesting a copy in writing from our Secretary at our executive offices in Boca Raton, Florida. A copy of our code of ethics is available on our website at www.celsius.com.

 

Board of Directors Role in Risk Oversight

 

Members of the board of directors have periodic meetings with management and the Company’s independent auditors to perform risk oversight with respect to the Company’s internal control processes. The Company believes that the board’s role in risk oversight does not materially affect the leadership structure of the Company.

 

 27 

 

 

Item 11. Executive Compensation

 

Summary Compensation Table

 

The following table sets forth certain information concerning the compensation paid to our Chief Executive Officer and Chief Financial Officer, who are our two executive officers, during the years ended December 31, 2016 and 2015.

 

               Stock         
Name and Principal Position  Year   Salary ($)   Bonus ($)   Awards (#)   Other ($)   Total ($) 
                         
Gerry David, CEO(1)   2016    237,780    52,789    100,000(3)   10,200(4)   300,769 
    2015    230,850    52,500    90,000(2)   10,200(4)   293,550 
                               
John Fieldly, CFO   2016    174,370    42,371    100,000(3)        216,741 
    2015    169,290    41,500    90,000(2)   3,150(4)   213,940 

 

(1)          Mr. David retired as an executive officer of the Company effective March 1, 2017, whereupon Mr. Fieldly assumed Mr. David’s positions on an interim basis.

 

(2)          Represents stock options granted under our Amended 2006 Incentive Stock Plan to purchase 90,000 shares of common stock at an exercise price of $1.05 per share. The options vest in three annual installments commencing one year from the date of grant, subject to continued employment and expire ten (10) years from the date of grant. In connection with Mr. David’s retirement in March 2017, vesting of his stock options was accelerated.

 

(3)          Represents stock options granted under our 2015 Incentive Stock Plan to purchase 100,000 shares of common stock at an exercise price of $1.97 per share. The options vest in three annual installments commencing one year from the date of grant, subject to continued employment and expire ten (10) years from the date of grant. In connection with Mr. David’s retirement in March 2017, vesting of his stock options was accelerated.

 

(4)          Represents housing allowances.

 

In addition, executive officers are entitled to participate in benefit plans maintained for employees of the Company generally.

 

Employment and Consulting Agreements

 

During 2016, we employed Gerry David and John Fieldly, our Chief Executive Officer and Chief Financial Officer, respectively pursuant to one-year employment agreements which expired on December 31, 2016. The employment agreements provided for base annual salaries of $237,780 and $174,370 for Messrs. David and Fieldly, respectively, eligibility for performance-based incentive bonuses pursuant to such criteria as may be established by our compensation committee, the grant of options to each executive officer to purchase 100,000 shares of our common stock and certain automobile and housing allowances. The employment agreements also provided for (a) severance payments equal to (i) two months salary in the event of termination upon death of the executive officer; and (ii) six months’ salary and continued benefits for such period in the event of termination other than for “cause” (as defined therein); and (b) a “golden parachute” payment in an amount equal to twice the executive officer’s then base salary in the event of termination without “cause” following a “change in control” (as defined therein). The employment agreements contained customary confidentiality and non-competition provisions.

 

On January 26, 2017, effective retroactive to January 1, 2017, we entered into a new three-year employment agreement with John Fieldly, our Chief Financial Officer. The employment agreement provides for a base annual salary of $225,000, eligibility for performance-based incentive bonuses, pursuant to such criteria as may be established by our compensation committee and the grant of options to be effective as of January 26, 2017 to Mr. Fieldly under our 2015 Incentive Stock Plan to purchase 100,000 shares of our common stock. the employment agreement also provides for (a) severance payments equal to (i) two months’ salary in the event of termination upon death; and (ii) six months’ salary and continued benefits for such period in the event of termination other than for “cause” (as defined therein); and (b) a “golden parachute” payment in an amount equal to twice the base salary then in effect in the event of termination without “cause” following a “change in control” (as defined therein). The employment agreement contains customary confidentiality and non-competition provisions.

 

 28 

 

 

In connection with his appointment to serve in the additional capacities of Interim President and Chief Executive Officer, effective March 1, 2017, the Company entered into an addendum to the employment agreement, increasing Mr. Fieldly’s Base Salary by $15,000 per month during the period he serves in such additional capacities and issuing to him a 100,000 share restricted stock grant under the 2015 Incentive Stock Plan.

 

In connection with Gerry David’s retirement as our President and Chief Executive Officer, the Company entered into a consulting agreement with Mr. David effective March 1, 2017. The consulting agreement, which was approved by our compensation committee and our board of directors provides for, among other matters, Mr. David to receive (i) a consulting fee of $20,000 per month through December 2017; (ii) a one time bonus for services rendered of $415,000, $300,000 of which Mr. David has agreed to apply to the exercise of options to purchase our common stock previously granted to him; (iii) acceleration of the vesting of certain of those options; (iv) and continuation of certain fringe benefits through the term of the consulting agreement, which expires on December 31, 2017. The consulting agreement also contains mutual release, confidentiality, non-competition, non-solicitation and non-disparagement provisions.

 

Compensation of Directors Table

 

The following table summarizes all compensation paid to our directors for the fiscal year ended December 31, 2016.

 

   Fees                     
   Earned           Non-Qualified         
   or       Non-Equity   Deferred   All     
   Paid in   Option   Plan   Compensation   Other     
   Cash   Awards   Compensation   Earnings   Compensation   Total 
Name  ($)   (#) (1)   ($)   ($)   ($)   ($) 
                         
Nicholas Castaldo   12,000    40,000                12,000 
                               
Kevin Harrington   12,000    40,000                   12,000 
                               
Hal Kravitz   12,000    140,000                9,000 
                               
Chris Lai   12,000    140,000                 
                               
Timothy Leissner   12,000    140,000                12,000 
                               
Thomas E. Lynch   12,000    40,000                12,000 
                               
William H. Milmoe   12,000    40,000                12,000 

 

  (1) Represents options to purchase 40,000 shares of common stock at an exercise price of $1.97 per share granted under our 2015 Incentive Stock Plan. In addition, Hal Kravitz, Chris Lai, and Timothy Leissner received additional options to purchase 100,000 shares of common stock at an exercise price of $2.08 per share granted under our 2015 Incentive Stock Plan.

 

Narrative Disclosure to the Director Compensation Table

 

Our non-employee directors will be compensated with options to purchase common stock or awards of common stock as determined by the compensation committee. Non-employee directors are also reimbursed for out-of-pocket costs incurred in connection with attending meetings.

 

 29 

 

 

Outstanding Equity Awards at Fiscal Year-End

 

The following table sets forth information with respect to stock awards and grants of options to purchase our common stock outstanding to the named executive officers at December 31, 2016.

 

   Number of securities
underlying unexercised
   Number of securities underlying   Weighted average    
   Options (#)(1)   unexercised unearned options   option exercise price   Option expiration
Name  Exercisable   Unexercisable   (#)(1)   ($)(1)   date
                    
Gerry David CEO(2)   730,000    160,000    160,000    0.53   Various
                        
John Fieldly CFO   380,000    160,000    160,000    0.72   Various

  

  (1) Represents grants of stock options under our Amended 2006 Incentive Stock Plan and 2015 Incentive Stock Plan.

 

(2)Mr. David retired as an executive officer of the Company effective March 1, 2017 and in connection therewith, the vesting of certain of those stock options was accelerated.

 

Amended 2006 Incentive Stock Plan

 

In January 2007, we adopted our 2006 Incentive Stock Plan, which was amended in July 2009. The Amended 2006 Incentive Stock Plan provided for equity incentives to be granted to our employees, officers or directors or to key advisers or consultants. Equity incentives may be in the form of stock options with an exercise price not less than the fair market value of the underlying shares as determined pursuant to the Amended 2006 Incentive Stock Plan, stock appreciation rights, restricted stock awards, stock bonus awards, other stock-based awards, or any combination of the foregoing. The Amended 2006 Incentive Stock Plan is administered by the compensation committee of the board of directors. Options to purchase 3,776,113 shares of common stock are outstanding under the 2006 Amended 2006 Incentive Stock Plan as of the date of this Report. The Amended 2006 Incentive Stock Plan (but not award thereunder) expired in January 2017.

 

2015 Incentive Stock Plan

 

Our 2015 Incentive Stock Plan, adopted in April 2015, provides for equity incentives to be granted to our employees, executive officers or directors or to key advisers or consultants. Equity incentives may be in the form of stock options with an exercise price not less than the fair market value of the underlying shares as determined pursuant to the 2015 Incentive Stock Plan, restricted stock awards, other stock based awards, or any combination of the foregoing. The 2015 Incentive Stock Plan is administered by the compensation committee of the board of directors. 5,799,968 shares of our common stock are currently reserved for issuance pursuant to the exercise of awards under the 2015 Incentive Stock Plan. The number of shares so reserved automatically adjusts upward on January 1 of each year, so that the number of shares covered by the 2015 Incentive Stock Plan is equal to 15% of our then issued and outstanding common stock. Stock option and awards to purchase an aggregate of 1,850,222 shares of our common stock are outstanding under the2015 Incentive Stock Plan as of the date of this Report.

 

Compensation Committee Interlocks and Insider Participation

 

None.

 

 30 

 

 

Item 12. Security Ownership of Certain Beneficial Owners and Management.

 

The following table sets forth, as of the date of this Report, the beneficial ownership of our common stock by each executive officer and director, by each person known by us to beneficially own 5% or more of our common stock and by executive officers and directors as a group.  The address of the each of the executive officers and directors set forth in the table is c/o the Company, 2424 North Federal Highway, Suite 208, Boca Raton, Florida 33431.

 

   Number of         
Names and addresses of  Shares         
beneficial owners  of common stock (1)       Percentage of class (%) 
             
John Fieldly   740,000    (1)   1.4 
                
Nicholas Castaldo   280,000    (2)   * 
                
Hal Kravitz   150,000    (2)   * 
                
Kevin Harrington   280,000    (2)   * 
                
Christopher Lai   190,000    (2)   * 
                
Tim Leissner   4,162,659    (3)   7.8 
                
Thomas E. Lynch   277,126    (2)   * 
                
William H. Milmoe   20,970,551    (4)   39.0 
                
all officers and directors as a group (eight (8) persons)   27,050,336    (5)   50.4 
                
Other 5% or greater shareholders:               
                
Carl De Santis   20,692,925    (6)   38.5 
3161 Jasmine Drive
Delray Beach, Florida 33483
               
                
Li Ka Shing   7,710,113    (7)   14.4 
7/F Cheung Kong Center
2 Queen’s Road Central
Hong Kong
               
                
Solina Chau Hoi Shuen
House 4
2 Island Road,
Hong Kong.
   5,376,030    (8)   10.0 
                

Russell Simmons

512 Seventh Avenue, 43rd Floor

New York, NY 10018

   3,972,659    (3)   7.4 

 

 

*            Less than 1%

 

The persons named above have full voting and investment power with respect to the shares indicated.  Under the rules of the SEC, a person (or group of persons) is deemed to be a “beneficial owner” of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security.  Accordingly, more than one person may be deemed to be a beneficial owner of the same security.

 

 31 

 

 

(1)          Includes shares of our common stock that are issuable upon exercise of stock options or conversion of preferred stock as of the date of this registration statement or within sixty (60) days thereafter.

 

(2)          Represents shares of common stock issuable upon the exercise of stock options.

 

(3)          Represents shares of common stock held by Nu Horizons Investment Group, LLC over which Messrs. Leissner and Simmons share voting and dispositive power.

 

(4)          Represents (a) 47,626 shares of common stock held of record by Mr. Milmoe; (b) 230,000 shares of common stock issuable upon exercise of stock options; (c) 8,554,289 shares of common stock held of record by CDS Ventures, LLC (“CDS Ventures”); (d) 5,157,692 shares of common stock issuable upon conversion of Preferred C Shares held of record by CDS Ventures; (e) 1,896,488 shares of common stock held of record by CD Financial,; and (f) 4,651,163 shares of common stock issuable upon conversion of Preferred D Shares held of record by CD Financial. Mr. Milmoe and Carl DeSantis share voting power with respect to shares of common stock beneficially owned by CDS Ventures and CD Financial. Mr. Milmoe does not have dispositive power with respect to such shares.

 

(5)          Includes (a) the shares of common stock issuable upon the exercise of stock options held and the conversion of preferred stock beneficially owned by Mr. Milmoe as set forth in footnote (4) above; (b) 2,290,000 shares of common stock issuable upon the exercise of stock options held by the Company’s other officers and directors; and (c) 3,972,659 shares of common stock beneficially owned by Mr. Leissner as set forth in footnote (3) above.

 

(6)          Represents (a) 8,554,289 shares of common stock held of record by CDS Ventures; (b) 5,157,692 shares of common stock issuable upon conversion of Preferred C Shares held of record by CDS Ventures; (c) 1,896,488 shares of common stock held of record by CD Financial; and (d) 4,651,163 shares of common stock issuable upon conversion of Preferred D Shares held of record by CD Financial. Voting power of shares of common stock beneficially owned by CDS Ventures and CD Financial is shared by Mr. DeSantis and William H. Milmoe. Mr. De Santis has sole dispositive power with respect to such shares

 

(7)          Represents shares of common stock held of record by Charmnew Limited, over which shares Mr. Li has voting and dispositive power.

 

(8)          Represents shares of common stock held of record by Grieg International Limited and Oscar Time Limited, over which shares Ms. Chau has voting and dispositive power

 

Securities Authorized for Issuance under Equity Compensation Plans

 

Plan category  Number of securities to
be issued upon exercise of
outstanding options,
warrants and rights
       Weighted-average
exercise price of
outstanding options,
warrants and rights
  

Number of securities remaining
available for future issuance
under equity compensation
plans (excluding securities

reflected in column (a))

 
                 
Equity compensation plans approved by security holders   5,626,335 shares(1)     $1.04    173,633(1)
                     
Equity Compensation plans not approved by security holders   0 shares         n/a    0 shares 
                     
Total   5,626,335shares(1)        1.04    173,633(1)

 

(1) Represents shares of common stock reserved for issuance under our Amended 2006 Incentive Stock Plan and our 2015 Incentive Stock Plan.

 

 32 

 

 

Item 13. Certain Relationships and Related Transactions.

 

Lease of Executive Offices

 

The Company’s executive offices located at 2424 N Federal Highway, Boca Raton, Florida 33431 are leased from a company affiliated with CD Financial. The lease expires in October 2020 and provides for monthly rent of $8,809. We believe that the monthly rent is commensurate with other properties available in the market.

 

Marketing and Advisory Services Agreement with All Def Digital

 

In April 2015, the Company entered into a strategic marketing and advisory services agreement (the “Advisory Services Agreement”) with All Def Digital. Tim Leissner, a director of the Company is also a director of All Def Digital. The Company has paid All Def Digital $152,438 and $237,959 for services rendered pursuant to the Advisory Services Agreement during the years ended December 31, 2015 and 2016, respectively.

 

Loan and Security Agreement with CD Financial

 

We originally entered into a loan and security agreement with CD Financial in July 2010, which provided us with a line of credit to fund operations. As amended in connection with a private investment transaction consummated in April 2015, the loan and security agreement provides Celsius with a revolving line of credit pursuant to which Celsius can borrow up to an aggregate maximum of $4.5 million from time to time until maturity in January 2020. The credit facility requires quarterly cash payments of interest only at the rate of five percent (5%) per annum until maturity and is secured by a pledge of substantially all the Company’s assets. As of December 31, 2016, the principal amount outstanding under the credit facility with CD Financial was $4.5 million.

 

Private Offering

 

Between December 30, 2016 and March 14, 2017, the Company raised an aggregate of $15.0 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors. Investors in the private placement included:

 

·                     CD Financial (533,333 Shares);

 

·                     Charmnew Limited (800,000 Shares), an existing shareholder of record affiliated with Li Ka Shing, one of our principal shareholders;

 

·                     Grieg International Limited (533,333 Shares), an existing shareholder of record affiliated with Chau Hoi Shuen Solina, one of our principal shareholders; and

 

·                     Nu Horizons Investment Group, LLC (433,333 Shares), an existing shareholder of record affiliated with Tim Leissner, a director and one of our principal shareholders; and Russell Simmons, one of our principal shareholders.

 

Approval of Related Party Transactions

 

All related party transactions are subject to the review, approval or ratification of our board of directors or an appropriate committee thereof.

 

 33 

 

 

Item 14. Principal Accountant Fees and Services.

 

Audit Fees

 

The following is a summary of the fees billed to us by D’Arelli Pruzansky, P.A. for professional services rendered for the years ended December 31, 2016 and 2015, respectively.

 

   Year ended December 31, 
     
   2016   2015 
         
Audit fees  $88,075   $62,100 
Tax fees  $3,000   $9,591 
All other fees  $3,000   $4,000 

 

Audit fees consist of billings for the audit of the Company’s consolidated financial statements included in the Company’s Registration Statement on Form 10, our Annual Reports on Form 10-K and reviews of the consolidated financial statements included in our Quarterly Reports on Form 10-Q.

 

Audit-related fees include billing related to the Company’s Registration Statement on Form 10, which was filed in July 2016.

 

The Company has an audit committee consisting of “independent” directors. It is the Company’s policy to have its Chief Executive Officer and Chief Financial Officer preapprove all audit and permissible non-audit services provided by the independent public accountants, subject to approval by the audit committee. These services may include audit, audit-related, tax and other services. Pre-approval is generally for up to one year, is detailed as to the particular service or category of services, and is generally subject to a specific budget. Unless there are significant variations from the pre-approved services and fees, the independent public accountants and management generally are not required to formally report to the audit committee regarding actual services and related fees.

 

Item 15. Financial Statements and Exhibits

 

(a)The following documents are filed as part of this Report:

 

(1)Financial Statements. The following consolidated financial statements and the report of our independent registered public accounting firm, are filed as “Item 8. Financial Statements and Supplementary Data” of this Report:

 

Report of Independent Registered Public Accounting Firm  
   
Consolidated Balance Sheets as of December 31, 2016 and 2015  
   
Consolidated Statements of Operations for the years ended December 31, 2016 and 2015  
   
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2016 and 2015  
   
Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015  
   
Notes to Consolidated Financial Statements  

 

  (2) Financial Statement Schedules.

 

Financial Statement Schedules are omitted because the information required is not applicable or the required information is shown in the financial statements or notes thereto.

 

  (3) Exhibits.

 

 34 

 

 

Exhibit No.   Description
     
3.1   Articles of Incorporation, as amended*
     
3.2   Bylaws, as amended*
     
10.1   Loan and Security Agreement with CD Financial, LLC, as amended*
     
10.2   Investors’ Rights Agreement dated April 20, 2015*
     
10.3   Amended 2006 Incentive Stock Plan*+
     
10.4   2015 Incentive Stock Plan*+
     
10.5   Code of Ethics*
     
10.6   Audit Committee Charter*
     
10.7   Compensation Committee Charter*
     
10.8   Nominating and Corporate Governance Committee Charter*
     
10.9   Employment Agreement effective January 1, 2016 with Gerry David*+
     
10.10   Employment Agreement effective January 1, 2016 with John Fieldly*+
     
10.11   Common Stock Purchase Agreement dated April 20, 2015*
     
10.13   Consulting Agreement effective March 1, 2017 between the Company and Gerry David+**
     
10.14   Employment Agreement effective January 1, 2017 between the Company and John Fieldly+**
     
10.15  

Addendum to Employment Agreement effective March 1, 2017 between the Company and

John Fieldly+**

     
21.1   Subsidiaries of Registrant*
     
23.1   Consent of Independent Registered Public Accounting Firm***
     
31.1   Section 302 Certification by Chief Executive Officer and Chief Financial Officer ***
     
32.1   Section 906 Certification by Chief Executive Officer***

 

 

+Management compensation plan or arrangement.

 

*Previously filed of the same number to the Company’s Registration Statement on Form 10 and incorporated herein by reference.

 

**Previously filed as an Exhibit of the same number to the Company’s Current Report on Form 8-K and incorporated herein by reference.

 

***Filed herewith. 

 

 35 

 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date:  March 30, 2017 CELSIUS HOLDINGS, INC.
     
  By: /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive Financial and Accounting Officer)

 

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signatures   Title(s)   Date
         
  /s/ John Fieldly   Interim President and Chief Executive Officer;   March 30, 2017
  John Fieldly   Chief Financial Officer    
      (Principal Executive, Financial and Accounting Officer)    
           
  /s/ Nicholas Castaldo   Director   March 30, 2017
   Nicholas Castaldo        
           
  /s/ Kevin Harrington   Director   March 30, 2017
   Kevin Harrington        
           
  /s/ Hal Kravitz   Director   March 30, 2017
   Hal Kravitz        
           
  /s/ Chris Lai   Director   March 30, 2017
  Chris Lai         
           
  /s/ Timothy Leissner   Director   March 30, 2017
  Timothy Leissner        
           
  /s/ Thomas E. Lynch   Director   March 30, 2017
  Thomas E. Lynch        
           
  /s/ William H. Milmoe   Director   March 30, 2017
  William H. Milmoe        

 

 36 

 

 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

  Page
   
Report of Independent Registered Public Accounting Firm F-2
   
Consolidated Balance Sheets as of December 31, 2016 and 2015 F-3
   
Consolidated Statements of Operations for the years ended December 31, 2016 and 2015 F-4
   
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2016 and 2015 F-5
   
Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015 F-6
   
Notes to Consolidated Financial Statements F-7

 

 

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Stockholders and Board of Directors

Celsius Holdings, Inc. and Subsidiaries

 

 

We have audited the accompanying consolidated balance sheets of Celsius Holdings, Inc. and Subsidiaries as of December 31, 2016 and 2015 and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2016. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Celsius Holdings, Inc. and Subsidiaries as of December 31, 2016 and 2015 and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

 

  /s/ D’Arelli Pruzansky, PA
   
  Certified Public Accountants
   
Boca Raton, Florida  
March 30, 2017  

 

 

 

 F-2 

 

 

Celsius Holdings, Inc.

Consolidated Balance Sheets

 

   December 31,
2016
   December 31,
2015
 
ASSETS          
           
Current assets:          
Cash  $11,747,138   $10,128,320 
Accounts receivable, net   2,787,732    2,127,060 
Inventories, net   2,211,370    2,322,904 
Prepaid expenses and other current assets   937,349    666,267 
Total current assets   17,683,589    15,244,551 
           
Property and equipment, net   33,533    21,319 
Total Assets  $17,717,122   $15,265,870 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable and accrued expenses  $1,754,207   $1,805,931 
Accrued preferred dividend   353,666    190,847 
Deferred revenue and other current liabilities   214,612    25,057 
Total current liabilities   2,322,485    2,021,835 
           
Long-term liabilities:          
Line of credit note payable-related party   4,500,000    4,500,000 
Total Liabilities   6,822,485    6,521,835 
           
Stockholders’ Equity:          
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively   6    6 
Common stock, $0.001 par value; 75,000,000 shares authorized, 39,999,784 and 38,380,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively   40,000    38,380 
Additional paid-in capital   64,208,963    58,626,212 
Accumulated deficit   (53,354,332)   (49,920,563)
Total Stockholders’ Equity   10,894,637    8,744,035 
Total Liabilities and Stockholders’ Equity  $17,717,122   $15,265,870 

 

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

 

 F-3 

 

 

Celsius Holdings, Inc.

Consolidated Statements of Operations

 

   For the year 
   ended December 31, 
   2016   2015 
Revenue  $22,760,987   $17,217,944 
Cost of revenue   13,031,153    10,177,986 
Gross profit   9,729,834    7,039,958 
           
Selling and marketing expenses   8,675,763    5,701,845 
General and administrative expenses   3,899,031    3,165,573 
Total operating expense   12,574,794    8,867,418 
           
Loss from operations   (2,844,960)   (1,827,460)
           
Other Income (Expense):          
Interest expense   (228,750)   (322,344)
Gain from the sales of equipment   6,095    - 
Total Other Income (Expense)   (222,655)   (322,344)
           
Net Loss   (3,067,615)   (2,149,804)
Preferred stock dividend - beneficial conversion feature   -    (139,535)
Preferred stock dividend – other   (366,154)   (280,958)
Net Loss available to common stockholders  $(3,433,769)  $(2,570,297)
           
Weighted average shares outstanding   38,568,088    33,175,826 
Loss per share, basic and diluted  $(0.09)  $(0.08)

 

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

 

 F-4 

 

 

Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

For the Years Ended December 31, 2016 and 2015

 

           Additional         
   Preferred Stock   Common Stock   Paid-In   Accumulated     
   Shares   Amount   Shares   Amount   Capital   Deficit   Total 
                             
Balance at December 31, 2014   2,200   $2    20,459,032   $20,459   $40,165,955   $(47,350,266)  $(7,163,850)
                                    
Issuance of preferred stock in exchange of note   4,000    4              3,999,996         4,000,000 
Issuance of preferred stock in exchange of accrued dividend   180    0.18              180,000         180,000 
Issuance of common stock upon conversion of convertible note             5,000,000    5,000    1,495,000         1,500,000 
Issuance of common stock pursuant to private placement             12,921,348    12,921    11,375,238         11,388,159 
Stock option expense                       1,270,488         1,270,488 
Preferred stock dividend - beneficial conversion feature                       139,535    (139,535)   - 
Preferred stock dividend - other                            (280,958)   (280,958)
Net loss                            (2,149,804)   (2,149,804)
Balance at December 31, 2015   6,380   $6    38,380,380   $38,380   $58,626,212   $(49,920,563)  $8,744,035 
                                    
Issuance of common stock pursuant to private placement             1,333,333    1,334    3,998,666         4,000,000 
Issuance of common stock in exchange of service             250,000    250    559,750         560,000 
Issuance of common stock pursuant to exercise of stock options             36,071    36    5,290         5,326 
Stock option expense                       1,019,045         1,019,045 
Preferred stock dividend – other                            (366,154)   (366,154)
Net loss                            (3,067,615)   (3,067,615)
Balance at December 31, 2016   6,380   $6    39,999,784   $40,000   $64,208,963   $(53,354,332)  $10,894,637 

 

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

 

 F-5 

 

 

Celsius Holdings, Inc.

Consolidated Statements of Cash Flows

 

   For the year ended 
   December 31,
2016
   December 31,
2015
 
Cash flows from operating activities:          
Net Loss  $(3,067,615)  $(2,149,804)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   16,951    33,043 
Gain on equipment   (6,095)   - 
Stock-based compensation expense   1,579,045    1,270,488 
Changes in operating assets and liabilities:          
Accounts receivable, net   (660,673)   485,131 
Inventory   111,534    (635,969)
Prepaid expenses and other current assets   (271,082)   (313,942)
Accounts payable and accrued expenses   (51,697)   1,168,400 
Accrued preferred dividends   (203,335)   (280,958)
Deposits/deferred revenue and other current liabilities   189,555    (331,544)
Net cash used in operating activities   (2,363,412)   (755,155)
           
Cash flows from investing activities:          
Purchase of property and equipment   (30,830)   (10,412)
Proceeds from sale of equipment   7,760    - 
Net cash (used in) investing activities   (23,070)   (10,412)
           
Cash flows from financing activities:          
Borrowing under revolving note payable, related-party   -    450,000 
Repayment on short term notes payable, related-party   -    (1,200,000)
Net proceeds from sale of common stock   4,000,000    11,388,084 
Proceeds from exercise of stock options   5,300    - 
Payments on short term notes payable   -    (93,269)
Net cash provided by financing activities   4,005,300    10,544,815 
           
Net increase in cash and cash equivalents   1,618,818    9,779,248 
           
Cash and cash equivalents at beginning of the year   10,128,320    349,072 
           
Cash and cash equivalents at end of the year  $11,747,138   $10,128,320 
Supplemental disclosures:          
Cash paid during period for:          
Interest  $113,750   $401,808 
Preferred Dividends  $152,223    - 
Taxes  $-   $- 
Non-cash investing and financing activities:          
Borrowing under short term notes payable for prepaid expense  $-   $93,269 
Preferred stock issued in exchange for cancellation of revolving note payable - related party  $-   $4,000,000 
Conversion of convertible note to common shares - related party  $-   $1,500,000 
Conversion of accrued preferred dividend into preferred shares - related party  $-   $180,000 

 

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

 

 F-6 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Business —Celsius Holdings, Inc. (the “Company” or “Celsius Holdings”) was incorporated under the laws of the State of Nevada on April 26, 2005. On January 24, 2007, the Company entered into a merger agreement and plan of reorganization with Elite FX, Inc., a Florida corporation. Under the terms of the Merger Agreement, Elite FX, Inc. was merged into the Company’s subsidiary, Celsius, Inc. and became a wholly-owned subsidiary of the Company on January 26, 2007. In addition, on March 28, 2007 the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.

 

Since 2007, the Company is engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name.

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

 

Consolidation Policy — The accompanying consolidated financial statements include the accounts of Celsius Holdings, Inc. and its subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

 

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property, fixtures and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.

 

Segment Reporting — Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosed About Segments of an Enterprise and Related Information.)

 

Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the years ended December 31, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in Note 2.

 

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius ® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2016, the Company had approximately $11.5 million in excess of the Federal Deposit Insurance Corporation limit.

 

 F-7 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

   2016   2015 
A*   36.8%   48.3%
All other   63.2%   51.7%
Total   100.0%   100.0%

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

   2016   2015 
A*   53.8%   50.0%
B   11.5%   11.8%
All other   34.7%   38.2%
Total   100.0%   100.0%

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At December 31, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.

 

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At December 31, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $72,300 and $3,500, respectively.

 

 F-8 

 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. In 2016 and 2015, the Company recorded a reserve of $201,000 and $329,000, respectively. The changes in reserve are included in cost of revenue. Free Samples are recorded as cost of sales.

 

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years.

 

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.

 

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.

 

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.

 

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $4.3 million and $3.2 million, during year ending December 31, 2016 and 2015, respectively.

 

Research and Development — Research and development costs are charged to general and administrative expenses as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred expenses of $90,000 and $71,000 during year ending December 31, 2016 and 2015, respectively.

 

Fair Value of Financial Instruments — The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximates fair value due to their relative short-term maturity and market interest rates.

 

 F-9 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
   
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
   
Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at December 31, 2016 and December 31, 2015.

 

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10 related to, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

 F-10 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Income Taxes (continued) —Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company’s tax returns for tax years in 2013 through 2016 remain subject to potential examination by the taxing authorities.

 

Earnings per Share — Basic earnings per share are calculated by dividing net income (loss) available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of December 31, 2016, there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.04, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented as the effects would be anti-dilutive.

 

 F-11 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Share-Based Payments —Effective January 1, 2006, the Company has fully adopted the provisions of ASC Topic 718 “Compensation — Stock Compensation” and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. On April 30, 2015, the Company adopted the 2015 Stock Incentive Plan. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

 

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of revenue. Freight expense on goods shipped for year ended December 31, 2016 and 2015 was $1,984,000 and $1,161,000, respectively.

 

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of ASU No. 2014-09 on its financial position, results of operations and liquidity.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2017 to its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).  

 

 F-12 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Recent Accounting Pronouncements (continued)

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At December 31, 2016, the Company had an accumulated deficit of $53,354,000 which includes a net loss available to common stockholders of $3,434,000 for year ended December 31, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $15 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between December 30, 2016 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.

 

3. INVENTORIES

 

Inventories consist of the following at:

 

   December 31,   December 31, 
   2016   2015 
Finished goods  $2,142,032   $2,309,288 
Raw Materials   270,143    342,691 
Less: Inventory Reserve   (200,805)   (329,075)
Inventories, net  $2,211,370   $2,322,904 

 

 F-13 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total $937,000 and $666,000, at December 31, 2016 and December 31, 2015, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, and deposits on purchases.

 

5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

   December 31,   December 31, 
   2016   2015 
Furniture and equipment  $291,626   $264,495 
Less: accumulated depreciation   (258,093)   (243,176)
Total  $33,533   $21,319 

 

Depreciation expense amounted to $16,951 and $33,043 during year ended December 31, 2016 and 2015, respectively.

 

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

   December 31,   December 31, 
   2016   2015 
Accounts payable  $858,131   $1,207,353 
Accrued expenses   896,076    598,578 
Total  $1,754,207   $1,805,931 

 

 F-14 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

7. DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

Deferred revenue and other current liabilities consist of the following at:

 

   December 31,   December 31, 
   2016   2015 
Customer deposits  $201,652   $13,063 
State bottle bill liability   12,960    11,994 
Total  $214,612   $25,057 

 

8. LINE OF CREDIT NOTE PAYABLE - RELATED PARTY

 

Line of credit note payable - related party consists of the following as of:

 

   December 31,   December 31, 
   2016   2015 
Note Payable – line of credit        
In July 2010, the Company entered a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000.        
Long-term portion  $4,500,000   $4,500,000 

 

9. CONVERTIBLE NOTE PAYABLE - RELATED PARTIES

 

Convertible note payable  December 31,   December 31, 
   2016   2015 
Convertible note payable, related party  $0   $0 

 

In September 2009, the Company entered a convertible note payable with a related party, a majority shareholder which carries interest at six percent per annum. The outstanding balance is convertible into the Company’s common stock at a conversion price of $0.30 per share. The Company is obligated to file a registration statement upon written notice from the creditor and such registration statement must be effective within 180 days of the date of notice. If after the 180 days the Company has not complied with the agreement it shall pay $65,000 per month in penalty, until the registration statement is effective.

 

 F-15 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

9. CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (CONTINUED)

 

The note matures in December 2016, at which time the principal amount is due. In April 2015, the note holder converted the outstanding portion of $1,500,000, into shares of common stock in accordance with the conversion terms of the agreement. The creditor also terminated all registration rights and waived any penalties that might have been incurred in connection therewith. The outstanding balance on the loan as of December 31, 2016 and December 31, 2015 was $0 and $0, respectively.

 

10. PREFERRED STOCK – RELATED PARTY

 

On August 26, 2013, the Company entered into a securities purchase agreement (the “2013 Purchase Agreement”) with CDS Ventures of South Florida, LLC (“CDS”) and CD Financial, LLC (“CD”). CDS and CD are limited liability companies which are affiliates of Carl DeSantis, the Company’s principal shareholder. The Company issued 2,200 shares of its Series C Preferred Stock (the “Preferred C Shares”) in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the Company’s line of credit with CD (the “CD Line of Credit”). The Preferred C Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.52 per share at any time until December 31, 2018, at which time they will automatically convert into shares of our common stock determined by dividing the liquidation preference of $1,000 per Preferred C Share by the conversion price then in effect. The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred C Shares accrue cumulative annual dividends at the rate of 6% per annum, payable by the issuance of additional Preferred C Shares. The holder of Preferred C Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. In April 2015, the Company issued 180 Preferred C Shares valued at $180,000 in settlement of $180,000 in accrued preferred C dividends. As of December 31, 2016, $303,000 of dividends has been accrued. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law.  As of December 31, 2016, $51,000 of dividends has been accrued regarding these shares.

 

 F-16 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

11. RELATED PARTY TRANSACTIONS

 

The Company’s office is rented from a company affiliated with CD which is controlled by our majority shareholder Carl DeSantis. Currently, the lease expires on October 2020 with monthly rent of $8,809. The rental fee is commensurate with other properties available in the market.

 

In April 2015, the Company entered into a strategic marketing and advisory services agreement with All Def Digital. Tim Leissner, a director and shareholder of the Company is also a director and shareholder in All Def Digital. As of December 31, 2016, the Company has paid All Def Digital $152,438 and $237,959 for services rendered pursuant to the Advisory Services Agreement during the years ended December 31, 2016 and 2015, respectively.

 

Other related party transactions are discussed in notes 8, 9, 10, and 12

 

12. STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In April 2016, the Company issued a total 250,000 “restricted” shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to conversion of note

 

In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.

 

Issuance of common stock pursuant to private placement

 

In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 10). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,159.

 

In December 2016, the Company issued a total of 1,333,333 shares of common stock at $3.00 per share for net proceeds of $4.0 million. These shares were issued to existing shareholders of record.

 

Issuance of preferred stock pursuant to private placement

 

Refer to note 10 for discussion on preferred stock issuances.

 

Issuance of common stock pursuant to exercise of stock options

 

During the twelve months ended December 31, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company recorded $5,326 for options exercised, of which $5,300 was for options that were exercised for cash, with the balance of the options being exercised on a “cashless” basis.

 

 F-17 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

13. INCOME TAXES

 

Due to recurring losses for the years ended December 31, 2016 and 2015, the Company’s net tax provision was zero.

 

The difference between the effective income tax rate and the applicable statutory federal income tax rate is summarized as follows:

 

   2016   2015 
Statutory federal rate   (35.0)%   (35.0)%
State income tax rate, net of federal benefit   (3.5)%   (3.5)%
Permanent differences, including stock based compensation   51.5%   25.3%
Change in valuation allowance   13.0%   13.2%
Effective tax rate   0.0%   0.0%

 

At December 31, 2016 and 2015, the Company’s deferred tax assets were as follows:

 

Deferred Tax Assets  2016   2015 
         
Net operating loss carry forwards   17,248,000    16,029,000 
Less: Valuation allowance   (17,248,000)   (16,029,000)
Net deferred tax assets   0.0    0.0 

 

The Company’s valuation allowance increased by $1,219,000 during 2016 and decreased by $276,000 during 2015. Total net operating loss carry forwards at December 31, 2016 were approximately $41.6 million. The losses, if unused, expire through 2036.The Company’s net operating loss carry forwards may be limited due to ownership changes pursuant to Internal Revenue Code section 382.

 

14. STOCK-BASED COMPENSATION

 

The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013 the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Until 2017, options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company.

 

 F-18 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

14. STOCK-BASED COMPENSATION (CONTINUED)

 

The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

 

Cumulatively since inception, the Company has issued options to purchase approximately 5.6 million shares at an average price of $1.04 with a fair value of $7.3 million. For the year 2016 and 2015, the Company issued options to purchase 1.3 million and 1.3 million shares. For the year ended December 31, 2016 and 2015, the Company recognized an expense of $1,019,000 and $1,271,000, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of December 31, 2016, the Company had approximately $1,945,000 of unrecognized pre-tax non-cash compensation expense, which the Company expects to recognize, based on a weighted-average period of 0.5 years. The Company used straight-line amortization of compensation expense over the two to three year requisite service or vesting period of the grant. There are options to purchase approximately 4.45 million shares that have vested, of which 307,000 shares were exercised as of December 31, 2016.

 

The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

   Year ended December 31, 
   2016   2015 
Expected volatility   132% - 159%   306%
Expected term   4 Years    4 Years 
Risk-free interest rate   1.23%-1.61%   0.89%
Forfeiture Rate   0.00%   0.00%
Expected dividend yield   0.00%   0.00%

 

 F-19 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

14. STOCK-BASED COMPENSATION (CONTINUED)

 

The expected volatility was determined with reference to the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.

 

A summary of the status of the Company’s outstanding stock options as of December 31, 2016 and changes during the period ending on that date is as follows:

 

                   Weighted 
       Weighted Average   Aggregate   Average 
   Shares   Exercise   Fair   Intrinsic   Remaining 
   (000’s)   Price   Value   Value   Term (Yrs) 
Options                         
At December 31, 2014   3,496   $0.49   $0.41   $588    6.5 
Granted   1,306    1.61    0.33           
Exercised                         
Forfeiture and cancelled   (168)   0.52    0.38           
At December 31, 2015   4,634   $0.81   $0.41   $5,300    5.49 
Granted   1,327    2.01    0.33           
Exercised   (40)   0.42                
Forfeiture and cancelled   (285)   1.81    0.38           
At December 31, 2016   5,636   $1.04   $0.41   $7,317    5.06 
                          
Exercisable at December 31, 2016   4,411   $0.81   $1.76   $477    4.66 

 

The following table summarizes information about employee stock options outstanding at December 31, 2016:

 

   Outstanding Options   Vested Options 
   Number           Number         
   Outstanding   Weighted   Weighted   Exercisable   Weighted   Weighted 
Range of  at   Averaged   Averaged   at   Averaged   Averaged 
Exercise  December 31,   Remaining   Exercise   December 31,   Exercise   Remaining 
Price  2016 (000's)   Life   Price   2016 (000's)   Price   Life 
$0.20 - $0.53   2,362    5.17   $0.26    2,362   $0.26    4.88 
$0.65 - $1.80   1,391    4.34   $0.88    1,172   $0.85    3.87 
$1.83 - $2.84   1,853    5.75   $2.08    846   $2.13    4.73 
$3.20 - $6.20   23    3.08   $3.75    23    3.75    3.00 
$7.20 - $22.00   8    2.70   $10.36    8   $10.36    2.62 
Outstanding options   5,637    5.14   $1.04    4,411   $0.81    4.57 

 

 F-20 

 

 

Celsius Holdings, Inc.

 

Notes to Consolidated Financial Statements

 

December 31, 2016

 

15. COMMITMENTS AND CONTINGENCIES

 

On February 22, 2017, we were served with a summons and complaint with respect to a breach of contract action filed in Superior Court of the State of California, Los Angeles County, by Statewide Beverage Company, Inc. (“Statewide”), a former distributor of the Company’s products, whose distribution agreement, the Company had terminated effective November 2016 for “cause” (non-payment of invoices within the applicable grace period provided in the distribution agreement). The complaint alleges that the distribution agreement was terminated without cause” and seeks unspecified damages consisting of termination payments and fees which would be due upon a termination without cause,” but not on a termination for “cause” as well as certain invasion fees allegedly due under the terms of the distribution agreement. The Company believes that it validly terminated the agreement for “cause” and will vigorously defend against the action. The Company accrued $85,000 in expense as of December 31, 2016 associated with this complaint based on an estimate of legal fees.

 

In addition to the foregoing, from time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. 

 

The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without cause. Cause has been defined in various ways. It is management’s belief that no such agreement has created any liability as of December 31, 2016.

 

The Company entered into an office lease with a related party (see note 10) effective October 2015. The monthly rent amounts to $8,809 per month and the lease terminates in October 2020. Future annual minimum payments required under operating lease obligations at December 31, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,    
2017  $113,461 
2018  $116,720 
2019  $120,078 
2020  $102,455 
Total  $480,343 

 

16. SUBSEQUENT EVENTS

 

Between January 1, 2017 and March 14, 2017, the Company raised an aggregate of $11.0 million in capital through the sale of an aggregate of 3,666,662 shares of our common stock at a purchase price of $3.00 per share in a private offering to accredited investors, including certain affiliates of the Company, as more fully described in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 14, 2017.

 

Between January 1, 2017 and February 14, 2017, the Company issued an aggregate of 238,795 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive plan. The Company recorded $25,000 for options exercised, of which $25,000 was for options that were exercised for cash, with the balance of the options being exercised on a “cashless” basis.

 

On January 26, 2017, the Company issued 47,126 shares of “restricted” stock to each of William H. Milmoe and Thomas E. Lynch in consideration for services previously rendered to Celsius.

 

Effective February 7, 2017, the Company incorporated two wholly owned subsidiaries in Hong Kong, Celsius Asia Holdings Limited and Celsius China Holdings Limited.

 

Effective March 1, 2017, Gerry David, Celsius’ President and Chief Executive Officer retired from such positions with the Company. Pending our board of directors identifying and retaining a new President and Chief Executive Officer, John Fieldly, the Company’s Chief Financial Officer will serve in such additional capacities on an interim basis. Mr. David will continue to serve as a consultant to the Company through December 31, 2017.

 

 F-21 

EX-23.1 2 s105632_ex23-1.htm EXHIBIT 23.1

Exhibit 23.1

 

 

 

 

Consent of Independent Registered Public Accounting Firm

 

 

 

We consent to the incorporation by reference in the Registration Statement on Form S-8 of Celsius Holdings, Inc. (the “Company”) of our report dated March 30, 2017 relating to our audits of the consolidated financial statements which appear in the Company’s Annual Report Form 10-K (Document No. s105632), for the two years in the period ended December 31, 2016.

 

 

 

 

/s/ D’Arelli Pruzansky, PA

Certified Public Accountants

 

Coconut Creek, Florida

March 30, 2017

 

 

 

 

 

EX-31.1 3 s105632_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

  

I, John Fieldly, the Interim President and Chief Executive Officer and the Chief Financial Officer of Celsius Holdings, Inc., a Nevada corporation (the “Registrant”), certify that:

 

1.           I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2016 of the Registrant;

 

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

 

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

 

4.           I, as the Registrant’s Interim Chief Executive Officer and the Chief Financial Officer, am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

c)          Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

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

 

5.           I, as the Registrant’s Interim Chief Executive Officer and the Chief Financial Officer, have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

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

  

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

 

 Date: March 30, 2017 CELSIUS HOLDINGS, INC.
   
  By:   /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive, Financial and Accounting Officer)

 

 

 

EX-32.1 4 s105632_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of Celsius Holdings, Inc., a Nevada corporation (the “Company”) on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Fieldly, the Interim President and Chief Executive Officer and the Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

1.      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:  March 30, 2017 CELSIUS HOLDINGS, INC.
   
  By: /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive, Financial and Accounting Officer)

 

 

 

GRAPHIC 5 image.jpg GRAPHIC begin 644 image.jpg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end GRAPHIC 6 pg40img1_10k.jpg GRAPHIC begin 644 pg40img1_10k.jpg M_]C_X 02D9)1@ ! @ 9 !D #_[ 11'5C:WD 0 $ 9 _^X #D%D M;V)E &3 ?_; (0 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$" M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# M P,# P,# P,#_\ $0@ ? *Z P$1 (1 0,1 ?_$ 0T $$ @,! 0 M !" D* @<#!08$"P$! ' 0$! $"!08'" D#! H0 M % P(#! 0'!@P-# P/ $" P0%$08' @A$@DQ02(346(4%6%Q@:'!,A:1 ML5:6UA?10G(C)D9VML88&0KP4C,D=+0U-H9W*#@YX9-D1575IB MXO.UN;;L,WQFNZXF9F[>L2/;R,E&0!6IY=VDYD&<<1-D5ZX:-!4!5X4P\ZA0 M H#\6JUI+3-QUEJ.ETQ:LOQ=;/+F) ! GB<9"0BSM=:RMN@=,U>J[JE2J2B M*@GB098#E,SPZXB/_E_-LX=N(X[F >M6'_7*^I$?[]>V_\ RV[^ZCZT M*;K];:!H/YH,W4[ _6;*[1[ &MT< 'TZE=\(.XK:1G>M4LP_RR^7/U()\=.V MRR0:"[(RI*O51C+EQ,/CV[=0_%>XNP%,@6M9U^PD8E/2-O&97 E!E?>UQB;8 MZRI?89=T@+<_M( 4>:O :AK"FO-O[QH&]_J:]+875*;"P65%293*<20,9@\N M$HV-VPW7L>ZVG4ZFL350W2+=*"ET *"D@$RE,$8\>F<;Y_C*6=WP]P_ZW'>G M^SM65E*.S&3U.!!D83^,I9U:>Y[A_P!;CJ?V]I,]$0[Y,+_&3L[_ ''N#_M( M[_Q[29B'?)@_C)V=_N/<'_:1W_CVDS#ODQ]D;N&M.2D6$:A$3Y5Y!XV9(G43 M8>411RL1$AE#%>F$" 8]1H C33&(AT$RAP #4/Z.T!H.H1-"Z0@TA!I"#2$& MD(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@T MA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D M(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA M!I"#2$&D(-(0:0@TA!I"(Z.JQ_F"[C>-/V+1?'T?LH@>/R:RWL)_:[9A[:OS M51K[XG?[#]0?03^$Y?K:X)YY<2#UO"2\>VC")Q4V[ MCVP((.(MRJ43((%$U3FJ;LH'#6S6[GB$UCH36E1IRU,-!IJ4Y'@%>K/R\NGE M&I>Q_A7V_P!QMN*+5EZJ'V*RH5+*V"H$CU@9='SNCG#COY*3;E3E^T.4:#_Y M_B?]XP#6-!XKMQ_G--E'EC,/]QO:N>%;53^B8Q-TH]N?EF*G_E-!\HTU[->+77[!+G<,$2EVR ,>L\^@1(YX&]K!)*JRKS$X#*J<-[R MOTEY)C%NI+"V2%)]^W*=9.U;[:-(]=^!25]GC[CC (S3=*"%"@Y;D3$> G+6 MNLB:1\7C534-4.KJ(,-.JD'&L>USS$8!,IXGG&)-?>!2LI:9ZMT3<.^=:25% MEW!11RR#B53D)#E$1%RVS/V;.S-K73#R,!JGZ(_!&X3? ^4PAZ'Q0@ M\:<#%'CZ.WMT"DJ *3,'AUP20J>7&7&7+RQE7A7X*ZC$8^4KQO7E]H0,81H! M2K)":H=H!GPQCQ%13J<#25H+I)$LPG,8D2G.8 M'$1]!#WZ.&H1[1D(@ 5$0 /2/ -"9"9X0X\(XRJD,)@YBU*%3!S (A MPKQ#NX<=/F!SYA$Y\I=,XD#C:EEM*DEP&1 (F#UCC'(!BF[# /"O 0'@/8/# MNU*E:%>J08GX'*>(A=30@TA!I"#2$&D(-(0:0C@!<@U#F)4*U#G#A2O;\@:E MS)S9)C/(&7.1,@9=!. Z3$A<;$P5# D'$8$"9'F&)ZH!6*/+RF+XB\U0, _< M[M3'"<_F\>KR]$$NMJRE*DD*X2(Q\G3YHR!4HT !#X1J% "G;\0CJ$P4YAZO M3RB:8S9)C/T<_DC(5"%$ $>(]@!QU#,G-EF,W1$1B)\A&/F%$P!S %0K0: ( MUK0?EU/(@3Y1 *23($$RGAT=/DCEU"(\<1!I".,5 1 ! 1 *CX@X?'Z-1D2 M)CA$N=$RG,,PXXC"%*H4P#02U#N P#J$P., M"C)*@3U$0@&$1[:!W]@^GOI MJ4*23($3B:8E.8E&7,4* )@J/940J/R:C,3RS[71$)B4^4* @/8(#\0ZC$>< MN<+I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$8 MG,! J-/B$:5]-/DU!2DH25K(" )DG@!UF$<8*E$O, \P";E#L[>RG#O =1F/ MW=?"()4E8S((*<>!GPP/R1R@(#V" _%J 4E4Y&L'H MKJ (42E.*AQZHE4M"0"H@ \)F4X4IR&I0Y35KP Q1I3M[/0/#43@K(<%RG+G M+I@E:%IS((4F[5TEQ M[JE_>B@^$B0V,LI/^?JH<5G')IL.8DOK*7N8+@&RH4TM[E]M]W!(4>M&A4!> M^2Y%N']=:&TZG5VI*73A<[L5*RDJZ))4KTREYXS-N%K!K0.CJ M[5KS9>31M!>0<536E&'DS3\T1L6?U;[-?R[1I?>)9JVH9RJ1-><@+C;7&:/3 M,;E%PYBG$;%N%TD@&I@2.8_+40 1"FME;[X1KQ;Z8UMCK6W*U*/Y-P3!F,9< MI]!C3/3_ (\=-5M:*/4EK?:HUN2#B58HQD%&6,AQ($XEI@IN)N>%BKCM]^WE M8.=CVDM$2;0X';OHY\B5PT \0UJ)<;=5V:\O66ZI*+BR2% M'YHY8>>-[;==**[6>GNUG<2_0U#*7FE#$J2J6$_/P,HB@CM* Y":03_!C17QL;6VZHL+>Y5H:[NX4SB14$2Q0Y).8 M](2J0_A1M7I9'KMD>&X5')=U_)_6L+P^;5G^++*=Q$J;,VC1-93TB9_?B^O! M+).T:&Q\RM='RY2?PQ)%S":A1I0?1\%1UK0/5'T1^"-P&^!\IC$P4$0TCT@- MR^'E_I0K^J[](1R":@@!:"/>/=7NIV4TA'H[1J-W6J8>-)Z(YAXD+I".)03!R4[.8.8*<:?0%->3QDV3(DS!^0XQ#'.#, M!.,^O#"7GBC=F9'/F8.H!EK"6-LE7C'3UWY^ONV[48.LA73#0+-1.3D'"38P MM) Z,CCSCBYK:JU]K#?6NT9IFXUJ*IVX+:9:54+;0E/5APC*O]U[Q M,$ B^"1Z*M>'*1QXCSQYBY-DW5WVZ1SF^K=NW)$TE!)'?N38XS-)79()-VH" MJHJ%LR;TCF4(F0HB*1&ZYS!P H]FOMH=QO#5K!\VBJME+2%T90XXR&B2<)30 MF0\LQTSCX[CM%XK=NZ8WRAN#M2VSVCW3Y>4 ,22A1D1#TNG'U>+GOV]X3 &Z MU=B%QSSM&%LC*9&2,*+RX14%JG:U]1Q ;-6LF_6+Y;9X1-$#./UI9,#&*<<9 M[R^'6FL]H?UIMXX'-/,I2X^U/,4H5@%,J.)!YB9(Q,9;\/\ XJ;E>KLUH?=0 MJ_7"WNY8?R]VI3@XIJ$C *$Y3X2ETQ8U(H7D((C3PA7M[>6H^G6H"$R0)!0$ MA@>(\O7TQO\ 9D]D3!S&0/3Y(J@;=\29QPUU@+'A,J)S<4E?MXYIR);$:I=8 MS3*2L>12O@8F3.R92KULR1'D 2(K$(=.GU0H%-\-4W[2&H_#2:BQI3\=1TM. MP^X&4)DZ%H_1E4IDF?$3\LRV;-SLV]FMT"5_Y!;L'.9.<[M.\K ME)!L+T?^??+" ]VIO@CBQJ;%L*8)<@)^67DY:<-=3Z7;[;2F:9V_J:"B5=EV MLN!W(,^3U"Y.6;!>'&<<5ZO<+FR_K4)"4N$)+@FM*.,I9,>B+ MR^VG,T+N#P?C+,4 LFHRONT(F7703,!O=\N"/LL[%J("37 M+K5EBJ]+ZGKM/U@ 735"DHZ2W/LJ\XD8[,;=ZKIM;Z(MNIZ104BIID%?2' ! MG!\AG&]M6_%Z1B)B@-!'B/=J!(''IEYX<8^ M80!IS!6E>_L[-3#$9AP@2 DK/J@R\\+SEK2O;\ ]WR:@#F3F'JQ J2%A!]8P M@'((5 >'Q"'WPT*D@RGB?/\ @@E:5"8X=>'X8Q,8IB" "(UX< 'M]'$-%$), MCQB*T$C+.4^<0B==*Y+BM7:]CI[:T]/6T]6S9#M5GD!,R,(\7;&M6ZC"V5=Q M;EJX.V,=,IA()A*(@ B%0#6RWA7LMHOFXCC%VIJ>J1^KQV7DA:#^D3Q!!Q$R M1UQICXV+Y>++MI2U5GJ7J-YRY%*U-J*5J&0RQ209&0GCPASG2@EY:=V&X/E9 MV4E)V4"!WGK92I2I3QX>6--7=1W]'C$19%5]<;>FX%*F M0X7+.4I2/")]>H=CS+&4=I65K)PBUFGF3II"VR6VA 31;=E#F:79"O9$ M&DP=]'$9_P#DQNKS56)S%J'&M!U"VNNMIM6MK=6ZG##EF0N;J5I)0H<.T)' M1O;OC8-0:AVWK[?I,$ZA4V SE66U@\3(@C$QHGI,89W$X3P=?-O;DHZYHZ[I M+)SV7AD;INM.[GQK>4@(1L@=%\G*RY6S8'J"P EYA>-1Y>-1OC?N]:*ONL$U MFA$4S=F^$0"&$E*.\S+S8%*<9$3PZ(L3POZ4U[I'0SU#N%WWZX54J4D.+[Q6 M3*D 9B52Q!PG*)5R]GW?D^#Y-8/!!&$;*<0,)81EJ,(J(=;>^[^MK>"2#'*KQDZGU);MV6K=;*^MIJ15 M$R>[9643*^R#@1ZR@1'!%]*7J<2\:QE6656)FLHR:/VPJ9[O4BGD/6Z;A'S" M^SF$IO+4"H>GOU.[O?X>&W%,JL:>\02#_JC7$>:/.B\,_B4JZ9NO8O&5+J01 M_K:\4D3_ "NB/J/TJ^JG!$%_&9,%TY0#S"(1FX6ZVSHYB>("I*/0;( OP[5 ^'>L:>X49'_ %5M.'E F/*(^K^[EXHK)=U;F[KLM.)E64;>]H9%.$I=UN1+T2$1N:SKI QW$H MU1;F%=(IEG#1VD40*8AZ&"J:JV2VQW1TJYJ?; !BM[LE.0]@J'%M23+*2.S, M 2/&*?H_Q [N[/:S;TAN@'*BC2X$N!R14E*L X""9A)DKR1;NMF>B;G@X>Y( M1^C)0T_%LIF)D&QN=L]C9-JB]8ND#A]9)=LJ4Q1] ZYX/,NVQ]RUUDQ54RRA MRHR'7"B$+S!2M> MZD"DD3!PB!( GRC$3D#M-]_4PQ,AR@"D\Q\H@!0@\ , _%7Y_1H2!QE$,R9Y M9X_NYPO,7TAJ ,Q,1,,1,<(3S"5IS<0^/T /WATF)Y><.! YGA&7,';74>7D MCC.(&.F <0\1AX5 0"E/NCJ18FJ1$QE((Y&9'&/,I*PE22,@5\N!X14QZ:5_ M7W,]4N\(*7O6\9>#3E=Q!20TG=,])1) 93,@1D 1;V068D*T*4 3H3];*%"T MUOUOEIJPT&Q-ONM#145/=EM4?Z5M 2J1:!.8@3))Q/3'+[P]:GOMP\2ESM=9 M7USUK0_6Y65.** ZJ79)E(=0BVB0: (&X#7N >SN].M!0HI0"[+,>C@3'4, M<2G##T",NILP"LIXQ$8@D8@0$)0G,7LKV\.P=/WX@DA4\O*,M(C!I"$'@ C\&D(K[=?:ZKKM3'NW% M>U+JN6U5G=]7JB]6MN=E(([M$EML3I).CQ;IJ=R1,XB)2G$0*/$..ML/"?I^ MR:BU'\Y3&&&$:*^.'4%WT]IVS55GJ:FF?55.@J:44 MB608F1X]$1CX,Z?O4+W$XMM+,V.LJKA9MZM7CR#";SA>D;*E092+R*6!VQ*5 MT5 _M3%2@>8:I:#WZS;K':5HM3V.\._JZI:FGO:E253"C/#-ZO03B8VT/22:IA]!3'13(4?C, :H3>^7AZ4)+LS*1T&WMJ/R@B?R1=)\,GB:;[2+N M"KH^+5]:-5/MP/4OZ;&1X*"RM<=V2,4Z*#YM:U_3Y\A8[O6);*$+((0=S'6= MNF#M$ABE.*"Z3AN8Q3&3$HAS7 SHC8O?*PU%3H]E-)>&02KNT=TI,^9:P '5 MB.0,6S5[B>(;PZ7]BEUD^[56I>"0X>\0L)Y)7,_+Q\\6M=LF?[6W/X5L7-5F M%40BKMC3*NXMPHFL\@)QFJHRG(!Z83E. 4,&M =6Z6K]': MBJ+!<0H/LJE(\T\4JYCM#'J,=.MN-=T&Y.C:#6%L(2Q4IDX@?-6,% ^0PXC5 MNQ?D8G$ *-?@K\HZ@1.(*G*0XF*XG7%W'W4TN#"FV/&5S3<+<,W((7O=7V8F M'\-)J'D'A[8L>'7=QBR#H$7CMTX<&3YJ&Y$Q$!IK;GPQ:$L]P8N.N-24K=1: M:=M24I<2%(5AF6N1GZ@&'GE&@7C*W(O5#<[3MYI*K6Q=*A:5++:BE:5$R0B8 M_+*NGHG&K^C=N+R'CSZYV3FG4/D3'KETRN"&:+3 M#E==)&5ATU5 (42@<[0# 6IJZN?Q*:&TU6Z6MNX.BJ5FGMBDIS!E(2DM.))0 MX9 89DRQQQQ$6OX2]RM2VG6UQVTUG4//W#M!/>J)(?0M(6V)S[4B> :T>29X*$ERCI-*1,9:FA!I"#2$1S]5G_,#W'?#:D7^^> 'Z-9:V&_ MM;L_TE?FJC7WQ/=G8^_S_(1^O^%1_3-Q57"@ 4>VE![^WAKKJJ7Q3:5":#D!\A&,<,$)6XHM)EF5F&/R MS]$6<.G--/9K:1CPKQ0RAX.1NZW&YSG,<08Q=Q/3-$@,:H\B"3D"%#N *:Y4 M>(V@I;=NG6,TR0$K&?#H)CM;X2+H_<]D* U*U.%MU2$*/'(CLD=4E<(V)O.B MVTOM6SLS=%*<$K#?R*7,7F CF+<-))LJ'H,FNU*("'$!U;VRE<[0;GVARG_E ME5)3_!4A23Z5#"+M\0MNI;CLWJ!NK]1%#F'T@ZV4^F&]=*_D_BQ.Q'B'YR[J M'O[!:0M>P?2.L@^+ !.XH:3ZJ*)E/G!.;T_+&(/!$#_5"DJ]8W"H]!2(D@ 0 M P#WTA"E)3M^"G;I M"/1V@-;OM<*\!GXBORO4?HU!7JF(CC$H ?2/WQU\\>D+I",#]WQ_0.O-T$H5 M]%7X(E5R^D(IFXJ&O6Q0$?\ K;WX'W5+E_0UTQU*1_=72#_R!C\*8Y!Z5P\: M __ ,A>_C1!<3,$"E3;/9F/=)KJ"6@G:'NX':EA/*LNL5665MZ=<& :\AG4 MA&G5IW IK2G)N4NZVKEO0K64Q_A.V;,0"&B)$G\DRX#C/&)-A' MD*(6.E@;.1('U1='& MG:.JOXP-(M,WVEW H&TIHJ]H(4$]*4!05ATS(EU"//P.:]*K=<]M[@ZI2Z1] M+M*% @EM78<3U24 9=!)BQYSU'P]E*_H?,&M+BHYP!PE,^2.@PXX\.'GB'7> MWU-KJVG[FL<8,C\:6QL59\K)75,W'(1+N(;7)=+F >B5L@R79BE'-6XK M@$:I[N^ M(VHVLW M^C7*-#U#5)2XZ\I67(E2E)D.1EEGYX8?N'Z[U_1N39V#VX6!8TOC MBU9%RP"ZKW0GI%]>'L2QD%Y)DVAY&+3A(1RJD;V8ZOF*J)B!QY:@4,M:(\)] M)7V-%=JNXKI;F\W,-I2#*?J@JGBHB4Q(2,Q&#=?>-JY4.HG+?H^VIJ;2RH?I M% @JP[6$C( SECB(FFV4[GI_<[MLMW/]_P!E,<7EF%)]11N68%Y#+PMNN%&R MMT(/'B+15G#NU&JQB@L)O+32$PG, @.M8-P]&-:+UD_I2A>54O,.A .4@J*@ M#++,XXCATQN#M)N-4[C;?L:RO+":)#F=8$^P W/,23P&!X\8BWW&]K12-ZW![X-$3;Y$3$4"T;5@$_?\ .M"G+X')SH%5#B0@EH8< M]:-\+SU9:F]1Z^N;=JIGI=VV9%1!Q[6(",)<W-.;;6U=T?; M!SN95 @XY0)YIQHQ#K.[WL5/8^4SYM7B6-GOUT0$7%H9#QLZ.@H:O+'34_[ MSB570E$.4JJ=##Z-7=_=CVRN[9I-&:C:-T2#-)4AQ),L!F3EE,\\8L9KQ<[N MV)?QFM]-.?JKC/NU-X#$\I<)Q.IM$WDX=WCX_/>V,G[IM(Q*S=G>%E3)2)7) M:$LND*B3>011,9%TQ$$YMR79.\3VMH^JZ'\Q7XX=)TB?]']@?^Q[O'[MZSNK# M\1']L5V^G_%C+/A;_L,M'T/XPB#!W_IV2^D=SZ/S6L76U$__ &@,_P#AP_IC M&E3^/C?<_P#%C_1B+*>]+<%+;6MN.0JN'S9LHDJ0 $ @<>.KJW>VV&U>I4::-3\5F M82O/ERXE2A*4SPR\>N+3V"W@J=YM*.ZF?I$4:6ZA;61)S>J$G-\IEYHD*(% M[:\1^<=8I0%(_^E-P3 MS-35?_3ICDCXTB/Z[J<<_@*/^F5%N#'YRELBS@-P'[+6X-*<0#W0TIP^&O#7 M.BO=:%RJ9J3_ "I_#'5>PI<%BHII4#W">7LB/8*'(9,P#40[PH-1#M[!IKXP M^W.2%)*O+^_%4=3-LY@J74)GY(JX?S@B-M%*_-NLFU(S"]W]KWNQF3) F5XY MMAI)1*L.+SE_73)H2"SDJ!C\ YE >W6^?@OKZMNEO#"RXNU*6UDF#E"I]KJ M&'/G',OQ^4UI;O%FJZ8(1>2TOO"F4R!ZN:7$\A.)BMB]R3]M].7!=VRCPS=980,H1%>-:H% ]!,!! 0UK!N91T53N[<[=1J" M*5ZZAM2@)RSJD2!SDHF-Q]I;C64.QEKNU2@NUS%I6ZE),@>[25 $\I@ABOII"F92HJ4^I2U((EQ&60)\L:\VQ]:CR[N6:2C6'8\[A83HIZGUK0:?K[ 4L MW"K0U,3&5*L!B1+AB9P[__.[3VS.D&]44E(*IURL#9252P,_Q8 M1L79AN-F=TFV>R\]3=KQ]IREUDNHZMO1<@YDF+4+>GY:$1*D\1,I1"G)]=#/[&6E&"6T>-61CY60CTU3RE]%%4C)\ MNT(N/+;0@(*%1 PT$2\> B&MBZ+PSZ1J;>BI5JJC2I4I@Y9^EB_446*4B0DYS&$ H-::J=9X M1+326AV\F_(72-L+W;>MU2Y+FE))7R&<*S:L0>OSN#GH8/9P Q0 M* "$=!:B\4]HL?Z\ MNZTT](W3=\ZI9D$R2%%./G YDB7.*]^5.N;>%QWW^FFLNDQGKJ: MW%)RTXB4PD3DHZR+11"0:LCC0Q/:7'.8HAS%(/AUMQ9_"BS;K) FA(F@X$]HXB- M1RO61W_XQ7;2F6ML5KP=O*J$*/V@Q_DVQ$ERJ#4$D)N3>NFB;DY>!0,0WPAW M:N&F\,FTU\'=V#4B'+GE[/:0H ]!2)<8M6H\6>^6GT"LU/I@M6T*[9#+B$D? M2,_EB9C8AU!L;[WK>G/<<-(6/D.SDV:UXV%+.4'YVS-^8R32<@Y-%- )6#<. M$CI\XI)*HJ4(H7B CKINGM%J':JX,T]V<144%7G+#R")')+,E0'JD @B?K3P MX1MCLIOKI_>>A=>M+?PURI$@OL'&0/!25<"3P*>(D)\8Y.HGO)N+9-AZVLG6 MU9,1?;RX+^866T.W* MMT]0NV%-1W"$4Q>S99]@$)/,8S,^F)]_=WJC9K2;6HJ"C35U-36(9 4K*!-. M;\ ^6&!9"ZX,F2D[ M/S"C5(JHLVZ1#)$.45#D$0+K*UL\+]F487O7C'M[-DI1I.W.7'5M52H>4PVE2DM%0Q2I0G)0/$0UAQUM=Z MN/IED[RWMRLR-MU^L4R,9)6ID:PGSIMSK9KO'QEO/Q>;(6/TWD-(Q,@2&O*RY=1%2;M2;%$CE-LX4;B"#V/?-S M^8U=I@":Q0$*%,4Y2ZH;A;<7[;*^G3UX4%!(S(=':2XGJ4?D(XB-V=I=U=/; MM::%_L22S4@Y7F5'M(//RCH,9[Q]X^,-F6-R7[D4[V3?S#P\39EEPPH>_P"[ M9E-'V@[5F*X^2S8M$?&Y=*AY:!1 *&.8A1: V\O^Y5\_45A!2L *<=(.5M'- M7.9Y91CSY1#=7=C3^TFGS?+Z>\2N:6FAZSB_R?9'/,<,)[6SRO#1M?:5(H= M5ZE9%TPS=I",O402<9\\/)&FW][;=Z^J77Z2TT\;+B4?HE+) Z#+HZ(VW@[K MI/?MJRL'=CA@,:J*OD(R0N^V2S;4MN+.%"I)NKFLNYVXS+1@0XU45075,F2I M_+$ '5#U7X7,EI>OF@+JU=;>R3F1@DA(23V5 R6H2E(2G.+GT?XRW!>6-/;D M61=!5.R_28B1) &9!X#&?FBQ%%R#*5:LI&.=(O6+YFW>LGK8Y%6SQF[1*NV= M-UDQ,FJ@NB<#%,41 0&H<-:A=VME:Z=T$.MJ4"#Q!!'$&-\:>I9K:=JLI5 T M;J4J1+A(I)P//"*BG2^ W\K!>9N %]\;DN81$ ^K,R)J<>_71#?Z0\/5L)_S M5%Y?Y(1RG\-*,_BCNTE)&5RN49F4QWJN'2>J+2V>,\8TVZ8TN/*V4Y]&!M:W MVG.(B *2,Q(* /L$'!,.8%I*9DU@Y$42 /$1,:A"F,&@VF]/7G5-Z8LMD0IV MI=*00!-(!P*BKD!SGPCIEK;6NG]"Z9J=2ZB=0W;V&RL F2EF6"4CB23R$11; M0.IQN,WHY;0"*5#4R%$ D%6; 8SF>7R1K?M' MXC=3;O:A70Z?T^*:RMJ[=0MR0R3P(!':,N0YX1]V^+JE9,V7;B(W%DSA.V9[ M'LO$6W<\3>BMR2[25D+#Q*W?:;<&CTM7VQMRRU20H/Y M\2DX3R\C/D8F>@9^,N&$AIZ)=%>Q4]&,)B+=I4,DZCY-HD^9N"&+X1(JW6 0 M'X=8!JZ=VCJGJ-\2J&%J2H2$D_11%.)BBJ\IA3/*R:B*!3 !A M5*T&FJMI>QU&JM24NF:.?Q54\A$^0"U %4^H3,6_KK5E+HS2E;JBJ/\ JU)3 MN. ?E*0DD)'TB)0QWIL[[V[;T4M;<*BW)I+93JRMN!4RLS_)X\)Q*=K#$;&0:0A![!^( M?O:0BNS_ #A7CCC;0'=]O[W$?B"VF&MR/!JDJU?=#R30I)\G>1S^\?9EI"S= M/Q;GYHB0WI,&#^3ZVZ=O]P+C[O\ VVN6GS:POX@'6QN[>9J&-0#YLB8V$\,9 M/]25CP/^SG\XQ(N)RAW]G;\'QZPT7F1Q4(SZ,1/HB%OKG,+3>;,DI.709FGX MK*]F?9!=8B97OM[L[YM+(,5345Y%X0J_F@7@)2 )NS6R7A7?N#6ZK2*):C2. M,'O$B>60_*Y"#*H)O(3!2V;<5E$VU?"! ?U$P!^G$:\:ZJOB[;IV]TDJI4! M+OPR>^ XSQEY9S$4SP-N5JMJZEAXE5.W4_HR>&,\TO/$ZFM78W6CK91^UC&+ MV1>KD:L6#-P^>N51 J+=HT2.X>/GJ:MNB8TAD=4 MJ@&6;,<=XM5196''G^L0A9:228B(4Y3*+*"'?KHCJ9UG9SP\-V5F3=\N+*42 MYE3_ *RI]2,QZHY.Z';J-]_%"N]5A[VQVYY523R#;)!0,>95E[/&7DCNNJ9: M,_M"ZA5I;D[%;F9-[W?6]EZ(,CS$05NZV'36*OJ(,8@$ 0F$$DSJDK4Q7QA' MMUY; W&BW(V6K]"5Q[Y^G6XRK*/K\2]KK=J]_P"DW LZ M>XHZKNZD$&06L3[^R M3+%%X5$PAP\YLHH9)0/TIR"':&M [M9ZK3]XK+%6@_$T=4XTKRI,L#S'0>8C MJ#I>_P!-JK3=!J2D,V*ZC:>'\-,_,09@CB(V'KX(KT&D(-(1'/U6/\P/<9^Y M2+'_ (3P'Z.LL[#_ -K=G^DO\U4:^>*'^P^__11^IJ2!\,C$F0_E6^<56^!0 #= MHE+3@(>(:=@4 3#Z #B(]G'77.J6TP\E3SB$([$U$B0PXGJCA?2I6MX*;[2@ MI6 Q*N4@!CC/CPZXM,[$[!E\<[7<9P<\S6CIJ3;2MVOV#DADG+,;HE',FR1< M)&H=-;W:HB)BB "41H/$-YZ2V7L]#=&BV^ZA;H\CBLP!!QS ''"77"[Z[D;6OM0S4Z<*E35E+<;VRR MYC JO;CE&4:BB0*"8YQ36.- [ *(]@:DV)M[]RW4MK;*<&2IXD\,J"F8\IG MARZX]/$C=Z>T;-7ARMFA%2TFG3PP6M04"G[01-!]%'J'?J"O5/D@.,2@AV?*/WQU\\>L+I".,_Z7X! M^C4CADVKZ)_!$JN7TA%,_%E/Y;%N ?\ 6WOP?N*7)^CKI=J5)_NL)/\ ^ 8_ M"F.0>E!/QH __P"PO?QHN7I=AOU9M7\T1UZ:]7^$K\)CEUZQZ1 / M_. DVYMO.&5%"E]J2S0J5N)@+SBFI9DS[1Y=?%RCRDYJ>@*]VML_!Y4.TVO[ M@]B6&Z#M2XR6H)'5@3,]4:+>.U*%: M#G9[Q%T5('B?T9F1Y,)PX;HK'=*[" M;((N904T;[R.FT\RH #8+D64 "5[2 J<_P %:ZLCQ/4[--NY7M-R(R4\Y?E= MVF?IC('@W=J'-C* U$^R[5!/D[S")<0[-8#C:@$>/#AV\>/#AJ! MX2B.8([2N QBFWN&E7W40ZJ3*P(EXJ]L2-OAEC1BL"A19L,.,AC').\*=V*\3*;C3.)_4KE8%@-&:5,O*D$F(*2!'7VF?:JVFZYDYFWTH6".!"A,2\QQBHCUY /_' LSR@ QQPE;J: M:8_IU5;CN@J0!P'M/0-=%?"+5)I-NKA5N2+##[JUI/%0#3<@.4\.9$#E U(CB"'7 K\X2BQAM VC8HP'M[Q_8;"Q;5=53I6ZMUE"UJ6 MX,RSF4"93) &&$,2ZS>32;?MGMNX>QNU8V8PRS=!+'"/MENE$-8^R(AHO.W% M%QK1D1!%FTDU!0;J@F!?UI90OZ8=97\-6F$:SW+=U%?2:@6VG2X0LE94XHA* M"2>,N))Z!T1ACQ=:J&@=J&]*Z=E2*NCY;06P$!"4=MX23P"P9 )GCQE&N.CM MCK;)AS L5FB]KWQ2SS3E!:4$A0"J>)G5&L]4:Y>T]24U<-/T2 @=RR[W96D *42$R(G@GCTQ M;7A*T_MCI+0;6I[A66[]I:]U1_3O,AQ*)]E)!42%2Q//TQ+C>N2MJN1[8F++ MOK)N#[LM6?CW$;,0,U?=F/F#ULX(*9RF17DS%35 !J10O*V4 M.KK)4HN%JHKFQ6-*"DE##TY@S'%.,R.'"-J+QJ';/4-N79;U<+/4VYQ)2H+? M9GB)&7:P./' Q5NVCW.SV;=4_P#-M8EVMY[%5SY(D,3J/8N50EX:X+'O 2OK M)<*2+)59H^>0$B\: "@&$Q3IJ%KXC5WXW"HE[I>'^FU!=V5,ZEHZ13QS,N)7 MF0.U,E,@#(\3*.:NU]V8VG\2]18-/OT[NDJVN# [MY"D]VM79*0#(D&7#&)4 MNOCPVJXR_P >4)\UJ78&L$>#V?\ 60],$']7@8]3B8V0\=PEM=2$&8_6,_E3 M#I.D5_H_\#AZ6UW?OTG1^C5B>(DRWANQ]O\ BQE?PM">QEH^C_&$08._].R0 M?_>?2_>N76TR5!?A 9E_RX?TQC2AX_\ O?<'1=__ )8B<_J]&IT]L\#_ +%L MK]_]L_H:U*\/V.[EE_G3^ QNSXK3_P"A]Z'4S_3(AJW0--_DPY/[1_XZY /N MV?;!?OZR?XP<-SF2?NJ/SW(Q7X$A_P"DM2/_ ,@Z?0F)VB_5#6JR1*?TC^&- MV$F:0>J,M31-%.?KJ& -[4:>G]3PW9(B ]X^]+D$-='O">G-MA7#_M+_ /CM MI0/D(F>J.1'C:>#&]+#Q!,J"FP'L**S\H,AUQN2&Z_N1H.'B8@FW6PUDX>-8 M1J:A[[GBG7(R:I-2K"0(82D%0$@-2H@%>W5F5'A$MK]0\^-0I"7%%0!:1,3Q MQ_22G\OFB_Z'QP:@IJ>FIQIH%I#7'.[(A*>/#AAC'%-?S@7-4FR596QM^QI% MRJZ9TVSU[<%SW"5NJ8*)*EC&J$=[4)#" \@G #=FIJ3PAZ;9FNXW\K8'$!#2 M9CG-14J7R1"I\O2V(6R-O5WV?;C)..@+7P].N>M#5UESU0WVM1ZRZ#^_'5"Y4% M'I_03]IMZ0FAIK4\D)Y@(86?)RBH)T@MN=H[B=UR 9!A65QV;BVS7=_OX&32 M!>,F9I)ZPB+:9R3UE%#6Y*(6U#MY&!,NV58JC$/$6A%V *-%3IF!,Q0$ MAA#LUS-=N]^*%TSM:^Y3OI&9*ED@E*@LYA/$88=<==4Z;TTQ4MU;-!3-U5,I M*D*0VD$3P' #$>CE%47J-?Z7BSP#@/VMVS_/(V^(?,.NA&S#@=\-58[R507 M]>,XY=^(%7_NHMZ#_*"NH)]$RY/#S$<8M_D[!_5#]&N=+1FTD]4=8QS\IB#3 MKW?YI]A?X\8+]Z]T:VI\(AS;EU 'W%7X4QI1XY_[)*?_ ,23_&AQ71^'_P#K MXP:7O%?()>ZG_*#[YDO* M)$Y18HF"+:G_ *HH45CAY9*'V$V)VCKMR+H+K>.]9TA3+S.N*)'> 'U&S*71 MF)EAA.<:J^)'>NS[5V56G]-HIE:[K42" E)+3:OGJECCP2!,S(,N<->Z2?3N MDF;ICO(W%,GLI>UPJ+SF*K>N8JKF28%E!,NIDNYBOP,X4N*9\XQV!%0YVZ)A M6, '.3DOSQ"[Q-5)_JTT6H(L5$V&G7$D=HIPR)(G@."N'1TQCCPM>']X9=V= MP6U?M!5NJ<9IUI(*$JG^D6E0D)SFB4Y83B5K?7MBO+=E@20PM:61F>-RS=P0 MDE/2;R(>3*$S$0ZJKWW N@T?,%4FSR1*BHH;F. @D "4:ZU^VMU=;=N]5,:F MJ[>BX_#I5E;6O*$J40"YSFH)S!(Z2#RC:;>C05VW/T8_I*WW$VU%0XG,M*2H MJ2D*DV9#!*EY2HCD)1X/I_;);5 '[6*B(M,E$><""X.J?C6NJQNMN=6[IZF-SI67F[4VV&F&2I:LB1B M9C%)423,CD!%N;);0639/2?ZKJW*5^^O.%VHJ"$([? 9"J2LH'3+&<;DSGFS M:@RLFYK:SCE7$"-K3,6]CIF#N>Z+<>"Y:N6RB2J(1 .'+Q9< -4GEI&4*:@E MX@&K4TWI_6RKPQ4:=HZ[XUMP$!M"R3CQX"+KUIJ7;MRP55%JBY4!HW&58.*; M(&!&$B3/TSBLKT6W[>*Z@4K#VP_.O;,?0:ARFY3G+ MY;5-4G.7F#F].M[/$U3.KV6H:NZ-I_6U.]3#VDEP*#@/69".8EA$H?7OK_%/QUS4_Y<83L_M MX?JIW^D3&Q?CI.?:Z@R\3>$2_P!&N7HE'P]#W;58EN[>R;AY.WHV2R1D>XKC M:1D^_:I.7L#:-NOC0S.-AE%2'%@5\^:KKN#I;AKI6 MDFWE)L="PWF;!EF6M,Y@#C(?E1+X,MM[!;] HUP^PAS4%:^X$N$9LJ$<1B,) MGHB57=+A^TMN82H M*R4/CA'H_YP#"W83*VWZY'"+E:Q%K(N M>!8J_KH,$KJ2FF[^39BL3];0?/XCV<2]ASII&$M>4:4_P;5M*FVW>B0XTW>E M@@*/KE)24I",.,_-QQBJ>/"BN:+]9;E4A9TZF4Q)11F!FK,$@\1^$1*)M%ZD M6R"]L<6#8MNWW:V&IN#MF%A1QQ>2:5EEB74>R;M'+.-DW*:%O2: N2&%-1)P M)E@'G, &$0U@+J[U0OU8><<=[U"N^!1,D&:2('9R\:?I:"W5M-;7&F&VPRX@-G.$@$\)$$CC.?3C';;U.GAB'?VKCZ\4[Y1 MLV7MP7Z+N][*C(2XG5WVT_;IBA"/7QG0-CI,':?GMUQ%84P.8H!RF'7CM=O- MJK: U5"RVIVE>3BP_FRI,_6$P<>4NB/MW;;K&2":BG*25)QP M,L3B9]. A\>"\7HX5Q1CW$[>Y)F[FN/;6C;697%< -PF)-A%(^SLE7WLA$VP M*I-RE3#E#ZI [ZZQ9?;U^T-YJ;ZMMIIVJ<4LI1P!)!(D>&)G&;=*:=1I33=' MI]EY;]/2H"$K7ZQD#QYQ4,V3YAL# 743R]EG)TVG!6;:;CN;J:(2' ([ MH E4ID <298".3FRVI[-H[Q#7S4=^4E-NIEURE$D9B>\5)" 2 23R)$>S=7A MFGK/[MV-F*7(AC?$EJIOIJ&MMV^04"SK':.4FDA,-(@%4S75D2:2<$(HJ!12 M:^901*B3QTH6#3WAAV\-]>854:LJ4Y2O*"GO%)F )^HVF1\O63%9?U#J/Q@; MJL:=>J$46C:=TK2Q,A9823+,$YDEPCKET&+6.!,!XRVY8VM_%N*+>:P-L038 M/$4A32DS('*'MD[/2'(5:3F)(_C65/Q'@4O*0I2AH-J?4UZUK=7;[J%Y3M:\ MK-('LI'!( Y ) PZ>GC'3_1NBK!H*RM6+3K"&J=E&6>,1,==3;\ M-_;=K=S?$,07G\(W#RS1TDN952P;N.WC)4Z@AXA0BI@C-P-:@5,R@\..MB/" M=K0V'7CFG:I66BN3"PA).!=0)@GZ0F$\YRC5'QL:"_7^WC>JZ5 -QM3Z M0! MGW2S+"0^:2"JW9A9^YQG,%.J)G!X>/3([M!VIS M")Q*K;SI)$##P$S2>4W.TL>91],7]X4M<*U MGM'1MO+[RY4"RRL$XY4S2GG/@.<-*Z]F?QMK%N,]O,.Z\N2R/,GO:[D$#F%< M+3L\X)1#-9(E3"C+7(N4P!^F]C'MUD?PCZ4:N.JJK5UQ"30V]E651X9Y9@1R MPEC/IPC%/CDUL;=I2AT#;UJ^)KG LI2<<@[.50G/$DX &>$2/=-7 ([=MH6) MK/?LBM+JN"*_.#>P&*)5PN.\2$E5&S@/K M&1ZC=J)1^KY--85WFU:=9[CUU MS"RJC;<+;7D02)]$CB1Y1&PGAZT0-![6VRWY$IK:EE+SI _+ (!F 9B8\\X? MUK&<9O@TA"#V#\0_>TA%=G^<*@'YM]M B/ ;_OMNM#T&DVK$FM;I6C^E M4I8*IJ)P"01E' 'B>B-XO/YP;E=1$P,-NV/$'1@HD=:];@=HD/0:"9NE&H'5 M#X . ZM5GPA61M4ZS4$V>IIL$^0ES]Z+X<\=VJW6RW26!#;AX !:@/.7,2@O+/LI!D!T"?EC$FH;EO7XH= M04ULJ*)QNRI.9"4H4AEN8XJ)'RX3BV9M%VW0.U3 MBX7MYRG)'MQDJ[N&<%( M43W#=2! M@@'KRC&7,QU(VIV^HMLM"T.D:/*2TG,^H3[;BA-668!EFP$Y8"'0#V:LTF0G MQC(\1<]7'<0? FSV]6L4\,TN_+ZA,66UY2H$=H(SR2I[GE$2@/.!8^VD7

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end EX-101.INS 7 celh-20161231.xml XBRL INSTANCE FILE 0001341766 2016-01-01 2016-12-31 0001341766 2016-12-31 0001341766 2015-12-31 0001341766 2015-01-01 2015-12-31 0001341766 2014-12-31 0001341766 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2016-01-01 2016-12-31 0001341766 us-gaap:SalesRevenueNetMember celh:CustomerConcentrationRiskTwoMember 2016-01-01 2016-12-31 0001341766 us-gaap:SalesRevenueNetMember 2016-01-01 2016-12-31 0001341766 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2015-01-01 2015-12-31 0001341766 us-gaap:SalesRevenueNetMember celh:CustomerConcentrationRiskTwoMember 2015-01-01 2015-12-31 0001341766 us-gaap:SalesRevenueNetMember 2015-01-01 2015-12-31 0001341766 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2016-01-01 2016-12-31 0001341766 us-gaap:AccountsReceivableMember celh:CustomerConcentrationRiskOneMember 2016-01-01 2016-12-31 0001341766 us-gaap:AccountsReceivableMember celh:CustomerConcentrationRiskTwoMember 2016-01-01 2016-12-31 0001341766 us-gaap:AccountsReceivableMember 2016-01-01 2016-12-31 0001341766 us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2015-01-01 2015-12-31 0001341766 us-gaap:AccountsReceivableMember celh:CustomerConcentrationRiskOneMember 2015-01-01 2015-12-31 0001341766 us-gaap:AccountsReceivableMember celh:CustomerConcentrationRiskTwoMember 2015-01-01 2015-12-31 0001341766 us-gaap:AccountsReceivableMember 2015-01-01 2015-12-31 0001341766 us-gaap:MinimumMember 2016-01-01 2016-12-31 0001341766 us-gaap:MaximumMember 2016-01-01 2016-12-31 0001341766 us-gaap:ConvertiblePreferredStockMember 2016-01-01 2016-12-31 0001341766 celh:ConvertiblePreferredStock1Member 2016-01-01 2016-12-31 0001341766 celh:PrepaidConsultingAgreementMember celh:D3MLicensingGroupMember 2016-12-31 0001341766 celh:PrepaidConsultingAgreementMember celh:D3MLicensingGroupMember 2015-12-31 0001341766 celh:FurnitureAndEquipmentMember 2016-12-31 0001341766 celh:FurnitureAndEquipmentMember 2015-12-31 0001341766 us-gaap:LineOfCreditMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember 2016-12-31 0001341766 us-gaap:LineOfCreditMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember 2015-12-31 0001341766 us-gaap:LineOfCreditMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember 2010-07-31 0001341766 us-gaap:LineOfCreditMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember 2010-07-01 2010-07-31 0001341766 us-gaap:LineOfCreditMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember celh:ConvertiblePreferredStock1Member 2015-04-01 2015-04-30 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCAndCDFinancialLLCMember us-gaap:ConvertiblePreferredStockMember 2013-08-25 2013-08-26 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCAndCDFinancialLLCMember us-gaap:ConvertiblePreferredStockMember 2013-08-26 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCMember us-gaap:LoansPayableMember 2013-08-25 2013-08-26 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember us-gaap:LineOfCreditMember 2013-08-25 2013-08-26 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCMember us-gaap:ConvertiblePreferredStockMember 2015-04-01 2015-04-30 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCMember us-gaap:ConvertiblePreferredStockMember 2016-01-01 2016-12-31 0001341766 celh:SecuritiesPurchaseAgreementMember us-gaap:MajorityShareholderMember celh:CDSVenturesOfSouthFloridaLLCMember us-gaap:ConvertiblePreferredStockMember 2016-12-31 0001341766 celh:AmendmentLoanAndSecurityAgreementMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember us-gaap:LineOfCreditMember 2015-04-16 0001341766 celh:AmendmentLoanAndSecurityAgreementMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember celh:ConvertiblePreferredStock1Member 2015-04-15 2015-04-16 0001341766 celh:AmendmentLoanAndSecurityAgreementMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember celh:ConvertiblePreferredStock1Member 2015-04-16 0001341766 celh:AmendmentLoanAndSecurityAgreementMember us-gaap:MajorityShareholderMember celh:CDFinancialLLCMember celh:ConvertiblePreferredStock1Member 2016-12-31 0001341766 celh:CDFinancialLLCMember us-gaap:MajorityShareholderMember us-gaap:BuildingMember 2016-01-01 2016-12-31 0001341766 celh:CelebrityEndorsementAgreementsMember celh:RestrictedCommonStockMember 2016-04-01 2016-04-30 0001341766 celh:CelebrityEndorsementAgreementsMember celh:RestrictedCommonStockMember 2016-04-30 0001341766 celh:UnregisteredCommonSharesMember us-gaap:ConvertibleNotesPayableMember 2015-04-01 2015-04-30 0001341766 us-gaap:PrivatePlacementMember 2015-04-01 2015-04-30 0001341766 us-gaap:PrivatePlacementMember 2016-04-30 0001341766 celh:StockIncentivePlan2006Member 2016-01-01 2016-12-31 0001341766 celh:StockIncentivePlan2015Member 2015-04-01 2015-04-30 0001341766 celh:StockIncentivePlan2015Member 2015-04-30 0001341766 celh:AdvisoryServicesAgreementMember celh:BoardOfDirectorsCoChairmanMember celh:AllDefDigitalMember 2015-01-01 2015-12-31 0001341766 celh:AdvisoryServicesAgreementMember celh:BoardOfDirectorsCoChairmanMember celh:AllDefDigitalMember 2016-01-01 2016-12-31 0001341766 us-gaap:PrivatePlacementMember 2016-12-01 2016-12-31 0001341766 us-gaap:PrivatePlacementMember 2016-12-31 0001341766 2017-03-30 0001341766 2016-06-30 0001341766 us-gaap:ConvertibleNotesPayableMember celh:CreditorMember 2009-09-30 0001341766 us-gaap:ConvertibleNotesPayableMember celh:CreditorMember 2009-09-01 2009-09-30 0001341766 us-gaap:ConvertibleNotesPayableMember 2016-01-01 2016-12-31 0001341766 us-gaap:ConvertibleNotesPayableMember 2015-04-01 2015-04-30 0001341766 us-gaap:ConvertibleNotesPayableMember 2016-12-31 0001341766 us-gaap:ConvertibleNotesPayableMember 2015-12-31 0001341766 celh:RangeOfExercisePrice1Member 2016-01-01 2016-12-31 0001341766 celh:RangeOfExercisePrice1Member 2016-12-31 0001341766 celh:RangeOfExercisePrice2Member 2016-01-01 2016-12-31 0001341766 celh:RangeOfExercisePrice2Member 2016-12-31 0001341766 celh:RangeOfExercisePrice3Member 2016-01-01 2016-12-31 0001341766 celh:RangeOfExercisePrice3Member 2016-12-31 0001341766 celh:RangeOfExercisePrice4Member 2016-01-01 2016-12-31 0001341766 celh:RangeOfExercisePrice4Member 2016-12-31 0001341766 celh:RangeOfExercisePrice5Member 2016-01-01 2016-12-31 0001341766 celh:RangeOfExercisePrice5Member 2016-12-31 0001341766 us-gaap:SubsequentEventMember us-gaap:InvestorMember 2017-01-01 2017-03-14 0001341766 us-gaap:SubsequentEventMember us-gaap:InvestorMember 2017-03-14 0001341766 us-gaap:PreferredStockMember 2015-01-01 2015-12-31 0001341766 us-gaap:PreferredStockMember 2014-12-31 0001341766 us-gaap:PreferredStockMember 2015-12-31 0001341766 us-gaap:CommonStockMember 2015-01-01 2015-12-31 0001341766 us-gaap:CommonStockMember 2014-12-31 0001341766 us-gaap:CommonStockMember 2015-12-31 0001341766 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-12-31 0001341766 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001341766 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001341766 us-gaap:RetainedEarningsMember 2015-01-01 2015-12-31 0001341766 us-gaap:RetainedEarningsMember 2014-12-31 0001341766 us-gaap:RetainedEarningsMember 2015-12-31 0001341766 us-gaap:PreferredStockMember 2016-12-31 0001341766 us-gaap:CommonStockMember 2016-01-01 2016-12-31 0001341766 us-gaap:CommonStockMember 2016-12-31 0001341766 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-12-31 0001341766 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001341766 us-gaap:RetainedEarningsMember 2016-01-01 2016-12-31 0001341766 us-gaap:RetainedEarningsMember 2016-12-31 0001341766 us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember celh:Investor1Member 2016-12-30 2017-03-14 0001341766 us-gaap:SubsequentEventMember us-gaap:PrivatePlacementMember celh:Investor1Member 2017-03-14 0001341766 us-gaap:SubsequentEventMember celh:StockIncentivePlan2006Member 2017-01-01 2017-02-14 0001341766 us-gaap:SubsequentEventMember celh:WilliamHMilmoeAndThomasELynchMember 2017-01-01 2017-02-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure Celsius Holdings, Inc. 0001341766 10-K 2016-12-31 false --12-31 No No Yes Smaller Reporting Company FY 2016 43905241 353666 190847 303000 139535 51000 4500000 4500000 4500000 4500000 4000000 11388084 11500000 0.368 0.632 1.00 0.483 0.517 1.00 0.538 0.115 0.347 1.00 0.50 0.118 0.382 1.00 11500000 72300 3500 200805 329075 P3Y P7Y 4300000 3200000 90000 71000 1984000 1161000 5600000 1.04 0.89 2.24 0.52 0.86 0.52 0.86 4600000 4700000 2142032 2309288 270143 342691 937000 666000 291626 264495 258093 243176 858131 1207353 896076 598578 201652 13063 12960 11994 9500000 2020-01-02 4000000 2200 4000 5000000 4000000 550000 1650000 1500000 1000 1000 180 180 180000 180000 0 180000 2018-12-31 2020-01-02 4000000 0.03 1.04 2020-10 8809 250000 250000 47126 560000 560000 250 559750 12921348 1333333 0.89 3.00 111841 11388159 4000000 36071 5300 5000000 CELH 16951 33043 <p><font style="font: 10pt Times New Roman, Times, Serif">Provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.</font></p> -53354332 -49920563 -3433769 -2570297 2211370 2322904 33533 21319 1754207 1805931 214612 25057 237959 152438 29953850 0 0 0.06 0.30 65000 2016-12-31 1500000 0 0 0.350 0.350 -0.035 -0.035 0.515 0.253 0.130 0.132 0.000 0.000 17248000 16029000 17248000 16029000 0 0 0 0 1219000 276000 41600000 3.06 1.32 1.59 P4Y P4Y 0.0089 0.0123 0.0161 0.0000 0.0000 0.0000 0.0000 5636000 4634000 3496000 1327000 1306000 238795 -40000 36071 285000 168000 4411000 1.04 0.81 0.49 2.01 1.61 0.42 1.81 0.52 0.81 7317000 5300000 588000 477000 25000 P5Y5M26D P6Y6M P5Y21D P5Y5M26D P4Y7M27D 5637000 2362000 1391000 1853000 23000 8000 P5Y1M20D P5Y2M1D P4Y4M2D P5Y9M P3Y28D P2Y8M12D 1.04 0.26 0.88 2.08 3.75 10.36 4411000 2362000 1172000 846000 23000 8000 0.81 0.26 0.85 2.13 3.75 10.36 P4Y6M25D P4Y10M16D P3Y10M13D P4Y8M22D P3Y P2Y7M13D 113461 116720 120078 102455 480343 85000 4000000 11000000 4 3999996 15000000 3666662 4000 4833329 3.00 3.00 11747138 10128320 2787732 2127060 937349 666267 17683589 15244551 17717122 15265870 2322485 2021835 6822485 6521835 6 6 40000 38380 64208963 58626212 10894637 8744035 -7163850 2 6 20459 38380 40165955 58626212 -47350266 -49920563 6 40000 64208963 -53354332 17717122 15265870 0.001 0.001 2500000 2500000 6380 6380 6380 6380 0.001 0.001 75000000 75000000 39999784 38380380 39999784 38380380 22760987 17217944 13031153 10177986 9729834 7039958 8675763 5701845 3899031 3165573 12574794 8867418 -2844960 -1827460 228750 322344 6095 -222655 -322344 -3067615 -2149804 -2149804 -3067615 139535 366154 280958 38568088 33175826 -0.09 -0.08 2200 6380 20459032 38380380 6380 39999784 1500000 5000 1495000 5000000 4000000 11388159 12921 11375238 1334 3998666 12921348 1333333 1019045 1270488 1270488 1019045 139535 -139535 -366154 -280958 -280958 -366154 5326 36 5290 16951 33043 1579045 1270488 660673 -485131 -111534 635969 271082 313942 -51697 1168400 -203335 -280958 189555 -331544 -2363412 -755155 30830 10412 7760 -23070 -10412 450000 1200000 5300 5326 93269 4005300 10544815 1618818 9779248 11747138 10128320 349072 113750 401808 152223 93269 4000000 1500000 180000 <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>1.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>ORGANIZATION AND DESCRIPTION OF BUSINESS</b></font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Business </i>&#8212;Celsius Holdings, Inc. (the &#8220;Company&#8221; or &#8220;Celsius Holdings&#8221;) was incorporated under the laws of the State of Nevada on April 26, 2005. On January 24, 2007, the Company entered into a merger agreement and plan of reorganization with Elite FX, Inc., a Florida corporation. Under the terms of the Merger Agreement, Elite FX, Inc. was merged into the Company&#8217;s subsidiary, Celsius, Inc. and became a wholly-owned subsidiary of the Company on January 26, 2007. In addition, on March 28, 2007 the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Since 2007, the Company is engaged in the development, marketing, sale and distribution of &#8220;functional&#8221; calorie-burning fitness beverages under the Celsius&#174; brand name.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Consolidation Policy</i> &#8212; The accompanying consolidated financial statements include the accounts of Celsius Holdings, Inc. and its subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Significant Estimates</i> &#8212; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property, fixtures and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Segment Reporting </i>&#8212; Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, <i>Disclosed About Segments of an Enterprise and Related Information.)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the years ended December 31, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in Note 2.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentrations of Risk</i> &#8212; Substantially all of the Company&#8217;s revenue derives from the sale of Celsius &#174; beverages.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company&#8217;s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2016, the Company had approximately $11.5 million in excess of the Federal Deposit Insurance Corporation limit.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;</b></font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="text-align: justify"></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48.3</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50.0</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.5</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.8</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Cash Equivalents</i> &#8212; The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At December 31, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Accounts Receivable</i> &#8212; Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At December 31, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $72,300 and $3,500, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Inventories </i>&#8212; Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. In 2016 and 2015, the Company recorded a reserve of $201,000 and $329,000, respectively. The changes in reserve are included in cost of revenue. Free Samples are recorded as cost of sales.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Property and Equipment</i> &#8212; Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Impairment of Long-Lived Assets</i> &#8212; In accordance with ASC Topic 360, &#8220;Property, Plant, and Equipment&#8221; the Company reviews the carrying value of intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Revenue Recognition</i> &#8212; Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Deferred Revenue </i>&#8212; From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Advertising Costs</i> &#8212; Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $4.3 million and $3.2 million, during year ending December 31, 2016 and 2015, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Research and Development</i> &#8212; Research and development costs are charged to general and administrative expenses as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred expenses of $90,000 and $71,000 during year ending December 31, 2016 and 2015, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value of Financial Instruments</i> &#8212; The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximates fair value due to their relative short-term maturity and market interest rates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value Measurements</i> - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 1:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted market prices in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 2:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Observable market-based inputs or unobservable inputs that are corroborated by market data.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 3:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs for which there is little or no market data, which require the use of the reporting entity&#8217;s own assumptions.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company did not have any assets or liabilities measured at fair value at December 31, 2016 and December 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Income Taxes &#8212; </i>The Company accounts for income taxes pursuant to the provisions of ASC 740-10, &#8220;Accounting for Income Taxes,&#8221; which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10 related to, <i>Accounting for Uncertain Income Tax Positions. </i>When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Income Taxes (continued) &#8212;</i>Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has adopted ASC 740-10-25 <i>Definition of Settlement,</i> which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s tax returns for tax years in 2013 through 2016 remain subject to potential examination by the taxing authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Earnings per Share </i>&#8212; Basic earnings per share are calculated by dividing net income (loss) available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of December 31, 2016, there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.04, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented as the effects would be anti-dilutive.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Share-Based Payments </i>&#8212;Effective January 1, 2006, the Company has fully adopted the provisions of ASC Topic 718 &#8220;Compensation &#8212; Stock Compensation&#8221; and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. On April 30, 2015, the Company adopted the 2015 Stock Incentive Plan. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Shipping and Handling Costs </i>&#8212; Shipping and handling costs for freight expense on goods shipped are included in cost of revenue. Freight expense on goods shipped for year ended December 31, 2016 and 2015 was $1,984,000 and $1,161,000, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Pronouncements</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract&#8217;s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of ASU No. 2014-09 on its financial position, results of operations and liquidity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In September 2015, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-16, <i>Simplifying the Accounting for Measurement-Period Adjustments</i> (&#8220;ASU 2015-16&#8221;). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2017 to its consolidated financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the FASB issued ASU No. 2015-03, <i>Simplifying the Presentation of Debt Issuance Costs</i> (&#8220;ASU 2015-03&#8221;). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts). &#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Pronouncements (continued)</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In August 2015, the FASB issued ASU No. 2015-15, <i>Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)</i> (&#8220;ASU 2015-15&#8221;). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Liquidity </i>&#8212; These financial statements have been prepared assuming the Company will be able to continue as a going concern. At December 31, 2016, the Company had an accumulated deficit of $53,354,000 which includes a net loss available to common stockholders of $3,434,000 for year ended December 31, 2016. While these factors alone may raise doubt as to the Company&#8217;s ability to continue as a going concern, the Company&#8217;s sale of an aggregate of $15 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between December 30, 2016 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company&#8217;s ability to continue as a going concern.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>3.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>INVENTORIES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,142,032</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,309,288</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Raw Materials</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,143</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">342,691</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: Inventory Reserve</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(200,805</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(329,075</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, net</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,211,370</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,322,904</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>5.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>PROPERTY AND EQUIPMENT</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">291,626</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">264,495</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(258,093</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(243,176</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,533</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,319</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation expense amounted to $16,951 and $33,043 during year ended December 31, 2016 and 2015, respectively.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>6.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>ACCOUNTS PAYABLE AND ACCRUED EXPENSES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable and accrued expenses consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">858,131</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,207,353</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">896,076</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">598,578</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,754,207</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,805,931</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>7.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>DEFERRED REVENUE AND OTHER CURRENT LIABILITIES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue and other current liabilities consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer deposits</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,652</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,063</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">State bottle bill liability</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,960</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,994</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">214,612</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,057</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>9.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>CONVERTIBLE NOTE PAYABLE - RELATED PARTIES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Convertible note payable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Convertible note payable, related party</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In September 2009, the Company entered a convertible note payable with a related party, a majority shareholder which carries interest at six percent per annum. The outstanding balance is convertible into the Company&#8217;s common stock at a conversion price of $0.30 per share. The Company is obligated to file a registration statement upon written notice from the creditor and such registration statement must be effective within 180 days of the date of notice. If after the 180 days the Company has not complied with the agreement it shall pay $65,000 per month in penalty, until the registration statement is effective.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The note matures in December 2016, at which time the principal amount is due. In April 2015, the note holder converted the outstanding portion of $1,500,000, into shares of common stock in accordance with the conversion terms of the agreement. The creditor also terminated all registration rights and waived any penalties that might have been incurred in connection therewith. The outstanding balance on the loan as of December 31, 2016 and December 31, 2015 was $0 and $0, respectively.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>10.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>PREFERRED STOCK &#8211; RELATED PARTY</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On August 26, 2013, the Company entered into a securities purchase agreement (the &#8220;2013 Purchase Agreement&#8221;) with CDS Ventures of South Florida, LLC (&#8220;CDS&#8221;) and CD Financial, LLC (&#8220;CD&#8221;). CDS and CD are limited liability companies which are affiliates of Carl DeSantis, the Company&#8217;s principal shareholder. The Company issued 2,200 shares of its Series C Preferred Stock (the &#8220;Preferred C Shares&#8221;) in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the Company&#8217;s line of credit with CD (the &#8220;CD Line of Credit&#8221;). The Preferred C Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.52 per share at any time until December 31, 2018, at which time they will automatically convert into shares of our common stock determined by dividing the liquidation preference of $1,000 per Preferred C Share by the conversion price then in effect. The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred C Shares accrue cumulative annual dividends at the rate of 6% per annum, payable by the issuance of additional Preferred C Shares. The holder of Preferred C Shares votes on an &#8220;as converted&#8221; basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. In April 2015, the Company issued 180 Preferred C Shares valued at $180,000 in settlement of $180,000 in accrued preferred C dividends. As of December 31, 2016, $303,000 of dividends has been accrued. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the &#8220;Amendment&#8221;) with CD an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the &#8220;Preferred D Shares&#8221;). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the &#8220;<b>Mandatory Redemption Date</b>&#8221;). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an &#8220;as converted&#8221; basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. &#160;As of December 31, 2016, $51,000 of dividends has been accrued regarding these shares.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>RELATED PARTY TRANSACTIONS</b></font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s office is rented from a company affiliated with CD which is controlled by our majority shareholder Carl DeSantis. Currently, the lease expires on October 2020 with monthly rent of $8,809. The rental fee is commensurate with other properties available in the market.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the Company entered into a strategic marketing and advisory services agreement with All Def Digital. Tim Leissner, a director and shareholder of the Company is also a director and shareholder in All Def Digital. As of December 31, 2016, the Company has paid All Def Digital $152,438 and $237,959 for services rendered pursuant to the Advisory Services Agreement during the years ended December 31, 2016 and 2015, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other related party transactions are discussed in notes 8, 9, 10, and 12</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>13.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>INCOME TAXES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Due to recurring losses for the years ended December 31, 2016 and 2015, the Company&#8217;s net tax provision was zero.</font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="text-align: justify"></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The difference between the effective income tax rate and the applicable statutory federal income tax rate is summarized as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Statutory federal rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35.0)</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35.0)</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">State income tax rate, net of federal benefit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.5)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.5)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences, including stock based compensation</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51.5</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25.3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13.0</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Effective tax rate</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company&#8217;s deferred tax assets were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred Tax Assets</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carry forwards</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,248,000</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,029,000</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Less: Valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,248,000)</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,029,000)</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s valuation allowance increased by $1,219,000 during 2016 and decreased by $276,000 during 2015. Total net operating loss carry forwards at December 31, 2016 were approximately $41.6 million. The losses, if unused, expire through 2036.The Company&#8217;s net operating loss carry forwards may be limited due to ownership changes pursuant to Internal Revenue Code section 382.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>14.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>STOCK-BASED COMPENSATION</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013 the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Until 2017, options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cumulatively since inception, the Company has issued options to purchase approximately 5.6 million shares at an average price of $1.04 with a fair value of $7.3 million. For the year 2016 and 2015, the Company issued options to purchase 1.3 million and 1.3 million shares. For the year ended December 31, 2016 and 2015, the Company recognized an expense of $1,019,000 and $1,271,000, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of December 31, 2016, the Company had approximately $1,945,000 of unrecognized pre-tax non-cash compensation expense, which the Company expects to recognize, based on a weighted-average period of 0.5 years. The Company used straight-line amortization of compensation expense over the two to three year requisite service or vesting period of the grant. There are options to purchase approximately 4.45 million shares that have vested, of which 307,000 shares were exercised as of December 31, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company&#8217;s stock price on the date of grant as well as assumptions regarding the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ended December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 74%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">132% - 159</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected term</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4 Years</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4 Years</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.23%-1.61</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.89</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture Rate</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The expected volatility was determined with reference to the historical volatility of the Company&#8217;s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A summary of the status of the Company&#8217;s outstanding stock options as of December 31, 2016 and changes during the period ending on that date is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Intrinsic</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(000&#8217;s)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Term (Yrs)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 35%"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2014</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,496</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.49</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">588</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.5</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,306</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.61</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture and cancelled</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(168</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.52</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2015</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,634</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,300</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.49</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,327</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.01</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(40</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.42</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture and cancelled</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(285</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.81</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,636</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.04</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,317</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.06</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2016</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.76</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">477</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.66</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes information about employee stock options outstanding at December 31, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding Options</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vested Options</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Range of</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>at</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>at</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 (000's)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 (000's)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.20 - $0.53</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,362</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.17</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,362</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.88</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.65 - $1.80</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,391</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.88</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,172</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.85</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.87</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$1.83 - $2.84</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,853</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.08</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">846</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.13</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.73</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$3.20 - $6.20</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.08</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.00</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$7.20 - $22.00</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.70</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.36</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.36</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.62</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding options</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,637</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.14</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.04</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.57</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Segment Reporting </i>&#8212; Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, <i>Disclosed About Segments of an Enterprise and Related Information.)</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the years ended December 31, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in Note 2.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Concentrations of Risk</i> &#8212; Substantially all of the Company&#8217;s revenue derives from the sale of Celsius &#174; beverages.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company&#8217;s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2016, the Company had approximately $11.5 million in excess of the Federal Deposit Insurance Corporation limit.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b>&#160;</font></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td style="text-align: justify"></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48.3</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50.0</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.5</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.8</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Cash Equivalents</i> &#8212; The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At December 31, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Accounts Receivable</i> &#8212; Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At December 31, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $72,300 and $3,500, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Inventories </i>&#8212; Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. In 2016 and 2015, the Company recorded a reserve of $201,000 and $329,000, respectively. The changes in reserve are included in cost of revenue. Free Samples are recorded as cost of sales.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Property and Equipment</i> &#8212; Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Impairment of Long-Lived Assets</i> &#8212; In accordance with ASC Topic 360, &#8220;Property, Plant, and Equipment&#8221; the Company reviews the carrying value of intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Revenue Recognition</i> &#8212; Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Deferred Revenue </i>&#8212; From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Advertising Costs</i> &#8212; Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $4.3 million and $3.2 million, during year ending December 31, 2016 and 2015, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value of Financial Instruments</i> &#8212; The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximates fair value due to their relative short-term maturity and market interest rates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair Value Measurements</i> - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 1:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Observable inputs such as quoted market prices in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 2:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Observable market-based inputs or unobservable inputs that are corroborated by market data.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Level 3:</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable inputs for which there is little or no market data, which require the use of the reporting entity&#8217;s own assumptions.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company did not have any assets or liabilities measured at fair value at December 31, 2016 and December 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Income Taxes &#8212; </i>The Company accounts for income taxes pursuant to the provisions of ASC 740-10, &#8220;Accounting for Income Taxes,&#8221; which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10 related to, <i>Accounting for Uncertain Income Tax Positions. </i>When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b>&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has adopted ASC 740-10-25 <i>Definition of Settlement,</i> which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company&#8217;s tax returns for tax years in 2013 through 2016 remain subject to potential examination by the taxing authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Earnings per Share </i>&#8212; Basic earnings per share are calculated by dividing net income (loss) available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of December 31, 2016, there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.04, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented as the effects would be anti-dilutive.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Share-Based Payments </i>&#8212;Effective January 1, 2006, the Company has fully adopted the provisions of ASC Topic 718 &#8220;Compensation &#8212; Stock Compensation&#8221; and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. On April 30, 2015, the Company adopted the 2015 Stock Incentive Plan. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Shipping and Handling Costs </i>&#8212; Shipping and handling costs for freight expense on goods shipped are included in cost of revenue. Freight expense on goods shipped for year ended December 31, 2016 and 2015 was $1,984,000 and $1,161,000, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Recent Accounting Pronouncements</i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract&#8217;s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of ASU No. 2014-09 on its financial position, results of operations and liquidity.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In September 2015, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-16, <i>Simplifying the Accounting for Measurement-Period Adjustments</i> (&#8220;ASU 2015-16&#8221;). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2017 to its consolidated financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the FASB issued ASU No. 2015-03, <i>Simplifying the Presentation of Debt Issuance Costs</i> (&#8220;ASU 2015-03&#8221;). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts). &#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In August 2015, the FASB issued ASU No. 2015-15, <i>Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)</i> (&#8220;ASU 2015-15&#8221;). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Liquidity </i>&#8212; These financial statements have been prepared assuming the Company will be able to continue as a going concern. At December 31, 2016, the Company had an accumulated deficit of $53,354,000 which includes a net loss available to common stockholders of $3,434,000 for year ended December 31, 2016. While these factors alone may raise doubt as to the Company&#8217;s ability to continue as a going concern, the Company&#8217;s sale of an aggregate of $15 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between December 30, 2016 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company&#8217;s ability to continue as a going concern.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48.3</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">A*</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53.8</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50.0</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">B</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.5</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.8</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">All other</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34.7</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">100.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,142,032</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,309,288</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Raw Materials</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">270,143</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">342,691</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less: Inventory Reserve</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(200,805</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(329,075</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, net</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,211,370</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,322,904</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Furniture and equipment</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">291,626</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">264,495</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Less: accumulated depreciation</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(258,093</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(243,176</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,533</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,319</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable and accrued expenses consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accounts payable</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">858,131</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,207,353</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">896,076</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">598,578</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,754,207</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,805,931</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue and other current liabilities consist of the following at:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" style="width: 85%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer deposits</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">201,652</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,063</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">State bottle bill liability</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,960</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,994</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">214,612</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,057</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 97%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Convertible note payable</font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Convertible note payable, related party</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The difference between the effective income tax rate and the applicable statutory federal income tax rate is summarized as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Statutory federal rate</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35.0)</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35.0)</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">State income tax rate, net of federal benefit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.5)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3.5)</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences, including stock based compensation</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51.5</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25.3</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13.0</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13.2</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.1in; text-indent: -0.1in"><font style="font: 10pt Times New Roman, Times, Serif">Effective tax rate</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016 and 2015, the Company&#8217;s deferred tax assets were as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred Tax Assets</font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carry forwards</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,248,000</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,029,000</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Less: Valuation allowance</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,248,000)</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,029,000)</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax assets</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.0</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company&#8217;s stock price on the date of grant as well as assumptions regarding the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 85%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ended December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="width: 74%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">132% - 159</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap" style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td> <td nowrap="nowrap" style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected term</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4 Years</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4 Years</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.23%-1.61</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.89</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture Rate</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td> <td nowrap="nowrap" style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A summary of the status of the Company&#8217;s outstanding stock options as of December 31, 2016 and changes during the period ending on that date is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted Average</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Intrinsic</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(000&#8217;s)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Term (Yrs)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Options</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 35%"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2014</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,496</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.49</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">588</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.5</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,306</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.61</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture and cancelled</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(168</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.52</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2015</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,634</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,300</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.49</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,327</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.01</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.33</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(40</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.42</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Forfeiture and cancelled</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(285</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.81</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.38</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">At December 31, 2016</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,636</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.04</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.41</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,317</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.06</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2016</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.76</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">477</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.66</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes information about employee stock options outstanding at December 31, 2016:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding Options</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="10" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vested Options</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Outstanding</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercisable</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Range of</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>at</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>at</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Averaged</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Remaining</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 (000's)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016 (000's)</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Price</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life</b></font></td> <td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 22%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.20 - $0.53</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,362</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.17</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,362</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.26</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.88</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$0.65 - $1.80</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,391</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.34</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.88</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,172</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.85</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.87</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$1.83 - $2.84</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,853</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.08</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">846</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.13</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.73</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$3.20 - $6.20</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.08</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.75</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.00</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$7.20 - $22.00</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.70</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.36</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.36</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.62</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding options</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,637</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.14</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.04</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,411</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.81</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.57</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Future annual minimum payments required under operating lease obligations at December 31, 2016 are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Future Minimum Lease Payments</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ending December 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">113,461</font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116,720</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,078</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">102,455</font></td> <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">480,343</font></td> <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> 0.41 0.41 0.41 0.33 0.33 0.38 0.38 1.76 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Consolidation Policy</i> &#8212; The accompanying consolidated financial statements include the accounts of Celsius Holdings, Inc. and its subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Significant Estimates</i> &#8212; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property, fixtures and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Research and Development</i> &#8212; Research and development costs are charged to general and administrative expenses as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred expenses of $90,000 and $71,000 during year ending December 31, 2016 and 2015, respectively.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>15.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>COMMITMENTS AND CONTINGENCIES</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On February 22, 2017, we were served with a summons and complaint with respect to a breach of contract action filed in Superior Court of the State of California, Los Angeles County, by Statewide Beverage Company, Inc. (&#8220;<b>Statewide</b>&#8221;), a former distributor of the Company&#8217;s products, whose distribution agreement, the Company had terminated effective November 2016 for &#8220;<b>cause</b>&#8221; (non-payment of invoices within the applicable grace period provided in the distribution agreement). The complaint alleges that the distribution agreement was terminated without &#8220;<b>cause</b>&#8221; and seeks unspecified damages consisting of termination payments and fees which would be due upon a termination without &#8220;<b>cause</b>,&#8221; but not on a termination for &#8220;<b>cause</b>&#8221; as well as certain invasion fees allegedly due under the terms of the distribution agreement. The Company believes that it validly terminated the agreement for &#8220;<b>cause</b>&#8221; and will vigorously defend against the action. The Company accrued $85,000 in expense as of December 31, 2016 associated with this complaint based on an estimate of legal fees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In addition to the foregoing, from time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without cause. Cause has been defined in various ways. It is management&#8217;s belief that no such agreement has created any liability as of December 31, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company entered into an office lease with a related party (see note 10) effective October 2015. The monthly rent amounts to $8,809 per month and the lease terminates in October 2020. Future annual minimum payments required under operating lease obligations at December 31, 2016 are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Future Minimum Lease Payments</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: black 1pt solid; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ending December 31,</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 87%"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">113,461</font></td> <td style="text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2018</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116,720</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,078</font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">102,455</font></td> <td style="text-align: left; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">480,343</font></td> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>12.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>STOCKHOLDERS&#8217; EQUITY </b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Issuance of common stock pursuant to services performed</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2016, the Company issued a total 250,000 &#8220;restricted&#8221; shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Issuance of common stock pursuant to conversion of note</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Issuance of common stock pursuant to private placement</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 10). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,159.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In December 2016, the Company issued a total of 1,333,333 shares of common stock at $3.00 per share for net proceeds of $4.0 million. These shares were issued to existing shareholders of record.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Issuance of preferred stock pursuant to private placement</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Refer to note 10 for discussion on preferred stock issuances.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Issuance of common stock pursuant to exercise of stock options</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the twelve months ended December 31, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company&#8217;s 2006 Stock Incentive Plan. The Company recorded $5,326 for options exercised, of which $5,300 was for options that were exercised for cash, with the balance of the options being exercised on a &#8220;cashless&#8221; basis.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>8.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>LINE OF CREDIT NOTE PAYABLE - RELATED PARTY</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Line of credit note payable - related party consists of the following as of:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 97%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Note Payable &#8211; line of credit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">In July 2010, the Company entered a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Long-term portion</font></td> <td style="padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">4,500,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">4,500,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 10pt Times New Roman, Times, Serif">Line of credit note payable - related party consists of the following as of:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 97%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td nowrap="nowrap" style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Note Payable &#8211; line of credit</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: white; vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">In July 2010, the Company entered a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000.</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td colspan="2" style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; width: 74%"><font style="font: 10pt Times New Roman, Times, Serif">Long-term portion</font></td> <td style="padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">4,500,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">4,500,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>4.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>PREPAID EXPENSES AND OTHER CURRENT ASSETS</b></font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid expenses and other current assets total $937,000 and $666,000, at December 31, 2016 and December 31, 2015, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, and deposits on purchases.</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>16.</b></font></td> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>SUBSEQUENT EVENTS</b></font></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td><td></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Between January 1, 2017 and March 14, 2017, the Company raised an aggregate of $11.0 million in capital through the sale of an aggregate of 3,666,662 shares of our common stock at a purchase price of $3.00 per share in a private offering to accredited investors, including certain affiliates of the Company, as more fully described in the Company&#8217;s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 14, 2017.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Between January 1, 2017 and February 14, 2017, the Company issued an aggregate of 238,795 shares of its common stock pursuant to the exercise of stock options granted under the Company&#8217;s 2006 Stock Incentive plan. The Company recorded $25,000 for options exercised, of which $25,000 was for options that were exercised for cash, with the balance of the options being exercised on a &#8220;cashless&#8221; basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On January 26, 2017, the Company issued 47,126 shares of &#8220;restricted&#8221; stock to each of William H. Milmoe and Thomas E. Lynch in consideration for services previously rendered to Celsius.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective February 7, 2017, the Company incorporated two wholly owned subsidiaries in Hong Kong, Celsius Asia Holdings Limited and Celsius China Holdings Limited.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Effective March 1, 2017, Gerry David, Celsius&#8217; President and Chief Executive Officer retired from such positions with the Company. Pending our board of directors identifying and retaining a new President and Chief Executive Officer, John Fieldly, the Company&#8217;s Chief Financial Officer will serve in such additional capacities on an interim basis. Mr. David will continue to serve as a consultant to the Company through December 31, 2017.</font></p> Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States. EX-101.SCH 8 celh-20161231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Changes in Stockholders' Equity (Deficit) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - INVENTORIES link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - PROPERTY AND EQUIPMENT link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - PREFERRED STOCK - RELATED PARTY link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - INCOME TAXES link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - STOCK-BASED COMPENSATION link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - INVENTORIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - PROPERTY AND EQUIPMENT (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - INCOME TAXES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - STOCK-BASED COMPENSATION (Tables) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - INVENTORIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - PROPERTY AND EQUIPMENT (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - PREFERRED STOCK - RELATED PARTY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - RELATED PARTY TRANSACTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - INCOME TAXES (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - INCOME TAXES (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - INCOME TAXES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - STOCK-BASED COMPENSATION (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - STOCK-BASED COMPENSATION (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - STOCK-BASED COMPENSATION (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000056 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000057 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 celh-20161231_cal.xml XBRL CALCULATION FILE EX-101.DEF 10 celh-20161231_def.xml XBRL DEFINITION FILE EX-101.LAB 11 celh-20161231_lab.xml XBRL LABEL FILE 10% or Greater Revenue [Member] Concentration Risk Benchmark [Axis] Customer A [Member] Concentration Risk Type [Axis] All Other [Member] 10% or Accounts Receivable [Member] Customer B [Member] Minimum [Member] Range [Axis] Maximum [Member] 6% Series C Preferred Stock [Member] Class of Stock [Axis] 5% Series D Preferred Stock [Member] Prepaid Consulting Agreement [Member] Type of Arrangement and Non-arrangement Transactions [Axis] D3M Licensing Group [Member] Legal Entity [Axis] Furniture and Equipment [Member} Property, Plant and Equipment, Type [Axis] 5% Note Payable - Line of Credit [Member] Credit Facility [Axis] Carl DeSantis [Member] Related Party [Axis] CD Financial, LLC [Member] Securities Purchase Agreement [Member] CDS Ventures of South Florida, LLC & CD Financial, LLC [Member] CDS Ventures of South Florida, LLC [Member] Short Term Loan [Member] Debt Conversion Description [Axis] Amendment Loan and Security Agreement [Member] Office [Member] Celebrity Endorsement Agreements [Member] Restricted Common Stock [Member] Equity Components [Axis] Unregistered Common Shares [Member] Convertible Notes Payable [Member] Debt Instrument [Axis] Private Placement [Member] Sale of Stock [Axis] 2006 Stock Incentive Plan [Member] Plan Name [Axis] Stock Incentive Plan 2015 [Member] Advisory Services Agreement [Member] Mr. Tim Leissner [Member] All Def Digital [Member] Short-term Debt, Type [Axis] Creditor [Member] $0.20 - $0.53 [Member] Exercise Price Range [Axis] $0.65 - $1.80 [Member] $1.83 - $2.84 [Member] $3.20 - $6.20 [Member] $7.20 - $22.00 [Member] Subsequent Event [Member] Subsequent Event Type [Axis] Accredited Investors [Member] Preferred Stock [Member] Common Stock [Member] Additional Paid-In Capital [Member] Accumulated Deficit [Member] 13 Accredited Investors [Member] William H. Milmoe and Thomas E. Lynch [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Property and equipment, net Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses Accrued preferred dividend Deferred revenue and other current liabilities Total current liabilities Long-term liabilities: Line of credit note payable-related party Total Liabilities Stockholders' Equity: Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively Common stock, $0.001 par value; 75,000,000 shares authorized, 39,999,784 and 38,380,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively Additional paid-in capital Accumulated deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred stock, par value (in dollars per share) Preferred stock, authorized Preferred stock, issued Preferred stock, outstanding Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenue Cost of revenue Gross profit Selling and marketing expenses General and administrative expenses Total operating expense Loss from operations Other Income (Expense): Interest expense Gain from the sales of equipment Total Other Income (Expense) Net Loss Preferred stock dividend - beneficial conversion feature Preferred stock dividend - other Net Loss available to common stockholders Weighted average shares outstanding (in shares) Loss per share, basic and diluted (in dollars per share) Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balances at beginning Balances at beginning (in shares) Issuance of preferred stock in exchange of note Issuance of preferred stock in exchange of note (in shares) Issuance of preferred stock in exchange of accrued dividend Issuance of preferred stock in exchange of accrued dividend (in shares) Issuance of common stock upon conversion of convertible note Issuance of common stock upon conversion of convertible note (in shares) Issuance of common stock pursuant to private placement Issuance of common stock pursuant to private placement (in shares) Issuance of common stock in exchange of service Issuance of common stock in exchange of service (in shares) Issuance of common stock pursuant to exercise of stock options Issuance of common stock pursuant to exercise of stock options (in shares) Stock option expense Preferred stock dividend - beneficial conversion feature Preferred stock dividend - other Net loss Balances at ending Balances at ending (in shares) Statement of Cash Flows [Abstract] Cash flows from operating activities: Net Loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Gain on equipment Stock-based compensation expense Changes in operating assets and liabilities: Accounts receivable, net Inventory Prepaid expenses and other current assets Accounts payable and accrued expenses Accrued preferred dividends Deposits/deferred revenue and other current liabilities Net cash used in operating activities Cash flows from investing activities: Purchase of property and equipment Proceeds from sale of equipment Net cash (used in) investing activities Cash flows from financing activities: Borrowing under revolving note payable, related-party Repayment on short term notes payable, related-party Net proceeds from sale of common stock Proceeds from exercise of stock options Payments on short term notes payable Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Supplemental disclosures: Cash paid during period for: Interest Preferred Dividends Taxes Non-cash investing and financing activities: Borrowing under short term notes payable for prepaid expense Preferred stock issued in exchange for cancellation of revolving note payable - related party Conversion of convertible note to common shares - related party Conversion of accrued preferred dividend into preferred shares - related party Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION AND DESCRIPTION OF BUSINESS Accounting Policies [Abstract] BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Inventory Disclosure [Abstract] INVENTORIES Prepaid Expense and Other Assets, Current [Abstract] PREPAID EXPENSES AND OTHER CURRENT ASSETS Property, Plant and Equipment [Abstract] PROPERTY AND EQUIPMENT Payables and Accruals [Abstract] ACCOUNTS PAYABLE AND ACCRUED EXPENSES Deferred Revenue and Credits, Current [Abstract] DEFERRED REVENUE AND OTHER CURRENT LIABILITIES Line of Credit Facility [Abstract] LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES Debt Disclosure [Abstract] CONVERTIBLE NOTE PAYABLE - RELATED PARTIES Equity [Abstract] PREFERRED STOCK - RELATED PARTY Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS STOCKHOLDERS' EQUITY Income Tax Disclosure [Abstract] INCOME TAXES Disclosure of Compensation Related Costs, Share-based Payments [Abstract] STOCK-BASED COMPENSATION Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Subsequent Events [Abstract] SUBSEQUENT EVENTS Consolidation Policy Significant Estimates Segment Reporting Concentrations of Risk Cash Equivalents Accounts Receivable Inventories Property and Equipment Impairment of Long-Lived Assets Revenue Recognition Deferred Revenue Advertising Costs Research and Development Fair Value of Financial Instruments Fair Value Measurements Income Taxes Earnings per Share Share-Based Payments Shipping and Handling Costs Recent Accounting Pronouncements Liquidity Schedule of revenue & accounts receivable with customers Schedule of inventories Schedule of property and equipment Schedule of accounts payable and accrued expenses Schedule of deferred revenue and other current liabilities Schedule of line of credit note payable - related parties Schedule of convertible note payable Schedule of statutory federal income tax rate Schedule of deferred tax assets Schedule of black - scholes option-pricing model valuation assumption Schedule of outstanding stock options Schedule of employee stock options outstanding Schedule of future annual minimum payments Concentration Risk [Table] Concentration Risk [Line Items] Total Amount excess of FDIC limit Allowance for doubtful accounts Inventory reserve Useful life Advertising expense Research and development expense Freight expense Number of options outstanding Exercise price of awards (in dollars per share) Conversion price (in dollars per share) Number of preferred stock warrants outstanding Net (loss) available to common stockholders Number of shares authorized Description of plan terms Number of shares issued, value Number of shares issued Shares issued price (in dollars per share) Finished goods Raw Materials Less: Inventory Reserve Inventories, net Prepaid expenses and other current assets Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, plant and equipment, gross Less: accumulated depreciation Total Depreciation expense Accounts payable Accrued expenses Total Customer deposits State bottle bill liability Total Long-term portion Maximum borrowing capacity Debt maturity date Number of shares issued upon debt cancellation Debt cancelled amount Convertible note payable Convertible note payable, related party Debt interest rate Conversion price (in dollars price per share) Monthly penalty amount Debt instrument, maturity date Value for number of shares converted Debt face amount Number of shares issued upon debt conversion Original debt conversion amount Liquidation preference (in dollars per share) Number of shares issued upon accrued dividend Value of shares issued upon accrued dividend Accrued dividend Preferred stock redemption date Line of credit reduction borrowing capacity Share price (in dollars per share) Dividend payable (in dollars per share) Preferred stock redemption price, percent Lease expiration Monthly expense Amount paid for services rendered Number of shares issued upon services Fair value of shares issued upon services rendered Stock price (in dollars per share) Proceeds from sale of common stock Number of shares issued upon transaction Share price (in dollars per share) Stock issuance cost included in additional paid in capital Net proceeds from sale of common stock Number of option shares granted Value of option shares granted Options exercised Statutory federal rate State income tax rate, net of federal benefit Permanent differences, including stock based compensation Change in valuation allowance Effective tax rate Deferred Tax Assets Net operating loss carry forwards Less: Valuation allowance Net deferred tax assets Income tax expense (benefit) Increase (decrease) in valuation allowance Operating loss carry forwards, net Expected volatility Expected term Risk-free interest rate Forfeiture Rate Expected dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Balance at beginning Granted Exercised Forfeiture and cancelled Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] Balance at beginning Granted Exercised Forfeiture and cancelled Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value [Roll Forward] Balance at beginning Granted Exercised Forfeiture and cancelled Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward] Balance at beginning Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Average Remaining Term [Roll Forward] Balance at beginning Balance at end Exercisable at end Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] Outstanding Options Number Outstanding at December 31, 2016 Weighted Averaged Remaining Life Weighted Averaged Exercise Price Vested Options Number Exercisable at December 31, 2016 Weighted Averaged Exercise Price Weighted Averaged Remaining Life 2017 2018 2019 2020 Total Accrued expense Shares issued price per share Stock options granted Options exercised, value Shares issued for service Refers to the amount related to deferred revenue and other current liabilities balance as on balance sheet date. Reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer. Reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer. Preferred stock that may be exchanged into common shares or other types of securities at the owner's option. Per share amount received by subsidiary or equity investee for each converted share of common stock. An agreement of prepaid consultancy expenses. Information relating to legal entity. Tangible personal property used to produce goods and services. It represents legal entity associated with the company. It represents the amount of debt conversion cancelled. It represents information about securities purchase agreement. It represents legal entity associated with the company during the period of time. It represents legal entity associated with the company during the period of time. It represents information about amendment loan and security agreement. Amount of reduction in borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed. It represents preferred stock redemption price percentage. It represents board of Directors co chairman of company. Information by type of related party. Date which lease or group of leases is set to expire, in CCYY-MM-DD format. Information by celebrity endorsement agreements. Stock including a provision that prohibits sale or substantive sale of an equity instrument for a specified period of time or until specified performance conditions are met. It represents unregistered common shares. It represents 2006 stock incentive plan during the period. Equity-based payment arrangement where one or more employees receive shares of stock (units), stock (unit) options, or other equity instruments, or the employer incurs a liability to the employee in amounts based on the price of the employer's stock (unit). It represents 2015 stock incentive plan during the period. It represents advisory services agreement. Information by type of related party. It represents monthly penalty amount during the period. Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award. A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Number of new stock issued during the period. Amount of increase (decrease) in additional paid in capital (APIC) resulting from recognition of deferred taxes for convertible Preferref Stock with a beneficial conversion feature. The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of preferred stock dividend. The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of deferred revenue and other current liabilities. Refers to the amount of conversion of convertible note to common shares for related-party. Refers to the amount of conversion of accrued preferred dividend into preferred shares for related-party incurred during the period. The entire text block related to prepaid expenses and other current assets. The entire text block related to deferred revenue and other current liabilities. Tabular disclosure of deferred revenue and other current liabilities. Information by type of related party. Weighted average fair value price at which grantees can acquire the shares reserved for issuance under the stock option plan. Weighted average fair value per share amount at which grantees can acquire shares of common stock by exercise of options. Weighted average fair value price at which option holders acquired shares when converting their stock options into shares. Weighted average fair value price of options that were either forfeited or expired. The weighted-average fair value price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Person serving on the board of directors (who collectively have responsibility for governing the entity). Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Debt Nonoperating Income (Expense) Convertible Preferred Stock Converted to Other Securities Preferred Stock Dividends, Income Statement Impact Shares, Outstanding Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities, Continuing Operations Repayments of Related Party Debt Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Cash and Cash Equivalents, at Carrying Value Prepaid Expense and Other Assets, Current Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Sale of Stock, Consideration Received on Transaction Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageFairValueExercisePrice ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInWeightedAverageFairValueExercisePrice StockIssuedDuringPeriodSharesStockOptionsExercisedWeightedAverageFairValueExercisePrice ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsWeightedAverageFairValueExercisePrice ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageFairValueExercisePrice Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term Operating Leases, Future Minimum Payments Due StockIncentivePlanMember EX-101.PRE 12 celh-20161231_pre.xml XBRL PRESENTATION FILE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2016
Mar. 30, 2017
Jun. 30, 2016
Document And Entity Information      
Entity Registrant Name Celsius Holdings, Inc.    
Entity Central Index Key 0001341766    
Document Type 10-K    
Trading Symbol CELH    
Document Period End Date Dec. 31, 2016    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity a Well-known Seasoned Issuer No    
Entity a Voluntary Filer No    
Entity's Reporting Status Current Yes    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 29,953,850
Entity Common Stock, Shares Outstanding   43,905,241  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2016    
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash $ 11,747,138 $ 10,128,320
Accounts receivable, net 2,787,732 2,127,060
Inventories, net 2,211,370 2,322,904
Prepaid expenses and other current assets 937,349 666,267
Total current assets 17,683,589 15,244,551
Property and equipment, net 33,533 21,319
Total Assets 17,717,122 15,265,870
Current liabilities:    
Accounts payable and accrued expenses 1,754,207 1,805,931
Accrued preferred dividend 353,666 190,847
Deferred revenue and other current liabilities 214,612 25,057
Total current liabilities 2,322,485 2,021,835
Long-term liabilities:    
Line of credit note payable-related party 4,500,000 4,500,000
Total Liabilities 6,822,485 6,521,835
Stockholders' Equity:    
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively 6 6
Common stock, $0.001 par value; 75,000,000 shares authorized, 39,999,784 and 38,380,380 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively 40,000 38,380
Additional paid-in capital 64,208,963 58,626,212
Accumulated deficit (53,354,332) (49,920,563)
Total Stockholders' Equity 10,894,637 8,744,035
Total Liabilities and Stockholders' Equity $ 17,717,122 $ 15,265,870
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 2,500,000 2,500,000
Preferred stock, issued 6,380 6,380
Preferred stock, outstanding 6,380 6,380
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 75,000,000 75,000,000
Common stock, issued 39,999,784 38,380,380
Common stock, outstanding 39,999,784 38,380,380
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue $ 22,760,987 $ 17,217,944
Cost of revenue 13,031,153 10,177,986
Gross profit 9,729,834 7,039,958
Selling and marketing expenses 8,675,763 5,701,845
General and administrative expenses 3,899,031 3,165,573
Total operating expense 12,574,794 8,867,418
Loss from operations (2,844,960) (1,827,460)
Other Income (Expense):    
Interest expense (228,750) (322,344)
Gain from the sales of equipment 6,095
Total Other Income (Expense) (222,655) (322,344)
Net Loss (3,067,615) (2,149,804)
Preferred stock dividend - beneficial conversion feature (139,535)
Preferred stock dividend - other (366,154) (280,958)
Net Loss available to common stockholders $ (3,433,769) $ (2,570,297)
Weighted average shares outstanding (in shares) 38,568,088 33,175,826
Loss per share, basic and diluted (in dollars per share) $ (0.09) $ (0.08)
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Total
Balances at beginning at Dec. 31, 2014 $ 2 $ 20,459 $ 40,165,955 $ (47,350,266) $ (7,163,850)
Balances at beginning (in shares) at Dec. 31, 2014 2,200 20,459,032      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of preferred stock in exchange of note $ 4   3,999,996   4,000,000
Issuance of preferred stock in exchange of note (in shares) 4,000        
Issuance of preferred stock in exchange of accrued dividend $ 0   180,000   180,000
Issuance of preferred stock in exchange of accrued dividend (in shares) 180        
Issuance of common stock upon conversion of convertible note   $ 5,000 1,495,000   1,500,000
Issuance of common stock upon conversion of convertible note (in shares)   5,000,000      
Issuance of common stock pursuant to private placement   $ 12,921 11,375,238   11,388,159
Issuance of common stock pursuant to private placement (in shares)   12,921,348      
Stock option expense     1,270,488   1,270,488
Preferred stock dividend - beneficial conversion feature     139,535 (139,535)
Preferred stock dividend - other       (280,958) (280,958)
Net loss       (2,149,804) (2,149,804)
Balances at ending at Dec. 31, 2015 $ 6 $ 38,380 58,626,212 (49,920,563) 8,744,035
Balances at ending (in shares) at Dec. 31, 2015 6,380 38,380,380      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock pursuant to private placement   $ 1,334 3,998,666   4,000,000
Issuance of common stock pursuant to private placement (in shares)   1,333,333      
Issuance of common stock in exchange of service   $ 250 559,750   560,000
Issuance of common stock in exchange of service (in shares)   250,000      
Issuance of common stock pursuant to exercise of stock options   $ 36 5,290   $ 5,326
Issuance of common stock pursuant to exercise of stock options (in shares)   36,071     (40,000)
Stock option expense     1,019,045   $ 1,019,045
Preferred stock dividend - other       (366,154) (366,154)
Net loss       (3,067,615) (3,067,615)
Balances at ending at Dec. 31, 2016 $ 6 $ 40,000 $ 64,208,963 $ (53,354,332) $ 10,894,637
Balances at ending (in shares) at Dec. 31, 2016 6,380 39,999,784      
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net Loss $ (3,067,615) $ (2,149,804)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 16,951 33,043
Gain on equipment (6,095)
Stock-based compensation expense 1,579,045 1,270,488
Changes in operating assets and liabilities:    
Accounts receivable, net (660,673) 485,131
Inventory 111,534 (635,969)
Prepaid expenses and other current assets (271,082) (313,942)
Accounts payable and accrued expenses (51,697) 1,168,400
Accrued preferred dividends (203,335) (280,958)
Deposits/deferred revenue and other current liabilities 189,555 (331,544)
Net cash used in operating activities (2,363,412) (755,155)
Cash flows from investing activities:    
Purchase of property and equipment (30,830) (10,412)
Proceeds from sale of equipment 7,760
Net cash (used in) investing activities (23,070) (10,412)
Cash flows from financing activities:    
Borrowing under revolving note payable, related-party 450,000
Repayment on short term notes payable, related-party (1,200,000)
Net proceeds from sale of common stock 4,000,000 11,388,084
Proceeds from exercise of stock options 5,300
Payments on short term notes payable (93,269)
Net cash provided by financing activities 4,005,300 10,544,815
Net increase in cash and cash equivalents 1,618,818 9,779,248
Cash and cash equivalents at beginning of the year 10,128,320 349,072
Cash and cash equivalents at end of the year 11,747,138 10,128,320
Cash paid during period for:    
Interest 113,750 401,808
Preferred Dividends 152,223
Taxes
Non-cash investing and financing activities:    
Borrowing under short term notes payable for prepaid expense 93,269
Preferred stock issued in exchange for cancellation of revolving note payable - related party 4,000,000
Conversion of convertible note to common shares - related party 1,500,000
Conversion of accrued preferred dividend into preferred shares - related party $ 180,000
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
 

Business —Celsius Holdings, Inc. (the “Company” or “Celsius Holdings”) was incorporated under the laws of the State of Nevada on April 26, 2005. On January 24, 2007, the Company entered into a merger agreement and plan of reorganization with Elite FX, Inc., a Florida corporation. Under the terms of the Merger Agreement, Elite FX, Inc. was merged into the Company’s subsidiary, Celsius, Inc. and became a wholly-owned subsidiary of the Company on January 26, 2007. In addition, on March 28, 2007 the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.

 

Since 2007, the Company is engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name.

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

 

Consolidation Policy — The accompanying consolidated financial statements include the accounts of Celsius Holdings, Inc. and its subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

 

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property, fixtures and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.

 

Segment Reporting — Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosed About Segments of an Enterprise and Related Information.)

 

Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the years ended December 31, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in Note 2.

 

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius ® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2016, the Company had approximately $11.5 million in excess of the Federal Deposit Insurance Corporation limit.

  

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     36.8 %     48.3 %
All other     63.2 %     51.7 %
Total     100.0 %     100.0 %

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     53.8 %     50.0 %
B     11.5 %     11.8 %
All other     34.7 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At December 31, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.

 

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At December 31, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $72,300 and $3,500, respectively.

  

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. In 2016 and 2015, the Company recorded a reserve of $201,000 and $329,000, respectively. The changes in reserve are included in cost of revenue. Free Samples are recorded as cost of sales.

 

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years.

 

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.

 

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.

 

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.

 

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $4.3 million and $3.2 million, during year ending December 31, 2016 and 2015, respectively.

 

Research and Development — Research and development costs are charged to general and administrative expenses as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred expenses of $90,000 and $71,000 during year ending December 31, 2016 and 2015, respectively.

 

Fair Value of Financial Instruments — The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximates fair value due to their relative short-term maturity and market interest rates.

  

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
   
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
   
Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at December 31, 2016 and December 31, 2015.

 

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10 related to, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

  

Income Taxes (continued) —Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company’s tax returns for tax years in 2013 through 2016 remain subject to potential examination by the taxing authorities.

 

Earnings per Share — Basic earnings per share are calculated by dividing net income (loss) available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of December 31, 2016, there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.04, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented as the effects would be anti-dilutive.

  

Share-Based Payments —Effective January 1, 2006, the Company has fully adopted the provisions of ASC Topic 718 “Compensation — Stock Compensation” and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. On April 30, 2015, the Company adopted the 2015 Stock Incentive Plan. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

 

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of revenue. Freight expense on goods shipped for year ended December 31, 2016 and 2015 was $1,984,000 and $1,161,000, respectively.

 

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of ASU No. 2014-09 on its financial position, results of operations and liquidity.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2017 to its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).  

  

Recent Accounting Pronouncements (continued)

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At December 31, 2016, the Company had an accumulated deficit of $53,354,000 which includes a net loss available to common stockholders of $3,434,000 for year ended December 31, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $15 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between December 30, 2016 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES
12 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
INVENTORIES
3. INVENTORIES

 

Inventories consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Finished goods   $ 2,142,032     $ 2,309,288  
Raw Materials     270,143       342,691  
Less: Inventory Reserve     (200,805 )     (329,075 )
Inventories, net   $ 2,211,370     $ 2,322,904  
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
12 Months Ended
Dec. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS
4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total $937,000 and $666,000, at December 31, 2016 and December 31, 2015, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, and deposits on purchases.

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Furniture and equipment   $ 291,626     $ 264,495  
Less: accumulated depreciation     (258,093 )     (243,176 )
Total   $ 33,533     $ 21,319  

 

Depreciation expense amounted to $16,951 and $33,043 during year ended December 31, 2016 and 2015, respectively.

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Accounts payable   $ 858,131     $ 1,207,353  
Accrued expenses     896,076       598,578  
Total   $ 1,754,207     $ 1,805,931  
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
12 Months Ended
Dec. 31, 2016
Deferred Revenue and Credits, Current [Abstract]  
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
7. DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

Deferred revenue and other current liabilities consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Customer deposits   $ 201,652     $ 13,063  
State bottle bill liability     12,960       11,994  
Total   $ 214,612     $ 25,057  
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTY
12 Months Ended
Dec. 31, 2016
Line of Credit Facility [Abstract]  
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES
8. LINE OF CREDIT NOTE PAYABLE - RELATED PARTY

 

Line of credit note payable - related party consists of the following as of:

 

    December 31,     December 31,  
    2016     2015  
Note Payable – line of credit            
In July 2010, the Company entered a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000.            
Long-term portion   $ 4,500,000     $ 4,500,000  
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONVERTIBLE NOTE PAYABLE - RELATED PARTIES
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE PAYABLE - RELATED PARTIES
9. CONVERTIBLE NOTE PAYABLE - RELATED PARTIES

 

Convertible note payable   December 31,     December 31,  
    2016     2015  
Convertible note payable, related party   $ 0     $ 0  

 

In September 2009, the Company entered a convertible note payable with a related party, a majority shareholder which carries interest at six percent per annum. The outstanding balance is convertible into the Company’s common stock at a conversion price of $0.30 per share. The Company is obligated to file a registration statement upon written notice from the creditor and such registration statement must be effective within 180 days of the date of notice. If after the 180 days the Company has not complied with the agreement it shall pay $65,000 per month in penalty, until the registration statement is effective.

  

The note matures in December 2016, at which time the principal amount is due. In April 2015, the note holder converted the outstanding portion of $1,500,000, into shares of common stock in accordance with the conversion terms of the agreement. The creditor also terminated all registration rights and waived any penalties that might have been incurred in connection therewith. The outstanding balance on the loan as of December 31, 2016 and December 31, 2015 was $0 and $0, respectively.

XML 28 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREFERRED STOCK - RELATED PARTY
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
PREFERRED STOCK - RELATED PARTY
10. PREFERRED STOCK – RELATED PARTY

 

On August 26, 2013, the Company entered into a securities purchase agreement (the “2013 Purchase Agreement”) with CDS Ventures of South Florida, LLC (“CDS”) and CD Financial, LLC (“CD”). CDS and CD are limited liability companies which are affiliates of Carl DeSantis, the Company’s principal shareholder. The Company issued 2,200 shares of its Series C Preferred Stock (the “Preferred C Shares”) in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the Company’s line of credit with CD (the “CD Line of Credit”). The Preferred C Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.52 per share at any time until December 31, 2018, at which time they will automatically convert into shares of our common stock determined by dividing the liquidation preference of $1,000 per Preferred C Share by the conversion price then in effect. The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred C Shares accrue cumulative annual dividends at the rate of 6% per annum, payable by the issuance of additional Preferred C Shares. The holder of Preferred C Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. In April 2015, the Company issued 180 Preferred C Shares valued at $180,000 in settlement of $180,000 in accrued preferred C dividends. As of December 31, 2016, $303,000 of dividends has been accrued. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law.  As of December 31, 2016, $51,000 of dividends has been accrued regarding these shares.

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
11. RELATED PARTY TRANSACTIONS
 

The Company’s office is rented from a company affiliated with CD which is controlled by our majority shareholder Carl DeSantis. Currently, the lease expires on October 2020 with monthly rent of $8,809. The rental fee is commensurate with other properties available in the market.

 

In April 2015, the Company entered into a strategic marketing and advisory services agreement with All Def Digital. Tim Leissner, a director and shareholder of the Company is also a director and shareholder in All Def Digital. As of December 31, 2016, the Company has paid All Def Digital $152,438 and $237,959 for services rendered pursuant to the Advisory Services Agreement during the years ended December 31, 2016 and 2015, respectively.

 

Other related party transactions are discussed in notes 8, 9, 10, and 12

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
STOCKHOLDERS' EQUITY
12. STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In April 2016, the Company issued a total 250,000 “restricted” shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to conversion of note

 

In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.

 

Issuance of common stock pursuant to private placement

 

In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 10). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,159.

 

In December 2016, the Company issued a total of 1,333,333 shares of common stock at $3.00 per share for net proceeds of $4.0 million. These shares were issued to existing shareholders of record.

 

Issuance of preferred stock pursuant to private placement

 

Refer to note 10 for discussion on preferred stock issuances.

 

Issuance of common stock pursuant to exercise of stock options

 

During the twelve months ended December 31, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company recorded $5,326 for options exercised, of which $5,300 was for options that were exercised for cash, with the balance of the options being exercised on a “cashless” basis.

XML 31 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES
13. INCOME TAXES

 

Due to recurring losses for the years ended December 31, 2016 and 2015, the Company’s net tax provision was zero.

 

The difference between the effective income tax rate and the applicable statutory federal income tax rate is summarized as follows:

 

    2016     2015  
Statutory federal rate     (35.0) %     (35.0) %
State income tax rate, net of federal benefit     (3.5) %     (3.5) %
Permanent differences, including stock based compensation     51.5 %     25.3 %
Change in valuation allowance     13.0 %     13.2 %
Effective tax rate     0.0 %     0.0 %

 

At December 31, 2016 and 2015, the Company’s deferred tax assets were as follows:

 

Deferred Tax Assets   2016     2015  
             
Net operating loss carry forwards     17,248,000       16,029,000  
Less: Valuation allowance     (17,248,000)       (16,029,000)  
Net deferred tax assets     0.0       0.0  
 

The Company’s valuation allowance increased by $1,219,000 during 2016 and decreased by $276,000 during 2015. Total net operating loss carry forwards at December 31, 2016 were approximately $41.6 million. The losses, if unused, expire through 2036.The Company’s net operating loss carry forwards may be limited due to ownership changes pursuant to Internal Revenue Code section 382.

XML 32 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
14. STOCK-BASED COMPENSATION

 

The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013 the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Until 2017, options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company.

  

The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

 

Cumulatively since inception, the Company has issued options to purchase approximately 5.6 million shares at an average price of $1.04 with a fair value of $7.3 million. For the year 2016 and 2015, the Company issued options to purchase 1.3 million and 1.3 million shares. For the year ended December 31, 2016 and 2015, the Company recognized an expense of $1,019,000 and $1,271,000, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of December 31, 2016, the Company had approximately $1,945,000 of unrecognized pre-tax non-cash compensation expense, which the Company expects to recognize, based on a weighted-average period of 0.5 years. The Company used straight-line amortization of compensation expense over the two to three year requisite service or vesting period of the grant. There are options to purchase approximately 4.45 million shares that have vested, of which 307,000 shares were exercised as of December 31, 2016.

 

The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

    Year ended December 31,  
    2016     2015  
Expected volatility     132% - 159 %     306 %
Expected term     4 Years       4 Years  
Risk-free interest rate     1.23%-1.61 %     0.89 %
Forfeiture Rate     0.00 %     0.00 %
Expected dividend yield     0.00 %     0.00 %

  

The expected volatility was determined with reference to the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.

 

A summary of the status of the Company’s outstanding stock options as of December 31, 2016 and changes during the period ending on that date is as follows:

 

                            Weighted  
          Weighted Average     Aggregate     Average  
    Shares     Exercise     Fair     Intrinsic     Remaining  
    (000’s)     Price     Value     Value     Term (Yrs)  
Options                                        
At December 31, 2014     3,496     $ 0.49     $ 0.41     $ 588       6.5  
Granted     1,306       1.61       0.33                  
Exercised                                        
Forfeiture and cancelled     (168 )     0.52       0.38                  
At December 31, 2015     4,634     $ 0.81     $ 0.41     $ 5,300       5.49  
Granted     1,327       2.01       0.33                  
Exercised     (40 )     0.42                          
Forfeiture and cancelled     (285 )     1.81       0.38                  
At December 31, 2016     5,636     $ 1.04     $ 0.41     $ 7,317       5.06  
                                         
Exercisable at December 31, 2016     4,411     $ 0.81     $ 1.76     $ 477       4.66  

 

The following table summarizes information about employee stock options outstanding at December 31, 2016:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   at     Averaged     Averaged     at     Averaged     Averaged  
Exercise   December 31,     Remaining     Exercise     December 31,     Exercise     Remaining  
Price   2016 (000's)     Life     Price     2016 (000's)     Price     Life  
$0.20 - $0.53     2,362       5.17     $ 0.26       2,362     $ 0.26       4.88  
$0.65 - $1.80     1,391       4.34     $ 0.88       1,172     $ 0.85       3.87  
$1.83 - $2.84     1,853       5.75     $ 2.08       846     $ 2.13       4.73  
$3.20 - $6.20     23       3.08     $ 3.75       23       3.75       3.00  
$7.20 - $22.00     8       2.70     $ 10.36       8     $ 10.36       2.62  
Outstanding options     5,637       5.14     $ 1.04       4,411     $ 0.81       4.57  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
15. COMMITMENTS AND CONTINGENCIES

 

On February 22, 2017, we were served with a summons and complaint with respect to a breach of contract action filed in Superior Court of the State of California, Los Angeles County, by Statewide Beverage Company, Inc. (“Statewide”), a former distributor of the Company’s products, whose distribution agreement, the Company had terminated effective November 2016 for “cause” (non-payment of invoices within the applicable grace period provided in the distribution agreement). The complaint alleges that the distribution agreement was terminated without “cause” and seeks unspecified damages consisting of termination payments and fees which would be due upon a termination without “cause,” but not on a termination for “cause” as well as certain invasion fees allegedly due under the terms of the distribution agreement. The Company believes that it validly terminated the agreement for “cause” and will vigorously defend against the action. The Company accrued $85,000 in expense as of December 31, 2016 associated with this complaint based on an estimate of legal fees.

 

In addition to the foregoing, from time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. 

 

The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without cause. Cause has been defined in various ways. It is management’s belief that no such agreement has created any liability as of December 31, 2016.

 

The Company entered into an office lease with a related party (see note 10) effective October 2015. The monthly rent amounts to $8,809 per month and the lease terminates in October 2020. Future annual minimum payments required under operating lease obligations at December 31, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2017   $ 113,461  
2018   $ 116,720  
2019   $ 120,078  
2020   $ 102,455  
Total   $ 480,343  
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
16. SUBSEQUENT EVENTS
 

Between January 1, 2017 and March 14, 2017, the Company raised an aggregate of $11.0 million in capital through the sale of an aggregate of 3,666,662 shares of our common stock at a purchase price of $3.00 per share in a private offering to accredited investors, including certain affiliates of the Company, as more fully described in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 14, 2017.

 

Between January 1, 2017 and February 14, 2017, the Company issued an aggregate of 238,795 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive plan. The Company recorded $25,000 for options exercised, of which $25,000 was for options that were exercised for cash, with the balance of the options being exercised on a “cashless” basis.

 

On January 26, 2017, the Company issued 47,126 shares of “restricted” stock to each of William H. Milmoe and Thomas E. Lynch in consideration for services previously rendered to Celsius.

 

Effective February 7, 2017, the Company incorporated two wholly owned subsidiaries in Hong Kong, Celsius Asia Holdings Limited and Celsius China Holdings Limited. 

 

Effective March 1, 2017, Gerry David, Celsius’ President and Chief Executive Officer retired from such positions with the Company. Pending our board of directors identifying and retaining a new President and Chief Executive Officer, John Fieldly, the Company’s Chief Financial Officer will serve in such additional capacities on an interim basis. Mr. David will continue to serve as a consultant to the Company through December 31, 2017.

XML 35 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Consolidation Policy

Consolidation Policy — The accompanying consolidated financial statements include the accounts of Celsius Holdings, Inc. and its subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

Significant Estimates

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property, fixtures and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.

Segment Reporting

Segment Reporting — Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosed About Segments of an Enterprise and Related Information.)

 

Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the years ended December 31, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in Note 2.

Concentrations of Risk

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius ® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2016, the Company had approximately $11.5 million in excess of the Federal Deposit Insurance Corporation limit.

  

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     36.8 %     48.3 %
All other     63.2 %     51.7 %
Total     100.0 %     100.0 %

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     53.8 %     50.0 %
B     11.5 %     11.8 %
All other     34.7 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.

Cash Equivalents

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At December 31, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.

Accounts Receivable

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At December 31, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $72,300 and $3,500, respectively.

Inventories

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. In 2016 and 2015, the Company recorded a reserve of $201,000 and $329,000, respectively. The changes in reserve are included in cost of revenue. Free Samples are recorded as cost of sales.

Property and Equipment

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of the asset generally ranging from three to seven years.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of intangibles and other long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.

Revenue Recognition

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.

Deferred Revenue

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.

Advertising Costs

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $4.3 million and $3.2 million, during year ending December 31, 2016 and 2015, respectively.

Research and Development

Research and Development — Research and development costs are charged to general and administrative expenses as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred expenses of $90,000 and $71,000 during year ending December 31, 2016 and 2015, respectively.

Fair Value of Financial Instruments

Fair Value of Financial Instruments — The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximates fair value due to their relative short-term maturity and market interest rates.

Fair Value Measurements

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
   
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
   
Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at December 31, 2016 and December 31, 2015.

Income Taxes

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10 related to, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

  

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company’s tax returns for tax years in 2013 through 2016 remain subject to potential examination by the taxing authorities.

Earnings per Share

Earnings per Share — Basic earnings per share are calculated by dividing net income (loss) available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of December 31, 2016, there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.04, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented as the effects would be anti-dilutive.

Share-Based Payments

Share-Based Payments —Effective January 1, 2006, the Company has fully adopted the provisions of ASC Topic 718 “Compensation — Stock Compensation” and related interpretations. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. On April 30, 2015, the Company adopted the 2015 Stock Incentive Plan. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

Shipping and Handling Costs

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of revenue. Freight expense on goods shipped for year ended December 31, 2016 and 2015 was $1,984,000 and $1,161,000, respectively.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of ASU No. 2014-09 on its financial position, results of operations and liquidity.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2017 to its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).  

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.

Liquidity

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At December 31, 2016, the Company had an accumulated deficit of $53,354,000 which includes a net loss available to common stockholders of $3,434,000 for year ended December 31, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $15 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between December 30, 2016 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.

XML 36 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Schedule of revenue & accounts receivable with customers

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     36.8 %     48.3 %
All other     63.2 %     51.7 %
Total     100.0 %     100.0 %

 

At December 31, 2016 and 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     53.8 %     50.0 %
B     11.5 %     11.8 %
All other     34.7 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.

XML 37 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES (Tables)
12 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Finished goods   $ 2,142,032     $ 2,309,288  
Raw Materials     270,143       342,691  
Less: Inventory Reserve     (200,805 )     (329,075 )
Inventories, net   $ 2,211,370     $ 2,322,904
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Tables)
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

Property and equipment consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Furniture and equipment   $ 291,626     $ 264,495  
Less: accumulated depreciation     (258,093 )     (243,176 )
Total   $ 33,533     $ 21,319  
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
12 Months Ended
Dec. 31, 2016
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Accounts payable   $ 858,131     $ 1,207,353  
Accrued expenses     896,076       598,578  
Total   $ 1,754,207     $ 1,805,931
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2016
Deferred Revenue and Credits, Current [Abstract]  
Schedule of deferred revenue and other current liabilities

Deferred revenue and other current liabilities consist of the following at:

 

    December 31,     December 31,  
    2016     2015  
Customer deposits   $ 201,652     $ 13,063  
State bottle bill liability     12,960       11,994  
Total   $ 214,612     $ 25,057  
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Tables)
12 Months Ended
Dec. 31, 2016
Line of Credit Facility [Abstract]  
Schedule of line of credit note payable - related parties

Line of credit note payable - related party consists of the following as of:

 

    December 31,     December 31,  
    2016     2015  
Note Payable – line of credit            
In July 2010, the Company entered a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000.            
Long-term portion   $ 4,500,000     $ 4,500,000  
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Tables)
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of convertible note payable
Convertible note payable   December 31,     December 31,  
    2016     2015  
Convertible note payable, related party   $ 0     $ 0  
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of statutory federal income tax rate

The difference between the effective income tax rate and the applicable statutory federal income tax rate is summarized as follows:

 

    2016     2015  
Statutory federal rate     (35.0) %     (35.0) %
State income tax rate, net of federal benefit     (3.5) %     (3.5) %
Permanent differences, including stock based compensation     51.5 %     25.3 %
Change in valuation allowance     13.0 %     13.2 %
Effective tax rate     0.0 %     0.0 %
Schedule of deferred tax assets

At December 31, 2016 and 2015, the Company’s deferred tax assets were as follows:

 

Deferred Tax Assets   2016     2015  
             
Net operating loss carry forwards     17,248,000       16,029,000  
Less: Valuation allowance     (17,248,000)       (16,029,000)  
Net deferred tax assets     0.0       0.0  
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of black - scholes option-pricing model valuation assumption

The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

    Year ended December 31,  
    2016     2015  
Expected volatility     132% - 159 %     306 %
Expected term     4 Years       4 Years  
Risk-free interest rate     1.23%-1.61 %     0.89 %
Forfeiture Rate     0.00 %     0.00 %
Expected dividend yield     0.00 %     0.00 %
Schedule of outstanding stock options

A summary of the status of the Company’s outstanding stock options as of December 31, 2016 and changes during the period ending on that date is as follows:

 

                            Weighted  
          Weighted Average     Aggregate     Average  
    Shares     Exercise     Fair     Intrinsic     Remaining  
    (000’s)     Price     Value     Value     Term (Yrs)  
Options                                        
At December 31, 2014     3,496     $ 0.49     $ 0.41     $ 588       6.5  
Granted     1,306       1.61       0.33                  
Exercised                                        
Forfeiture and cancelled     (168 )     0.52       0.38                  
At December 31, 2015     4,634     $ 0.81     $ 0.41     $ 5,300       5.49  
Granted     1,327       2.01       0.33                  
Exercised     (40 )     0.42                          
Forfeiture and cancelled     (285 )     1.81       0.38                  
At December 31, 2016     5,636     $ 1.04     $ 0.41     $ 7,317       5.06  
                                         
Exercisable at December 31, 2016     4,411     $ 0.81     $ 1.76     $ 477       4.66  
Schedule of employee stock options outstanding

The following table summarizes information about employee stock options outstanding at December 31, 2016:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   at     Averaged     Averaged     at     Averaged     Averaged  
Exercise   December 31,     Remaining     Exercise     December 31,     Exercise     Remaining  
Price   2016 (000's)     Life     Price     2016 (000's)     Price     Life  
$0.20 - $0.53     2,362       5.17     $ 0.26       2,362     $ 0.26       4.88  
$0.65 - $1.80     1,391       4.34     $ 0.88       1,172     $ 0.85       3.87  
$1.83 - $2.84     1,853       5.75     $ 2.08       846     $ 2.13       4.73  
$3.20 - $6.20     23       3.08     $ 3.75       23       3.75       3.00  
$7.20 - $22.00     8       2.70     $ 10.36       8     $ 10.36       2.62  
Outstanding options     5,637       5.14     $ 1.04       4,411     $ 0.81       4.57  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future annual minimum payments

Future annual minimum payments required under operating lease obligations at December 31, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2017   $ 113,461  
2018   $ 116,720  
2019   $ 120,078  
2020   $ 102,455  
Total   $ 480,343  
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 10% or Greater Revenue [Member]
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 36.80% 48.30%
All Other [Member]    
Concentration Risk [Line Items]    
Total 63.20% 51.70%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - 10% or Accounts Receivable [Member]
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 53.80% 50.00%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 11.50% 11.80%
All Other [Member]    
Concentration Risk [Line Items]    
Total 34.70% 38.20%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden. Revenues from all other customers were mainly derived from the United States.
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2015
Mar. 14, 2017
Dec. 31, 2016
Dec. 31, 2015
Amount excess of FDIC limit     $ 11,500,000  
Allowance for doubtful accounts     72,300 $ 3,500
Inventory reserve     200,805 329,075
Advertising expense     4,300,000 3,200,000
Research and development expense     90,000 71,000
Freight expense     $ 1,984,000 1,161,000
Number of options outstanding     5,600,000  
Exercise price of awards (in dollars per share)     $ 1.04  
Accumulated deficit     $ (53,354,332) (49,920,563)
Net (loss) available to common stockholders     $ (3,433,769) (2,570,297)
Number of shares issued, value       $ 4,000,000
Subsequent Event [Member] | Private Placement [Member] | 13 Accredited Investors [Member]        
Number of shares issued, value   $ 15,000,000    
Number of shares issued   4,833,329    
Shares issued price (in dollars per share)   $ 3.00    
Stock Incentive Plan 2015 [Member]        
Number of shares authorized 5,000,000      
Description of plan terms

Provision for an annual increase of 15% to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.

     
6% Series C Preferred Stock [Member]        
Conversion price (in dollars per share)     $ 0.52  
Number of preferred stock warrants outstanding     4,600,000  
5% Series D Preferred Stock [Member]        
Conversion price (in dollars per share)     $ 0.86  
Number of preferred stock warrants outstanding     4,700,000  
Minimum [Member]        
Useful life     3 years  
Maximum [Member]        
Useful life     7 years  
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]    
Finished goods $ 2,142,032 $ 2,309,288
Raw Materials 270,143 342,691
Less: Inventory Reserve (200,805) (329,075)
Inventories, net $ 2,211,370 $ 2,322,904
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Prepaid Consulting Agreement [Member] | D3M Licensing Group [Member]    
Prepaid expenses and other current assets $ 937,000 $ 666,000
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (258,093) $ (243,176)
Total 33,533 21,319
Furniture and Equipment [Member}    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 291,626 $ 264,495
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 16,951 $ 33,043
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Payables and Accruals [Abstract]    
Accounts payable $ 858,131 $ 1,207,353
Accrued expenses 896,076 598,578
Total $ 1,754,207 $ 1,805,931
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Deferred Revenue and Credits, Current [Abstract]    
Customer deposits $ 201,652 $ 13,063
State bottle bill liability 12,960 11,994
Total $ 214,612 $ 25,057
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Details) - USD ($)
1 Months Ended
Apr. 30, 2015
Jul. 31, 2010
Dec. 31, 2016
Dec. 31, 2015
Long-term portion     $ 4,500,000 $ 4,500,000
5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member]        
Long-term portion     $ 4,500,000 $ 4,500,000
Maximum borrowing capacity   $ 9,500,000    
Debt maturity date   Jan. 02, 2020    
5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Series D Preferred Stock [Member]        
Number of shares issued upon debt cancellation 4,000,000      
Debt cancelled amount $ 4,000,000      
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Convertible note payable    
Convertible note payable, related party $ 0 $ 0
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details Narrative) - Convertible Notes Payable [Member] - USD ($)
1 Months Ended 12 Months Ended
Apr. 30, 2015
Sep. 30, 2009
Dec. 31, 2016
Dec. 31, 2015
Debt instrument, maturity date     Dec. 31, 2016  
Value for number of shares converted $ 1,500,000      
Debt face amount     $ 0 $ 0
Creditor [Member]        
Debt interest rate   6.00%    
Conversion price (in dollars price per share)   $ 0.30    
Monthly penalty amount   $ 65,000    
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREFERRED STOCK - RELATED PARTY (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Apr. 16, 2015
Aug. 26, 2013
Apr. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Value of shares issued upon accrued dividend         $ 180,000
Accrued dividend       $ 353,666 $ 190,847
Share price (in dollars per share)       $ 1.04  
6% Series C Preferred Stock [Member]          
Conversion price (in dollars per share)       0.52  
5% Series D Preferred Stock [Member]          
Conversion price (in dollars per share)       $ 0.86  
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC & CD Financial, LLC [Member] | 6% Series C Preferred Stock [Member]          
Number of shares issued upon debt conversion   2,200      
Conversion price (in dollars per share)   $ 0.52      
Liquidation preference (in dollars per share)   $ 1,000      
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC [Member] | Short Term Loan [Member]          
Original debt conversion amount   $ 550,000      
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC [Member] | 6% Series C Preferred Stock [Member]          
Number of shares issued upon accrued dividend     180    
Value of shares issued upon accrued dividend     $ 180,000    
Accrued dividend       $ 303,000  
Preferred stock redemption date       Dec. 31, 2018  
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member]          
Original debt conversion amount   $ 1,650,000      
Amendment Loan and Security Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member]          
Line of credit reduction borrowing capacity $ 4,000,000        
Amendment Loan and Security Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Series D Preferred Stock [Member]          
Number of shares issued upon debt conversion 4,000        
Conversion price (in dollars per share) $ 0.86        
Liquidation preference (in dollars per share) $ 1,000        
Accrued dividend $ 139,535     $ 51,000  
Preferred stock redemption date Jan. 02, 2020        
Share price (in dollars per share) $ 0.89        
Dividend payable (in dollars per share) $ 0.03        
Preferred stock redemption price, percent 104.00%        
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CD Financial, LLC [Member] | Carl DeSantis [Member] | Office [Member]    
Lease expiration 2020-10  
Monthly expense $ 8,809  
All Def Digital [Member] | Mr. Tim Leissner [Member] | Advisory Services Agreement [Member]    
Amount paid for services rendered $ 152,438 $ 237,959
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
1 Months Ended 12 Months Ended
Dec. 31, 2016
Apr. 30, 2016
Apr. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Fair value of shares issued upon services rendered       $ 560,000  
Stock price (in dollars per share) $ 1.04     $ 1.04  
Proceeds from sale of common stock       $ 4,000,000 $ 11,388,084
Options exercised       $ 5,300
2006 Stock Incentive Plan [Member]          
Number of option shares granted       36,071  
Value of option shares granted       $ 5,300  
Options exercised       $ 5,326  
Private Placement [Member]          
Proceeds from sale of common stock     $ 11,500,000    
Number of shares issued upon transaction 1,333,333   12,921,348    
Share price (in dollars per share) $ 3.00 $ 0.89   $ 3.00  
Stock issuance cost included in additional paid in capital     $ 111,841    
Net proceeds from sale of common stock $ 4,000,000   $ 11,388,159    
Unregistered Common Shares [Member] | Convertible Notes Payable [Member]          
Number of shares issued upon debt conversion     5,000,000    
Original debt conversion amount     $ 1,500,000    
Celebrity Endorsement Agreements [Member] | Restricted Common Stock [Member]          
Number of shares issued upon services   250,000      
Fair value of shares issued upon services rendered   $ 560,000      
Stock price (in dollars per share)   $ 2.24      
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]    
Statutory federal rate (35.00%) (35.00%)
State income tax rate, net of federal benefit (3.50%) (3.50%)
Permanent differences, including stock based compensation 51.50% 25.30%
Change in valuation allowance 13.00% 13.20%
Effective tax rate 0.00% 0.00%
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Details 1) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Deferred Tax Assets    
Net operating loss carry forwards $ 17,248,000 $ 16,029,000
Less: Valuation allowance (17,248,000) (16,029,000)
Net deferred tax assets $ 0 $ 0
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 0 $ 0
Increase (decrease) in valuation allowance 1,219,000 $ 276,000
Operating loss carry forwards, net $ 41,600,000  
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Expected volatility   306.00%
Expected term 4 years 4 years
Risk-free interest rate   0.89%
Forfeiture Rate 0.00% 0.00%
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Expected volatility 132.00%  
Risk-free interest rate 1.23%  
Maximum [Member]    
Expected volatility 159.00%  
Risk-free interest rate 1.61%  
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details 1) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Balance at beginning 4,634,000 3,496,000
Granted 1,327,000 1,306,000
Exercised (40,000)  
Forfeiture and cancelled (285,000) (168,000)
Balance at end 5,636,000 4,634,000
Exercisable at end 4,411,000  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]    
Balance at beginning $ 0.81 $ 0.49
Granted 2.01 1.61
Exercised 0.42  
Forfeiture and cancelled 1.81 0.52
Balance at end 1.04 0.81
Exercisable at end 0.81  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Fair Value [Roll Forward]    
Balance at beginning 0.41 0.41
Granted 0.33 0.33
Forfeiture and cancelled 0.38 0.38
Balance at end 0.41 $ 0.41
Exercisable at end $ 1.76  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward]    
Balance at beginning $ 5,300,000 $ 588,000
Balance at end 7,317,000 $ 5,300,000
Exercisable at end $ 477,000  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Average Remaining Term [Roll Forward]    
Balance at beginning 5 years 5 months 26 days 6 years 6 months
Balance at end 5 years 21 days 5 years 5 months 26 days
Exercisable at end 4 years 7 months 27 days  
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details 2)
12 Months Ended
Dec. 31, 2016
$ / shares
shares
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 5,637,000
Weighted Averaged Remaining Life 5 years 1 month 20 days
Weighted Averaged Exercise Price | $ / shares $ 1.04
Vested Options  
Number Exercisable at December 31, 2016 | shares 4,411,000
Weighted Averaged Exercise Price | $ / shares $ 0.81
Weighted Averaged Remaining Life 4 years 6 months 25 days
$0.20 - $0.53 [Member]  
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 2,362,000
Weighted Averaged Remaining Life 5 years 2 months 1 day
Weighted Averaged Exercise Price | $ / shares $ 0.26
Vested Options  
Number Exercisable at December 31, 2016 | shares 2,362,000
Weighted Averaged Exercise Price | $ / shares $ 0.26
Weighted Averaged Remaining Life 4 years 10 months 16 days
$0.65 - $1.80 [Member]  
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 1,391,000
Weighted Averaged Remaining Life 4 years 4 months 2 days
Weighted Averaged Exercise Price | $ / shares $ 0.88
Vested Options  
Number Exercisable at December 31, 2016 | shares 1,172,000
Weighted Averaged Exercise Price | $ / shares $ 0.85
Weighted Averaged Remaining Life 3 years 10 months 13 days
$1.83 - $2.84 [Member]  
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 1,853,000
Weighted Averaged Remaining Life 5 years 9 months
Weighted Averaged Exercise Price | $ / shares $ 2.08
Vested Options  
Number Exercisable at December 31, 2016 | shares 846,000
Weighted Averaged Exercise Price | $ / shares $ 2.13
Weighted Averaged Remaining Life 4 years 8 months 22 days
$3.20 - $6.20 [Member]  
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 23,000
Weighted Averaged Remaining Life 3 years 28 days
Weighted Averaged Exercise Price | $ / shares $ 3.75
Vested Options  
Number Exercisable at December 31, 2016 | shares 23,000
Weighted Averaged Exercise Price | $ / shares $ 3.75
Weighted Averaged Remaining Life 3 years
$7.20 - $22.00 [Member]  
Outstanding Options  
Number Outstanding at December 31, 2016 | shares 8,000
Weighted Averaged Remaining Life 2 years 8 months 12 days
Weighted Averaged Exercise Price | $ / shares $ 10.36
Vested Options  
Number Exercisable at December 31, 2016 | shares 8,000
Weighted Averaged Exercise Price | $ / shares $ 10.36
Weighted Averaged Remaining Life 2 years 7 months 13 days
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details)
Dec. 31, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 113,461
2018 116,720
2019 120,078
2020 102,455
Total $ 480,343
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
12 Months Ended
Dec. 31, 2016
USD ($)
Accrued expense $ 85,000
CD Financial, LLC [Member] | Carl DeSantis [Member] | Office [Member]  
Lease expiration 2020-10
Monthly expense $ 8,809
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
2 Months Ended 12 Months Ended
Mar. 14, 2017
Feb. 14, 2017
Dec. 31, 2016
Dec. 31, 2015
Number of shares issued, value       $ 4,000,000
Stock options granted     1,327,000 1,306,000
Options exercised, value     $ 477,000  
Subsequent Event [Member] | 2006 Stock Incentive Plan [Member]        
Stock options granted   238,795    
Options exercised, value   $ 25,000    
Subsequent Event [Member] | Accredited Investors [Member]        
Number of shares issued, value $ 11,000,000      
Number of shares issued 3,666,662      
Shares issued price per share $ 3.00      
Subsequent Event [Member] | William H. Milmoe and Thomas E. Lynch [Member]        
Shares issued for service   47,126    
EXCEL 70 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 72 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 74 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 99 248 1 true 47 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://celsius.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Balance Sheets Sheet http://celsius.com/role/BalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://celsius.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations Sheet http://celsius.com/role/StatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Changes in Stockholders' Equity (Deficit) Sheet http://celsius.com/role/StatementsOfChangesInStockholdersEquityDeficit Consolidated Statements of Changes in Stockholders' Equity (Deficit) Statements 5 false false R6.htm 00000006 - Statement - Consolidated Statements of Cash Flows Sheet http://celsius.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 00000007 - Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS Sheet http://celsius.com/role/OrganizationAndDescriptionOfBusiness ORGANIZATION AND DESCRIPTION OF BUSINESS Notes 7 false false R8.htm 00000008 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPolicies BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 8 false false R9.htm 00000009 - Disclosure - INVENTORIES Sheet http://celsius.com/role/Inventories INVENTORIES Notes 9 false false R10.htm 00000010 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS Sheet http://celsius.com/role/PrepaidExpensesAndOtherCurrentAssets PREPAID EXPENSES AND OTHER CURRENT ASSETS Notes 10 false false R11.htm 00000011 - Disclosure - PROPERTY AND EQUIPMENT Sheet http://celsius.com/role/PropertyAndEquipment PROPERTY AND EQUIPMENT Notes 11 false false R12.htm 00000012 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Sheet http://celsius.com/role/AccountsPayableAndAccruedExpenses ACCOUNTS PAYABLE AND ACCRUED EXPENSES Notes 12 false false R13.htm 00000013 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES Sheet http://celsius.com/role/DeferredRevenueAndOtherCurrentLiabilities DEFERRED REVENUE AND OTHER CURRENT LIABILITIES Notes 13 false false R14.htm 00000014 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY Sheet http://celsius.com/role/LineOfCreditNotePayable-RelatedParty LINE OF CREDIT NOTE PAYABLE - RELATED PARTY Notes 14 false false R15.htm 00000015 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES Sheet http://celsius.com/role/ConvertibleNotePayable-RelatedParties CONVERTIBLE NOTE PAYABLE - RELATED PARTIES Notes 15 false false R16.htm 00000016 - Disclosure - PREFERRED STOCK - RELATED PARTY Sheet http://celsius.com/role/PreferredStock-RelatedParty PREFERRED STOCK - RELATED PARTY Notes 16 false false R17.htm 00000017 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://celsius.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS Notes 17 false false R18.htm 00000018 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://celsius.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 18 false false R19.htm 00000019 - Disclosure - INCOME TAXES Sheet http://celsius.com/role/IncomeTaxes INCOME TAXES Notes 19 false false R20.htm 00000020 - Disclosure - STOCK-BASED COMPENSATION Sheet http://celsius.com/role/Stock-basedCompensation STOCK-BASED COMPENSATION Notes 20 false false R21.htm 00000021 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://celsius.com/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES Notes 21 false false R22.htm 00000022 - Disclosure - SUBSEQUENT EVENTS Sheet http://celsius.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 22 false false R23.htm 00000023 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 23 false false R24.htm 00000024 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPolicies 24 false false R25.htm 00000025 - Disclosure - INVENTORIES (Tables) Sheet http://celsius.com/role/InventoriesTables INVENTORIES (Tables) Tables http://celsius.com/role/Inventories 25 false false R26.htm 00000026 - Disclosure - PROPERTY AND EQUIPMENT (Tables) Sheet http://celsius.com/role/PropertyAndEquipmentTables PROPERTY AND EQUIPMENT (Tables) Tables http://celsius.com/role/PropertyAndEquipment 26 false false R27.htm 00000027 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) Sheet http://celsius.com/role/AccountsPayableAndAccruedExpensesTables ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) Tables http://celsius.com/role/AccountsPayableAndAccruedExpenses 27 false false R28.htm 00000028 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables) Sheet http://celsius.com/role/DeferredRevenueAndOtherCurrentLiabilitiesTables DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables) Tables http://celsius.com/role/DeferredRevenueAndOtherCurrentLiabilities 28 false false R29.htm 00000029 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Tables) Sheet http://celsius.com/role/LineOfCreditNotePayable-RelatedPartyTables LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Tables) Tables http://celsius.com/role/LineOfCreditNotePayable-RelatedParty 29 false false R30.htm 00000030 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Tables) Sheet http://celsius.com/role/ConvertibleNotePayable-RelatedPartiesTables CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Tables) Tables http://celsius.com/role/ConvertibleNotePayable-RelatedParties 30 false false R31.htm 00000031 - Disclosure - INCOME TAXES (Tables) Sheet http://celsius.com/role/IncomeTaxesTables INCOME TAXES (Tables) Tables http://celsius.com/role/IncomeTaxes 31 false false R32.htm 00000032 - Disclosure - STOCK-BASED COMPENSATION (Tables) Sheet http://celsius.com/role/Stock-basedCompensationTables STOCK-BASED COMPENSATION (Tables) Tables http://celsius.com/role/Stock-basedCompensation 32 false false R33.htm 00000033 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables) Sheet http://celsius.com/role/CommitmentsAndContingenciesTables COMMITMENTS AND CONTINGENCIES (Tables) Tables http://celsius.com/role/CommitmentsAndContingencies 33 false false R34.htm 00000034 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetails BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 34 false false R35.htm 00000035 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetails1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Details http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 35 false false R36.htm 00000036 - Disclosure - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Sheet http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesDetailsNarrative BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Details http://celsius.com/role/BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTables 36 false false R37.htm 00000037 - Disclosure - INVENTORIES (Details) Sheet http://celsius.com/role/InventoriesDetails INVENTORIES (Details) Details http://celsius.com/role/InventoriesTables 37 false false R38.htm 00000038 - Disclosure - PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) Sheet http://celsius.com/role/PrepaidExpensesAndOtherCurrentAssetsDetailsNarrative PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) Details http://celsius.com/role/PrepaidExpensesAndOtherCurrentAssets 38 false false R39.htm 00000039 - Disclosure - PROPERTY AND EQUIPMENT (Details) Sheet http://celsius.com/role/PropertyAndEquipmentDetails PROPERTY AND EQUIPMENT (Details) Details http://celsius.com/role/PropertyAndEquipmentTables 39 false false R40.htm 00000040 - Disclosure - PROPERTY AND EQUIPMENT (Details Narrative) Sheet http://celsius.com/role/PropertyAndEquipmentDetailsNarrative PROPERTY AND EQUIPMENT (Details Narrative) Details http://celsius.com/role/PropertyAndEquipmentTables 40 false false R41.htm 00000041 - Disclosure - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) Sheet http://celsius.com/role/AccountsPayableAndAccruedExpensesDetails ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) Details http://celsius.com/role/AccountsPayableAndAccruedExpensesTables 41 false false R42.htm 00000042 - Disclosure - DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) Sheet http://celsius.com/role/DeferredRevenueAndOtherCurrentLiabilitiesDetails DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) Details http://celsius.com/role/DeferredRevenueAndOtherCurrentLiabilitiesTables 42 false false R43.htm 00000043 - Disclosure - LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Details) Sheet http://celsius.com/role/LineOfCreditNotePayable-RelatedPartyDetails LINE OF CREDIT NOTE PAYABLE - RELATED PARTY (Details) Details http://celsius.com/role/LineOfCreditNotePayable-RelatedPartyTables 43 false false R44.htm 00000044 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details) Sheet http://celsius.com/role/ConvertibleNotePayable-RelatedPartiesDetails CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details) Details http://celsius.com/role/ConvertibleNotePayable-RelatedPartiesTables 44 false false R45.htm 00000045 - Disclosure - CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details Narrative) Sheet http://celsius.com/role/ConvertibleNotePayable-RelatedPartiesDetailsNarrative CONVERTIBLE NOTE PAYABLE - RELATED PARTIES (Details Narrative) Details http://celsius.com/role/ConvertibleNotePayable-RelatedPartiesTables 45 false false R46.htm 00000046 - Disclosure - PREFERRED STOCK - RELATED PARTY (Details Narrative) Sheet http://celsius.com/role/PreferredStock-RelatedPartyDetailsNarrative PREFERRED STOCK - RELATED PARTY (Details Narrative) Details http://celsius.com/role/PreferredStock-RelatedParty 46 false false R47.htm 00000047 - Disclosure - RELATED PARTY TRANSACTIONS (Details Narrative) Sheet http://celsius.com/role/RelatedPartyTransactionsDetailsNarrative RELATED PARTY TRANSACTIONS (Details Narrative) Details http://celsius.com/role/RelatedPartyTransactions 47 false false R48.htm 00000048 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) Sheet http://celsius.com/role/StockholdersEquityDetailsNarrative STOCKHOLDERS' EQUITY (Details Narrative) Details http://celsius.com/role/StockholdersEquity 48 false false R49.htm 00000049 - Disclosure - INCOME TAXES (Details) Sheet http://celsius.com/role/IncomeTaxesDetails INCOME TAXES (Details) Details http://celsius.com/role/IncomeTaxesTables 49 false false R50.htm 00000050 - Disclosure - INCOME TAXES (Details 1) Sheet http://celsius.com/role/IncomeTaxesDetails1 INCOME TAXES (Details 1) Details http://celsius.com/role/IncomeTaxesTables 50 false false R51.htm 00000051 - Disclosure - INCOME TAXES (Details Narrative) Sheet http://celsius.com/role/IncomeTaxesDetailsNarrative INCOME TAXES (Details Narrative) Details http://celsius.com/role/IncomeTaxesTables 51 false false R52.htm 00000052 - Disclosure - STOCK-BASED COMPENSATION (Details) Sheet http://celsius.com/role/Stock-basedCompensationDetails STOCK-BASED COMPENSATION (Details) Details http://celsius.com/role/Stock-basedCompensationTables 52 false false R53.htm 00000053 - Disclosure - STOCK-BASED COMPENSATION (Details 1) Sheet http://celsius.com/role/Stock-basedCompensationDetails1 STOCK-BASED COMPENSATION (Details 1) Details http://celsius.com/role/Stock-basedCompensationTables 53 false false R54.htm 00000054 - Disclosure - STOCK-BASED COMPENSATION (Details 2) Sheet http://celsius.com/role/Stock-basedCompensationDetails2 STOCK-BASED COMPENSATION (Details 2) Details http://celsius.com/role/Stock-basedCompensationTables 54 false false R55.htm 00000055 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) Sheet http://celsius.com/role/CommitmentsAndContingenciesDetails COMMITMENTS AND CONTINGENCIES (Details) Details http://celsius.com/role/CommitmentsAndContingenciesTables 55 false false R56.htm 00000056 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) Sheet http://celsius.com/role/CommitmentsAndContingenciesDetailsNarrative COMMITMENTS AND CONTINGENCIES (Details Narrative) Details http://celsius.com/role/CommitmentsAndContingenciesTables 56 false false R57.htm 00000057 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) Sheet http://celsius.com/role/SubsequentEventsDetailsNarrative SUBSEQUENT EVENTS (Details Narrative) Details http://celsius.com/role/SubsequentEvents 57 false false All Reports Book All Reports celh-20161231.xml celh-20161231.xsd celh-20161231_cal.xml celh-20161231_def.xml celh-20161231_lab.xml celh-20161231_pre.xml true true ZIP 76 0001615774-17-001341-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001615774-17-001341-xbrl.zip M4$L#!!0 ( &6 ?DK+TOR'Y[< ((W"@ 1 8V5L:"TR,#$V,3(S,2YX M;6SLO6MWXT:2(/I]S]G_@%M;[BGO(5EX\&FWO4>EAULS525=2>4>WR][("(I MH0T"-!Y2J7_]CVY MO[S3>NH[A;A3S[+=AU_>?;OMGMR>7EZ^4_[/K__S?RCPW]__GVY7.?6)&1)+ MN7]1;G7EPG;@X:"C?/Y\VE4>PW#QT\>/S\_/O4"?L9]Z4V^N=+LPQ-^_W_N. M_1/^7P4F=H.?O@?V+^^$EYZ-GN<_?-155?OXWU\^WTX?R=SLVFX0FNZ4O(O? M@G'_+'I/FTPF'^FO\:-+3^+D\1S&1_SYW@S2D1' -<\O00*_6F'R@OCPX"/[ M,?.H7?CHD#UJQX]:)/=<0*:]!^_I(_P SVO]KJIU#2U^W">SE2 //\*O\8-V MX/5U;;1N?>R)^(4HZ#Z8YB)Y868&]_1A_@,",\P" [_XGD."PG?H+P4ON9[K M1O-BN*S0_QB^+,A'>*@+3Q'?GB;OO?Y2]H4I<1Z3-^"/P(XH?5*8-!T@BBD= M*>.G@-+?#9DIE*A^>J2HQD&Z\0N][X'UCO^,,_[R+K#G"P>& MY'NHV-8O[RY\;QYC0=5"CW[6]&XZ?_(:<4,[?$F^3;ZW+?QE9A-?H5"2#")B M@CF]_*]WOZK 349?&PV'?_^8?SF=[F/A?'RV!2#1LY:A &[PPS,0![^FRXE' M2G];>HVX5OH277SUN*6R9JP $GQ+[4B:=!V M) UVB23.L0.!8]N)L S'#C;AV,$>.+;?2MP*Q-C? S$6J(__RQ7S_[TU0=/> MD"?B1N0K";^0^3WQDU]/HR#T0#&>>F#+N*%OAF#_W=C!G^RY@Z$]I5+R,"<" MOI*?+ #F^\*QIS9?DV+9\"2S7_GR?EI:UJ>73V#6/LY-_\^3[W;P[M?XR4(T M_?UCX4SU 7,'=D(6CEXHU?K&]#^E:%Y-_G?/GN2 _7( &M.K MR3_9$,D!M7" I&M)166,6FE'M$N*ML&.:)ZSL3']2SNB<1S0!COB>#A TK6D MHDK6Z,ETZD5N")B<$OO)O'>(-"6*"6X5IJ0UT0YK>B,N>,V@N'*)Y(.&V13) MGD@^V!L?O$'#NO%\T S;^JCX0%*WI*6J?IJTL%LD4=M@83?6S]R("Z2%W40^ M:(.%_;;X0%K8S>.#9EC81\4'DKHE+57UUK[8KCV/YL=!0#>F^Y S1C/KDPY8 M9?(POQ\W>8CKD^11E3Q 8C\1/[1! %_[9$9\GUBWH3<]$O?[-@1LXONGCAD$ M5S.ZM)RSNQX#DJ3*DE1LPZ_"IW;T),7LY5?6+PEJS66HF(@ 2$ MMOMP\N 3BO6LPWAF?/EL3W&+W(???"]:' >-H0MV-3OQ?=1W.(Y 7Z^AIA[_ MT"+V3Y_)@^F<4\P)\Z] ^;[)^C#WT"1]2OJL3)\[O0)8+#\O(M^UP\@G)ZYU M_E=D+U+\MYWVKGT/,!6^7#N 1'%Y2Y&K-4AX6])*4D-CJ6&?LB'V^3[;+DCO M4[!+XY4*T8)_>3ZLY/;1],FCYUC$ST7HSRYLUW2GMNE\_GQZ'#3$,'%A3FTG M427Q;\NXJC?^?D,<+%MR#7;XRQVHT\"<8NPT^/0B_I(/>:S8I%VKUJ+-?R.2 M5/*.Y)UCXIU]Z!VUJXXD[TC>.3;>X72]&][A 58Z!P^P2CZ2?'0T?)0)1W,J MKQ:.SK'?KI(W^FGR!GPVU)VQWULY.)%LNE,V?3-G6)PWJV;I4";>J= PNNJX MJP^HT&"?AS%OWY)I!+1DD^ Z\J>/9D#R!P851,CM[_!:Y!/<."\*'R\<>,,R M@59.7*M0PKR1T_YUQQ*O[L";%CB526IO\J@-:1J<\:M))"XA=GJJ+J60E$)2 M"AVO%!*"$CEQLI.@Q.$-G-Q8GSV@Z6OSY7@RZ*7PJ%]X[ (Y9^0^9,( O__T M\LVU_XK(&0FFOKU -.7\VR5"E0;+(27,&NMD.10A9US<-H1^%US&T;*&REOI+QII[QIRV4I*6.DC)$R MIC4R9N\9S& :4D8Y0168.$J,"1UXEJWKN6IX?,"43:Y @JVUO2!#Z]A1HX]2; MSSWWC9P*E$'1CM0*4G[X MA>>"Y.)D"U9C,.S035#_.'NSS,3^Q42?B2\'=G M3F4H>'2(XKQ;X,\:S'4_TG%I= M!WZ4\E7!T>7R1AP^!-G$9*QU5_>O??L))@2#<2JXOJTGZ.@^L"W;]%^P+7#A M$7CQPB4!K3, )-$T@FCVK#S7Y7(BBBYIAQ/["='BZJHZ/ YRP-5\->=BPTJ"%47F/WFF;UW-SFR?3$-PP$^]TT?3]N>FFWWNQ''."#SV8(>F MP1)-,V)]^S^>LRHJQI@XA]L>[=&$E_ CG/WU&&KD<07 ML$LDJ9,N_$^(&Z\]NTF.E^G-$\\_$B'SZ/GA'?'G>*:UG(.SY6G63NV][$8< M3NC%9+3+F .;@]E,DFPEV6Y,MJ*!%Q-5)0,O3^V'[']\A)D..Z7KM^ALKDLN MD*341%)J[(&/E$0-)9\#=YB3=- \.MAIM[37SQEN,'I^-3O_3ORI'9!KWYZ2 M([FY1M,J/YD!3;-)!,>31Y-= MZ_+Y3B$R#I=!$[^3W86#2LC1)A*2T]Q.):2D:TG7V^4HIP2ZMWN4:4K_\34H M>:6,39K4?_B.%PV_Z,F>FHOCJ>50DA[6 MXD"JD#(J1))1P\CHP*I%TD-SZ>'0*N>&A*;M$NO<]%W;?0C>%%$4+UXJF3)* M1A+.P0GGP&I%4D"3*&"GBF1EJ2,9Y&R&YWJH+"L9O6A2D+/Q^5&27)H3[#JT MR)!>:<.\TG:*$DE.C!HD8Z:$(Y+TV\-Z><]ES M%XKTUQGJ#;2H:P+[M*E-WJ97B?2=J8AMJ?N?MN/8YOP?7VQG[I$3U[I[].9F M@HH.5Z?_^X:N#EB4^! M9WW3N70M\OV_R$OIF46!NW(T<;HS;QK-N;@L/8NF=O^+C2^^7C3L->7QV0_Q@P^ERHQ20-\/##5EX?@@<@N&YJ/QL?Z"8>6VTY5DI-*> [@?/+\]2 MMW/3@?>49'@%HX>F^R*"D!FZB!'8EC,"OH#ORB_VXH\L$RR-M'HZI+!JD^'G MHNF2D0KV,CW896KM*@K1L4/)EYDWUS9*09%+?^#:4+'(U 9D![^\N_QZ\>[7 MOC%1!WI?RVSUFLEBT&)C[(SJ$=>*:V%S,BF"*5Y_"A-:&@) ZKM?C8$Q1+'Z MRO!;0#$H 84V4?*$; M\PBJC_A9)^3T[/9W>"W";9O=>E'X>.' &Y;Y^?-I;BRAG'EAIM7:C5(-4(.[ MW2BUW]6&2??16'E\]DP7;'B.LI<,M7SYUN)W#Z U7-P%1FLKH +".+#@I@_MSRL^V2 MJQEKZE0'435WY?EDY/:M_-KWIH18 5HB:(D" +B"5+>7M5?60JKF('UUUEK M++AQLEXD:\9X##K] '"N[,>THH_K^F7D":/R,D!\3ZFCBB&S&SOX$VQ<_,)\ M(%I)@DB#H:9#@AOR1-R(?"5YMCBEQ \&>W[&I872V *+P'I>V%75KKIDIZH] M8SA.U[UN&?M?&WM!5O@:[UA,)@K[MOMCN:U IV MJS\VFKKD&FERH(T:NLKFT.3:3.3IU(O<$*"?$I#Y:;?2.LA2+]HPHP&B4I4Q0B"U>: 46-/I[8L%-%MH<+EQ;_&*77&@4<6&3%UTK$^Y)VNQD MH568<+PGVVR3A>Z0"T;'YL+S MS[SH/IQ%SC(6M@P\CW1#!*O2G+4#7,:E-0:UP8O):V[H^2^_FT[$*(($Q'\B MP:;8U%5UK JJ>?4,V\%2"E'Z1!UM! LXUPOBAR^8-!6>N!:FM2_05?\6$,#O M9WM6]H0RC179KCV/YG$RT+7Q1\:7?VVZ?4!H?L] .-H.PA.+1HL#VWTX_X[U MW$L?ZJX-.QDY,;(\S6: 5 TL&7IE0)#:3'_Z"/@[ W?&\2@&:T3.) O1VOFV M!JXJPD;:YL#=/MJ+!2#V'Z9K.? O9G)A_A<>&5-&/O6"L/0Q[/H#P'$_ V>Y MJ>L#N'J R1-5X(0]^^CT+4(7=>VJ+AVGS!AT]\'WLK MX,<-L+_B8'HPS''6]K M;P\\3/M E-9SURN@!>NJ+R(_'KC:E.TY\ER%![4W MGFR/AR$/E<>@$8?IB'M'Y*K 5!J!7I/7[N3 M:5(UPQCFIBXOI%1)BPJG[ZOQ/0"?9"5,M0%=-Y$,ZP;:Z*KCKCZ@0+//"1OM M*;D"&+20OQJ_WTSJ#-)#JK9+H#+$54FKI&-/Q/K-\ZS-_6*MKZOB"5_Q\)L#4<96U UUHH_'&P-Q M8SY_,4/B P\'*!.BQ<*QMX@5C%2M;Q1 LV*>.N JY=KU]>%$VQPNH*N%:5O< MEX$'K\)'XI\$ 0F#\KE=?!0@V"!R,#$V+WKY,OCD, MI8(MNCHR!L8&0/@1L3[;YKWM4']D6UQ,AFIN!XLGV J2,A@93,:#T7@#2.)C M.: R+[#+*,97SAVTX4 \I"L>?@LH2M&'H0Z-RD!0/50?<6@Z4$<*Q(K1MP"B M7%AR,NE7!D+,M;TPI_CP"S^6^.3YOO<,ZO_47, OX4L19&I7'1TL=W>2/^&L MLIHRF #+Q6;GMGBIK?#\F"* >UP[1P8PG:Y2%T]?O^@93J*LAHGXT'E,H;5605V\2PEL8 M@%M#RPW#:TX>\*5^6^UZ.KGR[0< T,%O63I10V5<;BSD[Y7D56!P#]815@$26H6U M-:)_F7;7&Z##@R!J?Y*G8,EY [3RDK/,^]D&S][B/C_^0-SB4]NVVPKKCO?S M(<37\%,32EMB#>P/<\F-839=1=YK^C7[53@@-L,<(\CHM-E5GUMAAJ36R@, Q8!C/4WRN*%\+C$:WL M6"KH>Q#D;.B59'W=:FM_K6P,L^F!8>E*&H.IFG.\5.%\93T&,F2VBAYI:AB_ M M5BE*VZ^-7GE%9F^5FV)"!WT[C]%\#,(U8IJYKFM8YW5B,G?N)39-,2CQE) MHR7LLP+&I;,4? XVZX;FAE6[;[&;A:P]VQVK0B)U(>PE#0LQI'CA^;?$?X+= M7I6HWT]7ON,<[%6A^4$I6V3%JG:"DPI="5NWO)T6NRZ1O:F)^4T[00:U6C?= MZO5!V&%YLWDOT.^/>5N C(VXMB@=K!6+VMSY&PPFH_K6F';M^!KAU/"'P+V7 MKE"PO?:"6:LB4/I$UXR^D)Y4!PVT1J:<0EEH3ZQ_@92E4O?.6\&R O_%%=W671.MM[Z<-NZ+ MR95;@+MFHS#/&SPV7GR"5B<@UM5.1<.*DH#:H)CD7H>P]N5M)1=*%&;<;G7) MM5HLRPW.!WU5N%O[Z67YYNVSZ5M7U+\,?L,B_,&ERU1)U4C@NJ9!K\I&8ZB. M!)*N=R6%*IX^4A0YQ7'O\U/O!AD%:MY8LLZJ 5H;360UTDD4/H+;_&]BK0R\ M"(<@!:O7!ANGX]2^!+%P.[ 3^OJW+_-[SRG?U>+\\S]8+?;,^\M9"6F&?BT% M#X:3@2:F#*3#5YVZ<@D-0Q6O?ZV;>N/].B/!U+<7551+&8K[]6].^//B;P_A MS_AA!@,K0?CBD%_>X>>?%$U=A,J=/0=S_BMY5F[ 078[[(N. B:T/7N'+U_[ MWI.-N1G*S/,5TX7_N9'I*#9>982E*-Y,T08_**&GA(]$82U@_O:_-.-G>,*) M+&"=R 5Y3G]=.#C'LQT^"@_CJ_=$,2U\%N;!7V:V'X2*9;[@\,2+5&1[I]B<371V(MPJJ@_>5A$#( MWIQ\]H+@Y,FTG?@R;.(/LZAE 'MB3^L0*UT#<#H:"D9612!VL(:J\JFK#T:J M/AG5MH;D(BF,L_%%%QWLUU'FVG,Z:-4)RUT:UO6)6.-DW80K[X9ML6+@3]'# M73?%MN"4PH=F:)/-P,G=%L-[=77?#--&@[ZN"B1;8#X=B]_5'AYBPO\0TU/DI1+SE8?C*5(]/WGH=,W.;+ &0.9 M*\29.LQVJBJZ!S\9&&,,4A<.6U!NM2AW>E.>SY9-+1IY"P#*,'1U #"Y.[U4 M[ZA0J I@GO-""K[7Z=:T/;AKIJM6M@SJ@-FM?@O%P3UW3"EX(RO$RJL$4Q MJ5+_ O.U-09I%E,1?.MWZXL9TJR9*LF!I5:2[6WY^N2EB>H3<:EKA:6%XJVZ M(#C2ZMR]%1'KFN]W5 5W_9(OS"EYM=!S#4M9N8@4@&T S2?([A70\]D,E++] M1)BK>&=^1WEV0P!.3/%CT9#P@F 'GIY7SW78NFW M(!QXKEUQ-!,/.FMCTH%6<M&=Y2 MP="AJD]V!N\KO%HO7E_GN0WAJPF/&\"WQ0G&.D@*C@G*3ETQ@E1FZH2-N2YE MCN0&ILY:2%;,L@4P58_VJ@.S3#%Y?,8*:&6$IGINAJYEZ;@J$+M81%54ZZ-A MK6NH7T_TM7QI[?)B=N-DAPO3]FG.%2PY8I>Q J1 S+__W7-@&'H;L#X'V<@$ M7O< =T-05;XITZO7Z4235"+07.H9]2H"!_D6(0= X%)ZX_*4]U6FO"/^O&Q# MS7>_7O?_R*%@)_ <=N5%TNF@*Z^+S+!?XH5/B'A05:-CM=1!9Y=P-P)1M0EG M0)^F&Q)]&XIF1-^PCF3YJNAC[5KJG.W"\V>$%J^O]21%*-NP0W /B99-HT%[ M1,M.;8>XFL0.R&9O<#<"45L04OL0Q6\'745A$)HNWMM@5T3*.:.K[JL,C6$] M^%@%WD'6OTP,JZH##(U\%\YC6'^_[/J-_J1E^Y^]';?<9V:;AJ":H8]JQ48! ML ?"QWI1N1(?:KW4T1Q\;%R49+NKHKHQ'HE]B_:!T'453^B/5['V(O[4#DC9 MR[.OK[;;KU")IA"4O2UFFX([^?N_VZ]R2ZI(;5KL'I<6KJIZ/;H$/8\'M0J( M5R%O!*HV$Z;#<;M1Q?V3V ^/8.B?/!'??" Q M(^^LT??NH6X0L@K/^M:4=*FQ]$+[D+5LZ:]%5K^.P.^.D154LGE*(ZSLT?CJ MKNUJ%4JK;Q4-0^"KQ_*KY5JEP&^#$1B/OG\B! ZNTH#Z9MF58T, MK=ZHW4H(#XJ*4DURC;K*3S4:%85&;QX5XWK=[;UA8DDGWWDA7CA:B90-Z>;A*&B+@"%>SS*BE&V+KQE"7Z'P-G7KY M0O>3,N=2;QR=1OG>G-0GE>A6:7R'P-F:6+=9<)$.P'ETM&PX;3+D^W M"T]-^Z*KKYH]>U]!NQ%;QA2@GLP73:)^?ZC7$]3W_^A_T27J]X=Z0Z#ZR:NA M#HGXVA#?3Q!O_*&/)+.Q357]TZ M\:XA2VLIVJO%-]8>?.OYDA(-6?T1[LQRJ&1]2L)8[LR>=F8YZK(^7U'NS+YV M9CF L[:QXRA_!:@AJS_"G5F.!JVS -2>T29%4W>X2CB!JN.DI^0=C]J!;AZN M6G32TW9TEC_IT482G?6=](S[9>X*OW%L-NJ@I^W(;-)!3TEYBO&+K0\A7V).;;'IIX>YAO3.BA M5:BO(46E_\?PBS[8U>G9YBMH-V++I:CT_]#4+]KK-SDD\G>0I&)0Y!L2^8=( M4^G_,?ZB[^S,7N)^?::*1/M!TE1&K1 W:9L- K %%Q$6#N!EO_E%G. L(FMZ MS)?JHJ(9?;'$2;59-X3YTKU[]OX@IK]Y]RIM.-(+>Y*4G'ASR!]]0K:#75?5 MT7@3V).I-X;^PHO\[8!7]?Y@L 'PRZ'1?F*A*6FZQDG4EZK_HK>::_;%!GM0"E:KYB0YF9 M:P,W=Q'>>/TB?/SKI?M$@G(]O.DA\ $76; GR3*N?=X3JKCB9\&&-7$5)Y9E MHX(TG6O3MB[=4W-AAZ938CG&!/\;'FI1C*'5#>@/S(0G,\02#%-ZMS9;IR&F MSL)0>W&W\QV1)[-]]LV$J\)[0_Q/?W6E.:#K6^H6K+@JQZ1\A>$=K&?_]+L* M#6/#,/3)UIB@/[/7J"$.;]'OBK1Q?0IC=3AZZ>"V"+@]KF(+L5/S(D_-X!'_ M__E?$8#DH*T%)LTMN%@A^D ,%&J";>X8C/HCS1#,Z_)SU@MMJ6:LJJ:/#=&1 MV1Q:,!JQ(V1P0Z8$7L62PB3"M30.M5^$A\UNYU4PQ-C)$A%JA=-\>V\)1!$*K*X6@S>-BWVP841L.Q M,1";M66&K3QG*38:Z'WP2K5*BJ]570.RV7#R39<\'*]>BM-+#2QV&JYN?X=^6$WF;;,8HVQ,:XP[0KO=^,][NOJ>#(4 MXEPK)M@"CE+%/,>@?D!)5X:#8NK1 M!@'C4;^OBCQ>U^1EZH=V1]K0& _ROF5]LV\>@LK[[_5MQ^8PY2-(.\#3NLX\ M15JP/\B[PSM 5#6@*N\'A#0M-VB75N M^GC*&)0 KML?&0-5'^Z '_(8W BZR417!Z)NJPNZ?!^M)DB0*KV]7C5^=@74 MYHRP;*CL"L9-2&U@&(.^851B4\&(QTA-?7;,DI_YVDQU0+:9;UH5LBRC79O^ ME7\;FB%AQQ7K(I\5;X"H8O^;\A* M-ZG; 60LE+T5OH89JVGU)-N!4QI)=8(CW K?,8J$F6H K$9DK0%,4-C[$FPE MIJP)RFU$VG90UBK,1DO'YVMFVA*HTE17+U UB#":9S$:]]< 5"PT*@!3&CO4 M#5T58JL$3%WBJP1ZRHF)>H57"42M >O6=$AP0YZ(&Y'?/,\*OI)L4'_#SBVZ M/AJJD[$8E2N8:5-HJF:P:2-=&TWZ_6K0G'I!>#6CO]Z"=5L'6C1#-31M8(B; ME9ED Q@J(T,%5V,R'I:&@;;LOO:]F5T+:4Q&^F1L"'LAC%]QZJI+'ZG Q(-Q MJ:EOB>, PX!_\\7T_R280LI/5>M PG@X&HPR;O'*Z;8#K"J*!B-5&_<'FP#V M&W&);SKPY(DUMUT["#'S]HG4B#9C/)D !PD;N'[.&D"LBD!#&PX&(V-C$).$ M9?[[BIRNBG)''XSZ( $+\J+C:3:"HRIRQD#W?:TH&?Y5,"[=J3'H_$ Z6":3:$ MI#(?Z;HA:NP2D/QFVB[BZLI%]7XU \$.B Q?\.Y.B)&IQ3R?L[ AFL"V$41D MN7GK@[8$*K\']D^N[?SR+O0C\D[YF)_\J^=Z62*K44IW=5T?B@J><^ 6/;]P[)QI;X#\2Z\VB:WBV91OYRRE%Y&GN-ZVN"I++'84P&8H[$ M!F"L#P>>V4^V15PK8)M (TTH/"_G"W-:B\ WAK#? CU6F;]NV*NB7Q^K&:=G M&]ASMUOCTF(TSB"$&3Z9@3T%B_?,=J*0;. ZKPQV#(9C52SGO!E NUO6^LU9 MM2Q#&PW&8A&M>I85R[0XWKKUMJR)_G;5GBHDL[PR=0V0;MSE'2$=;PQIJ>A= MQ?RI52==^O*MBW6QO IQQ2TARYZ8U -9E5RJ50C#A"HU MT"KFM.QQ/ZMDMI0.N;\.VII[D'HKB ZQO USD09' MLNK-DYW :=D_$AA'['7O5W!KV3O*)2&.U\\:/9>Y[ERZ,7*I:@<5YJT)U,JB M1C/&8PU3B!L!ZX9R0],GNM:T)6PA!#1C--#Q1NK^5[0NSE%Q4PP\H6O6"K:J M(#$>8KYSS0O*W52OE5%6U>!$;C'ZKY!7'K"Z%K,I@:U:C$'_VVPML98YL?X5 M\3O2=]X*&BFN^75#_HKLP Y!Z?A/[!H[S'=#IMZ#2T=9OB&VZ?F;JDU4\51U MUT W 4F5U9D^4OMB;.>-(JD.)?064;D;W7$PUJ4RL'T62:T^T\[?$S- M[0MB8@VTF@\6FP%M'?O-#RMVO*"&XFV3T[ ]8RSFP^3@(AORJN=X-G?+N'.+:SW4WV_9U#@7]C9>&CSCV0M_^FW]?BSPPG M8OF=,M/6!6KE/#)#%>O!;@)J?"R8M>9JP>-@E#4NBZ?:'*"M?;!R %VZ4Q_K MZYX1]N^ENURHJY:\NZ$Z%'-KR\Q;%ZR5-79_/-#$7.5Z@,62<&[H^9MG">6L M-[R/T%\'I3#CUN!51>+0&$R&D]J@X^71SK@V?[T4VZ9IM"--'>OKP"X#R>[6 M4SVIW9CT][">F"&NS1?D!I3+2[6Q:Z'Z 6BP41G67 ?)[M93_21H..ZK:ET+ MHIY6.7K%Z08Q;BM]-B%N)E\6IF!&T\ M&0Q68[TT++M<4_4\;P.\N'Y]BQ*R?+%6Z[7OX7Y:GUZ^@5ETZ2:W-4ZF(>PT MK6$(J[#=B/91IS_F.\ANS"7&T.B+=86V@VGW*ZR\>:/!0!L,=K7 N.7#G7E8/>E^B1A5K_FP'T>[75_W6G5I&D&ZX/I&";HB# ME2^N3:"?+>[IO48R5:>LW 9FD"^[LWJ^/&PWX!PP(7(UVQ,ZJDY9/5*2RW9; M-^%: ;.["/&J[2H52]P(QAI$7UVXB1L>L*"J.X6=L9^P*X(+.S2(+MO*4J]/[:=%5I?0*8F!13NCA522%_8;NF.]V+$@.?.,L%VX&T M^P56-]7 TQEKK]O+&ZX0AP)S)]>B@AU+Y#VK>@X6M/%8R[7S* M WOFODZ4R(IS=L D^X* ]JXMN4,;Z+IN M++NW%<#8T4IJ,)[8)=X[\SLJ9=O:O)I7/1/54JD"#(R3((CFQ-KT@L?6\=OC6!5QO9X!;(WA&E)4M!4Q*M9=3?EU[\YX<\A\\B( MXP0+$ZUQ!)K^O3 M*_X["%\<\LN[9]L*'W]2-%7]X6?EWO,MXG>GGN.8BX#\ MI,2??E9F $ WL/]-\-E%^.YO#^'/?_M?FO$SG=&/AZ.T-C6=KNG8#^Y/2N@M MTD=QD?1Q*S>[VM,'MLL>A-]QKO@)_,RF5.[L.0F4K^19N?'FIMMA7W246S!U M9\G+]_A!Z^''C_?QEQ]QF.2/T"H J;[)KVY^._EZ^?^=W%U>?55.OIXI9^>W MIS>7U_3OJPOET[?;RZ_GM[C-X9L$ R5)H9@,WA6L?Z?$8M,/YGSQ\__2ABJ;VGYM M1\2]6=JF@AV*U[NH"F:,9E@S^W]TY3\K* EBK&(BM#U[J1$=GZ+ =DD0I!0G M8&FL:_K/I\0)["A0_N$Y2&TP#!AJ/>5#^$B4^#%=_1ESN4SW)?E&^UGQ_,P# MN7&$)W]4GLU L<'^\Q>>CY(2!#+()@7G<,QG!ITWHW_3B['$B%4!_"@BE#3S&5.?$? M8#;SP2>T4(UBNI:R<$P7I_&)YS^8+D_DHY \V^&C>!PE?QA4UY$D_9R8U',4+AXE *X">;,_J982:([@/; MLF&]'86CF8^""[DG4W-. +[G1Q#P+UWOV85!TW=BD&+D> +V&$I'/1A-,7E* M:@>?^&+ZTT=%'[/?*109! ?(%G;P"#/%&P\&??#(CK@2\(IPIL#*RP+;6V;= MQ7YYD7]IPS;CV&JO'G&5E5*'7.#VB[D%SB84UF5.M -@Q@>3D3G]Q2)/Q/$6 MC"GF<8'8CA*8H/:0GBVL=VK?1Y16@!P$&3.+W"G+FA;E$*@E3.;KWDG5MZ]WEU]_4ZZO/E^>7I[79UM*07E007GWR,0D\'@ C&]12VC&CEE,!X;D MA?0"Y=%\(B"[B*LL,$N6V3**"7+#M^!IHE 3Q4SD"#P&0MA>. #! ZL>[;S@ M[V01IJ+W&WC!Q*(@4"N+6BLG8(4 (RL?!#G[[5;Y[>3D6C3ACE835W,<6D=S MR?I.$Z*+S5RJ?%[2U2J"5Z K5+ZHFJ&)Q/@#/=BC@)TX#J ([&FY-!^D_H&^'H+8#<\J"*BG+$,>> M WR<\*?BNB45MYR*!2N*@GX.$R"I!&O(F(E0,[8GRQ R/C3S_#GVP"LC:BDL MQ>)661:U/J%)D> FB[8IM0E!1=P;OY)T+-B"Z(4;N() ,L:@2%-\%QG,S(- MZ?"P*@\KWRKFG+):[$2;].9$1W'2M.0./$PSE^F@)"[/SZWMJ>,%8-)RW. : MJ8_,KH+@,\)(BLDFM[B3CI\3'#)G-<%C3SF9AA&@%I8:.?1:2>3@C+ &7YF! M<0NO>X&PYIXB[*^ BHQD<1SOF>I V"#%\J+[=)\$4S]28GQ(%!-]V[">.CR<\;Z6[M> )G!U8X'>T^=D#),[C[-!G M$[(*Z!D=K># E7QZ^:W#4,UCQDIH?F?H%49(EB5%5-M%%'E \J!@WU >1:E1 M&'M33AS@@.CA,>,S/]( B4L+^")E)17G@76>;#R<@(D#)M,(?*#3(4>:]%77 M"Q/3$1U08C&>,%&$D!=E3@CCX:EO4QU+F<1\>/#)0Q*@@2E!^*%TN7]13FY/ ME3MO84\5?:SBFMF,R>(ZR@<4EL0'FS.I!HV07R32-75Y8_/3M4S?"I0/MQHAE:1TG0>,8$$T!PG[U8X_:!O )=:--G@/!%K!3*DJYB.E7X(ZL!7&/ MT1[*0HO(7W@!4QX & *Z#'*BUTD0X/?II/ HG15U (6M$!ZNWA!BQIPA7P4 M@<>3-"BC\(!RX3IB\V2U=1^(/.PE<2X*E4]@2-)9B@BCY+$(QL"QA 8S5NR0 MOTU5." .5^P0 2M<>/64"X_%YEZ(Z6/(T((QSLB4IMPJ*!ZJ"TI M!(F7(%@KW-0)\G'O9X"]V#0CW]%P0[%G)4(''L0C=D4_6GU\3)$5T9Y9LQ,.8Q(H&04,-1F[#$A:\%EQ=,;8< M1Z E(;6 D.(072PT(I3G7&P%T6+AV""/?#0VD+X>[05W,4#V^.9S$K4(4!E, M029RIV%FTY9XRM3$0#WZ%,^/]O1168"(B6DOB.[_!;X=M=(R,- SS*E(V$AJ M]_QD5P$;Z,^>0G?$30!]^1 S9H6YLL09!WJF1)+DGD+R/PBX[+;;A#Z$;.NJ>(N M(,N,*@6*S- CU;53,+Y XR,Y,G,L"#%6 JNR'7JN.S6#1\H-] -)LYV9>X)F M41PU])/R)MQ,XQ,O'!.#?\AN*T=C 9M'^^&Q^U<$B M?,I848#",N#US LNB MJ*$0)+%%;B04:0 V:PSFW'RAQ@,U>(AR02P,!X'A G8@H.+2#2*?ABI.A>-O MC$Z&=.XE Z?(K *L+( _O]-0""#RO:;U!LH5.8H\I*^N$!856^S4=)<_[-+[J86P0];2F MHI \WPCM7"YS@@+^R[LI32?+ M<_YP-WD43!04IE*XWK-O+GYYQ_Y]5X9[=H+/XJR*%=!Q?"8B3HM1L5_H8%]@ MIV$S]7>K(.5[&0-Z#Z;&GPBN0@,C.Q()R/['@>%F0]?@_1^T%,."1BXKUD!@ M E(??+">+12:GO^3XC_ABQ2'#(["*OE#>0<6#ZVJ=P>+F/8&S<)3S](PFD'X?3'/:-)>%I-.#4) MV.='.R3KI&J! MF5>.7'-@B#AQ7T*FY$0XR)#0R& _-4%5!KXK.AT=.WW]XF MB&I)=>VANH'6&[6-Z@Y@2.?7K/<&.Q/Z=UYH.EON"86O:91,@:(9B YI/M^M MAK8FUM-4M:?6L<]-E/F2 "4![D_\'\?5+>>XDQ/W=II3<"J>G.RP]$AYNG-T MISL'$-X-BR_7'<&7AS5M@:X96RW/938XEY%', TRPW<<21\8\@A&$LXFA%/= M3SO2(YBM0?]4$H^'HZ4&D?4N8@Y:K[2=L#.$E!5\S<#\41)!54780B&VS?G" MCLY4Y'ER"T"M*^&GW[Z3/4EUK:>Z%S<Q+ 7Z-^E%/E;.9&[:+J\^EQE_J<9)3SDXTF66 MP5;KPPYA%&:A35BZTJ6BAW':05P8*:!$A+?BG1?%L6$,2Q'O_=.$@CG6MF9U M_NAUA)BXC3CKJKX.1WYI=A/?S]=DGR6ZV/%XUC,O8FD:\KJ/ZD($T&!6]: M)S-47!+"WP#PO^G/M-ACML)$VMD *[>LJ#;)A'X\'ZWYJ$0+SU5FYA0$.BV? M%X)HQBP?7HI+K(Z!U2(79(IU+E.!W@'FA(\^J]_E8TOA:YF-Q"IK2Y5"7>Y?R' MZ@B;6JQ$6J8F\/N1WC%4E0[YWN@,5!5KE")6L%*;LX?&#[4:-,=DVB3L=\GK MIMID3?L817@JJ=/J@5%"*2Q6%*"& M9V!6F-UI>SXE*R0"NLSB5]!@B&-87H M 4L&>=+%FDU?P5((F:I,K!:3RQJ7\*I'058 M)*5CS0<3%:10/M8"I8,LS 9/;'K7:6#&G()H^YN:*IZ#+=CU8JXMM8:* MBI]DK:S0S:6[+G\0I!IZ28"V&$0*!/(2/-Q1$V;2)_A'CIWH$F$KW =6WX8/ M0>'BN\:K97.T,?NSIUR@7KV%_4:[EHG3&(Z /AU#@270I,IM.\]?\Z+'B5MS M'I<[7J%UXQ>RM9%S;$ZIBIJ/H .B><1JM5ID <1DFZSFK$L+6?LA;\2$2B[] M.2:R1?%L6 #4=*9\7"HD6%F^T#RGXP#I)UJ4-M%U4]X/ MFMFL2*6V&R)-TH!#:B>BANDZ= DFJXE*ZQ,F2T5V=(A)M;$;4=*&W]%0Q#J5 M"M)RR"H$)LJ"Y9C;/G NELID%=(L&V,6J2V9P,>,2EZEF7$1EDEC5:FI]L!Z MF%3AW<1_V+1*&[RR#+V-;=),K$_/G,U[=&EA-6!(LSJ(K!9<=G)N]&"MJSZOJ"U#'$@)@)"U,_,U:1JGD.'8FZI M]#!#-K&8_A90SWY&%#RX]K]1X::+BTOY\A7 7\RH*,!M3*W4P$J(RT:$P[^L M'AVKD3>#F;F3Y-8\B@,E"[GC&8H#"90)WPQ,OM ,&C <>*8T,!6*7A\#Q0EI& M>D80D6Q&FUZ?H>5Y8;; GMN."0SNHP(G0@R),E8/\-SE:,"XJ=V@O*/T@#J$KHOQG=S/NWT,XR+XRH M:*B#%=UDU*%]Y5A+.+:WWT6'E[_AV:P7Z$=4EOJ8H1HC,V"@!F MAPKN5])0)/'6[G(.(V7N@'FF20N8@(>$P&)U.38*FHO%C_NI_%$6O%WAT=+] M6W'S3BR:!Y)$4S#4LLK8%9ZECARC2-Y$B-(AB-S(IT):I#]:.IL=4('W9-E> MAQYT.2!3YPM:#9L9FR"X%]A]P*?EM)ED)ZX%?Q/>2Y;U*7JP0RSTGT*3G2X& M0GPBAI(JL6P5W7[/2(KHLKA)3X^_8##P: \Z=MB0 #^ON^NYW^BEY(\=&V ! MP0[(21CD+.U:N](*8Z]P:R%Y7. 9<*EHP^?$JW!8V,.:8TB27OE](D)[KD @ M:C?N*E546!N^C!S!$A*#GAAL?& V3$CHF[&R"7*&82$W)=!@H'&B8F@Q0^!&.,?A.? MBOF10,%,C[@>=GSA#XI*0?26@:()#R+8<;L'X,S@T?/#+KHO\0DT"T2R(#[K M5(DL1CO>R!.LQA'G%Q9KR1-DEP;OQKJ*!C7VU! I@75-XWXL#1P]Q[TO& DR M>1X0QTD#7M@,RK3I#[1'*?8[-"D@<2O%%^HBN I-?,/#LK25*0P=/F/_-DY6 M"Q,S=FT0RV'2?G&>KH2V8@3WV+)LUN?#>>DD"TH\%=[K, X=I7T'0S)]=.V_ M(L+#8G,3V &6?C-RE9ZE>"=(W?7YXYML> MIG!@[.$>=.6SK%U!OVMC3_?1[ECY,QI2R?Q: 9'LO\?[59[$D\EY:%CY*_)" MDN@%*CM83(!:/?Q['IE/>K;QD#(F+Z7]5@NTR"99_J_L9$-*R!\8FL9CE#*# MHC>-"1@Y=]/6MP@"%_= S04Z@?DG6=^E. MO3FCG3OS.PDRL95TR6)@+XF54..3OH_]Z GM6!E$9IH]L? ]WFT<11)ZE*.^ MVM6RR2UI7V\Z8!Z@CIC>DA%W&(Z9>]@BF::MA(\P! W1PN+[#?C+8N39)%9 M%$8^A8%&9 DF:$])TH0V)'/LOX=YI/8,AJ<_)LY^09X'FQ)_P"'1O&+E( O! MZ2DG@E>?9F#; =M(*[VLXKB')!<)$_/RQ$:N/&120('[#R5 !.F1Q M.1I^$=K&YPCR&^" IN)STE2 +)5K/*1E>C.;U_Q/3() -/@$MM)E4?N9[6 ^ M ULTOT 3#TJ7&^"XBWA,>/]/&"6)$@7 ]29+7L8; N2[B2+YT2Q6 '90S UG"KRT'XP>6=V#SMXXI:S)*YCULOW!7JYZ+MC MU= ?0#6 =(J(]:.HK05E+3!(+$S8[8$PEMR8L/CPX),'*OXH#S(MFKS74W+# MT- N(6'"84CU74;U7:3Z+HXO:D',;PX>/8==V4AM32:9'3S)Q"325)J@CN*< M3J>+68ORU""M=;&C$9 $GV1(BD0Y1V*5*K^<&&\#S&,CAMF8DXL YV[ O%R MDO,F>M.$N*9#[9+L(45\TL6-NASN\'E$.<_J2\185B4+ C/(XH_2AG"Q-%YG MLK'1XI$XRV(2K!66E92YXT*A> 0$QK3([[N4P>;1RLQC$HMY1Q?WVK2\!5)S M:C5T]4%JSYWAD5QBE]\FDJ$C'. Q2Y6;N8%@B[C*H_>,/@4+H<3\FEPHPZQ7 M6C:,\N"2;4)H2WN:I\!EDI58_> MP:.$W95B)@S2^P+S]KTH@#!A3!0;J(.@X?WLA+K8LFZ-)=D)14D:"XR]G1 AV!6 M(6PV_!G1>W',*+[ =6987['AX6<.,&81@?.%3'%WPG1W$=P;8P2<>O'"K.7:VT.*,0KJS MM$VZF6H*GV ^&PP!TE8*G/8)G$P,5?3S9IS:Z2TN5,RZJAEH GG1PR.+H+&] M%WVPA1A-_T2+ M'.,!G,R>"=YO)%;79&E\++X2T3 OS0R7,!E<5Q?L*J(&)HNP%RWAZA4^OL*ECXYY/S_)WT0U^(AF0Q-RN(NA2=Y\# MMW8 X=8W6S#7'T%$,4BU)CP#D 9<8[*_:,D#, KN415]!R_%9GJ=XAMD/;=T M81'/]!I)B%Y1-?IA_TADGN,EMI?):4@,_RE?BNL,C?>ZVG]AEA RV<*M=^')Z[I0M- M%I>;EB,)/_:%B;.D!3;,>Y G.I]8(!Q &YN2 G&VV;2CM=..A_EIJ?\2H]/U MN'LO)VXA@&]W MXY%DJN+AE0O5)=U/20[%=7ROJ%"]G,<&N/*?IAOAF0*5(^HPWW,JH(;W2^)E M%1_LL(O+(VTL'NW@(,0-S,02%]4;X]W,(\))#ZN'YJ11"B!(;D<+GO]4>)N5 M"!#OPW*;';,;$N<@+,ZRB&6E342MP _)5C\#*^ MK4@OAR.OXX$-?$1<(.I-6C' ; 0.5%M :%D_!C F:!\B]-RL1@88 %F3J[H)8<$.$Y".C1ICZL!\0ST!,0\ MWJ,&^R$^HZ(;AQN%B)Q3+S*F@+@0F6@N\$%IT&J!0PYH91:\,L%^8LEL?MQ^-"PJX-O@A1B:?*:[D0B&)8*-XK,)!V9.$4OG# MS&.&V5.JN$FH93U&26Z5-5!'M%0##2LE;P1D;T:,.C]6^.5-_8 MBT5R[ C$^@_X/_16'KT+N,*KB=^BY/T8O\%N."&ASGSJ$*3W[ESEP0.!J>#= MO@6Q7JTWQ&)/KXV"4\6WCMH0ZV@1M+!MW?7 MIVZO.NK)8T= Y=DE8_5 7KQ R!"X]CW7P_.$W)60!B%#RK3*IPK4U&+U3M-3 MPX[BPA!FNO>+S-ZC>1.;D:PTHQCFIE;H\0;PCHD8+IFO\@5L&% ?6:$7YS< M?N*&'/@[WY2O7H_^VE4GF6RVN"@$K?%QRBU<7B_D-*F\_(&Y2T-U^.-R>EL0 MH8U-+%8=@IX%\:.#Y7(*\4%5+P^4F)N&IKHRS==T2*LYA-0ZY'6/\&E^%!WP M$R)V;))Z<6#V"96%XJJG-('Y-DC@4C\9(&5Z']].C0!JT%V[AT4 ,SO+T(TVGX^6N M"AY*2KSR\3.G#"M@^CFYT?T!QE_>5EJ.YP.M3/4CB^#P$TQX/9BA6V2N&'J9 MF- &XAN;"#3K34SE?^X3UCI+-#G8 (',R) MZ/%29GOR>/DLFFZ):(7>;J,!>7)EYS6L>K7-&3QE>QNX-$R6LM)AEM\VDFM47"<@]25)'$7 M<);LB46[,=_E",3T,>J<6P+D15E%8(9DFP6S\Q;#W#2X\,F#?Y0/^*2@AI"# M!,WR8Z*ZBH;XMJ AL@]B4O;M-_%U"APGP4$7SQI2+]#&4BRS1$3GLF>%"]/= M:Y9V>6(AVO)7J'.SQS.)4#"YQ'_ NEPX<7PL0/.MLG.;Z42PEQ9)@F !O>6< MY$AG$TA-Y1[9&TN-@FJY%PYEF4J-%\HC2C1@!&J'J^A8"HMSKY@VN<'&-1"* M">'42KR@G=8)SM[KR=4/3A&1S![K]4P1Y [3?"P_JA,/&YCS^*RL(TA5%#?) M<1Z>>*4E@,7RJYU,[=5.+ #CTN/T2)*?(0AATX#5(@:9%8MR;BOD;Q"D>.N( M9Y\84N355M.]QS,3/,2(#VDPP24M%DWWC6?((-VSH@Y,E_-3#[!'%J;/$I>Q M)I<=X-D*X9F\F21!CMXDU0P#$DRB=QDJ65YQ*%&A/3#H*>>F'Q\Q\,PI%AX-\[G]",HJ/C->0AIL MI( PW3Y"I-G\W!<;P%&:6M:K"C5U8LVJI%KU\'I4^G-E=2L[6LD9FW:"K M&FO4VS63$&9,8V?D/E0N,4$ +><1%'UJB+1I])"G6"VM\C.3;HBD([N&NS0*EXB4$& M3=LM5Z,'&+&,8,4'$BK)"%*:XA/=LPN/H>@TK)"Q6%Q=O)-!(?D,EE77FW5/ M6:.<$[%@[X<3^-=*[/';\U/E&DR\!]]T4YO[R[ "@)4O:/J^4]A8HO?94C,V W+8/7)+;#%\>[ "75E./ S'IQ MS:RO(+D<*T &@?1GX'(SP=Z-C#X^.#WNY_2F MC# IYCN)I=K9??FT\F%L7+K23#QV<7827RU>>\C#Y=I]%%+:>0%+*.64^))= M.8KRHA7DPIQGH=L 9< \M4FB:@%1)>KN@F"@FB=\QU86,] MLNO8[P=&QQBPU AV*,1S,W ^S$;'+/1L$KJ8=,5ST>-LN/=&IV^PP5Y+T.@I M_Z27VT.&--XU#Z\Z$MHMQ#,5J*LLW*,N$D" M[7/ []52](!"BO..,31D+F@)ZOA:" N[+;\:XZ/?&1N 7WV2Y-_/J-@044C/ M[]+,[B3[][W14U4AC9J&-N'7)P;:C/@\35HS<'.I64&M!\Q4C'/RXMH2*?I5 M(3_F"ZU6C$>D-)A"8XQ L)821#.D$!Z6 @.'/*&MAE=?,$&;WGAA6X/K]:T< M&8NH92H[V:*U%+U"8/S]8Q1T'TQS\1->J0BN9J+M>>):M\#SV$D1 $L=EFM> MJ/X.Q,(G!_#\Z__\'UB>Z>_Q6'&WN)OR.BM<_T.4.\L!NSRZ^_G7^^N;B[/;TM MZ.R\5%89/:RKN^X;WSHUG.]#*=SSH4FKM& ,]5G"O161;5+AC#)+WD1,C0>5 MI%2,I*Y#9F%6S+PNNNZ],/3FA=++]9[!S__E'?MW[\@LEE\YH$1 NNQ2'*[) ML1H"+FP:[+O[RSO]W2% SX01$"RP X\>YRT#5Y+('G!>8&.\/9GXL\)U3I>M M$*"LQ>;9$Q=PC1C#?N^8X#+ "A0:7>1J<4?$AM['V]R88UA#\XEK\$8V9@,Y M#*8P[ 6VB'4M-(<]_R?%?[C_H*O]CFZ,._I@\&,)[WO4_R'K.*"UO#T:+GA3 M^V1RFIU=T1N/PQ,_[-8!+0?#+K#T?D-@U!PT/I+U]N#H':VO=U1#;Q*.MM^Y M)L#P)JC'4"<=?3QN$H[J[C6P6O8^/]HA62=PZU_AKMPTDS=N'X",( 53J<:&W R0&LSP+;>Q?B_S,)@I\2$))#-MH< MU7\B%3=G-P[#IC3[FFO6(/:J FI-[ >4J';&ZF#[+=X%)G^4E-<\4.NB/$.? M=-11ZRAO7W9P?J%Z;[";I0KGM)T$%I>$6VX,A;=I)$V!HEDP#FF"KUD1R-I< M4%W3.L9(K6.+&R7')!&VB @-7>],U'Z+B;! %Z2Y1VD&W+JLM7R&V[6/.-OZK&%0/>.MOLFO;ZZNSV_N_E!.OIXIY__OM\OK M+^=?[TH M);(=I0+=A3IY=O#'3,CRX=U+5HEF'*CTH1LMAUNF",SU_)'HZ*& MPFLWDH MV>H':=7+BGLIDP):E!2@#\8==5(U/_#@20&2\MI/>7VCHXVJ&AD'I[P#F/0K M3F#WI23NO-!TMMPFF1=0/Y!U)00;G8&QK0*0F2F2 C=W&;2.H4U:3($%.D%F M#!RP$LZ9Z+P@R'&'/%:GF=4L?*\-.Y.!QGK=@1!4^T;L2NX-E^0K.!M^,:/B/69%YFV22#SE;:.[0X/F:]TWKW:UR M??+'R:?/YS1O";Z\^79^IIS_]_7YU]N&U.7 4:2(R M+ZFU:V@GPFGIID=-M2DGA@.P$V#IE5W#V9"M*>5)#Q9-A1FYH)4ML! MM*3 YE+@8#+N#$95*T0VAP(/8,_+I"29$K*[E!"M,QKTT7"K8XL;)=TD$;:( M",?JH#.I['9**S)7;D,S3.N= M(5 .4>YMQTFB9R\5-U*F$+0GA4#3.Y/AM@T^9 Z+),"-"5#K3";;-O>0*2PR MA45F#]14U:3?&6I5S?XFY0Y($FP["0XZZJ#-*50%2D',7MDZ[21?9^6,W,N^ M3]O'\R:'S$XYO?KZ^_G-W2664/EZ=7>>U%/I*C?GGT_NSL_@FQN9F>+4E[TP MJ4:];./5<.CLBQ/5"4O6RX!Y//BLK3WG<7!_@,DM!DDT#3[W*R,C=!GKV MR2"-.J,\B@-EF<'0VC6TD^!:F,'0R+BFF*ZP-V]>,)83L$2C&SZY)>L M*ODM682LN+BNJI,.O4UUZLW!<'M1J'D%RM+$V'-A%$IYML-'^#VC5COPQ=S\ ME^?;X8L2/)H^>03K!V9X?K2GC\K4]'V\PF73T8.0@F'"(NSORH+X:-3AOXKI MNM&\I]P!0%X4!J'I(BV#6>*8[I0H=I"!"D;S1.#97HUU;?0S/CB?>RZ@">/H M,%6\H,"&;Q>^#<-Y,PK'>[5GJ'1Z"CB;/L8'3.G=PS:8O'K[S,;2RK#X!SL( M?1,KO<,<\"MM%A\MX,]G0$)(7$0:SC+SO3F%<@IXM4//I]?<@@C0(HY"04E' MFL.>*_=$(;,9*_5.T6Z[BC96%)K&9=$-A2?8KCSXA(%@AX@0Q\&-5]X/!QU596@"O,(+ ,N"N*:# MFQ^YH>W0258@!M"8K&15R?KZ.*F0?78N'XY)4MQQ:J",/S>QHR9R;]J6 /WT M#O(58_ 0!J#[#YSE3NV%Z?">![CS5H1TZ2HG\*/#>QC@LW1P+B0#6G$Y!>U/)$9.X* 2 2>8)&R5D MS]@_Y54G\"@(^+3M4C& /)&A^ B(FN-#P'S MRO<$Q /@"8\*+804H'*1.1"J1Y"0".Z2&*1@Q**0/:DXG@GKI*LH[AB1_W8 M$ ;*>Y6UGU"K-I-8<5"9/\^\]OGAZ"WNA3S/W# VH:F'/-"\OHGOV]_>79W^ MEY*H5^WGS(GF'YN%D7=N">Y9_+=?Z%\Q(^0D>D#C0Q]2@6$4VX=4])I*0$"( ML>OYB\B?@FDAB%+E [X9DXVN8JS-4*[CYT[BYY(GM)]_9)+Z].R6@O([_!IQ MZ7X+HO!1N7# QK3,CO+Y\ZGR01@;7Q''0?EV>J9<@,P&A60Z16^(+_1PTO@M MT"B*8\]ME/9I$C5"-*5XP/4RQ8=/FC.P"FU0#13.4]-W0.S>FF 3!9V5]FFJ M* 5S.6][!MB\0^^ F9ZJ.0J&#>H&-PZ^.542::M0<;N$]O3W4^66#I/!%.@? M\AVVQ'W H@I^7DW"DDSE_6! =2Z :J8JDZJ>R@PU,*-L;?\]GN\AL+>ME'M M6:!#B.62( "[T>*6:A&*'-NEIBU3QC%E+"T/OOH,3U)0$/_TZ>S6(E:7L4 W M;\FA\")_R7F@-LDB-D'P+VZV4&V-&,HZ&,QHX4X&J-G>0$\=#/HP;"^UF9CE MG-?2XP+3Z@40 (:'&8%;;U+MY+S$T.XT10$9O9SJRK_(!B'073_ M+W@ ?2O30E'&_ 5FWF!J%2WXP5> ,!/7 K9B7P3@P'##*P!V=;!]%KX2Y+:< M0I)N.RTQI/"FP^A;H=\)G)B,'^^YSYVKX0^I>]I)'&&^?&13DZ,++1/$(@RV M3&\]"L9=2CWP0@%5/GE4DH!=YXID;@:ID2Q0-SC' 94SW@.AI5,HF[ )EJUB M& 2$-FP[CY9/'3-@# I@!V4&034"HSH$Z > MGY&58SX7VOHYF8:.Z8K=>3(=? )VX#T\%8N-@."UECDG!_&7N,?10L!DLI$] MY:38..XH[PW5H&/ S\GS%!1TD*F)SH=>*3^88X3H6V)@UG[)1X?8 BU'Z<5S M@6/STC9EVE@$YAEW]_ZRM)UJLYTHV6O,=!JL,YV NH":+4K1\#>*,?(=7$H4 MR9^I5P<$=,O,JY?45EK2?B?Q**+&H[#$^A+'BBT42F>@J1/#"F?Y G9';+#T MT#Y#>4:APKF2"3IYUWS9V>?*L5 C4\<3/D53)BG>]WLJ.,6. ^*R$UM3;)AG M4=8Q?/6Y]1$SBZFXY-EYZ5HD@(VD;CFWA\[R]A %8[5-=%9@$R''VT$VQ$FA M>@!MX1;'$E'-CX=43\3E'W^%"+D%B6OF+F5EY!9[L4GTV6QR#?FTSF_^!1!J H6]*#>@?^8,#6=X3S3UU9&*WNR403=CAOGK&= M8B;:U P>5]MI@T([[2_8(!"]3/G2 1 :&HDSRYF^[&" PG'%EKT2P4Q*%BVK MI.&^',948#5H6Z0&/ L%YHSX0E.=3[]JF0LG"J@S$EM1]U$(M+XP;4OC"OM)31_YGG'JA M)FLN21+%Y/"N8/V[.WLHE=4A;L32GA1L1SM\N/C0LR@6Z8$'Q0)6/A/)-.AI M*E/NW"4>EI68>,S 9CD+H0^R@RD\5/&%J1*9P#$S-OAE0N>%614.P;@Y^;ZP M?::9KJ:AQTYCP?*D\]*S>; O_#A2,NZ,U0G3>/@=Z,@9X9D4<[#C0+"B[43? M90;X@O6+!U>*V5U/)AAMS-*F0,"&_$E"&91H 4%?BD&)UP(2"CW.)@_VE&\Q M+:V,42SKR0[0T@V(_P1,$ @G/,S_A,\8>*+1Y23]V:9JBQ(S]5CB7!-SL7" %I!,,=TXHC'9&0'] M C9=_B4:S)[#\D#!T(,-UD0DV'W_D)P\U&NIY+63$AMTAW]YQR]:YCBD8K^0 MLNJ[^L7QG=X)/=@UWAW?=7U[5WOW?9>\P1MXK.MJ)V'N^\YYDS:PP!%I4B5] MM:/#^1*4D+_UV8R[O0V\#+VCZN@?C$%/_;%) MF/I!DHXDG;I)IR8Y_6H]_4,+Y+1P2,Y?[-#XB3=+A/0]<P<@\I2*^)#S]@'GH,6QK2"_"J]M2):/88 M2WZ[CY.>%\0-:(*>9*>#LM- ZPT.CA I4P]+!/J@5[7I4PM%ZFX:/.U2N)[2 M^V*"F4IOR;&\9A-/,/ R1L6-DSUV6M1CQ^@UM,53U<"#I+I64=VV;63V3G4' ML+I+5MS;I[XXCX_-$Y#CD,:6^WGH4I('J1^Y+VCK*AZYM:[86'TFT M:X$O%3H5\W#V],QX<;8E&38)C),=$9[R? GL"&Q];[<0H*(OM; M[JT\.I1'ATU0)9(.)1TVH>NFK.RR._2_O?*8!>G(>.4#Z][S:O]:1]>HD<8+ MXJ5G_!81G]-'P]Q3@YYRYV&%/GH9+XX64E *(H98(GHYEX!E!2P6OO?=GILA M<;#_@-8;Q@T(6(%,5GRIH]@S)7(C@*C#BVTJX2/860^/,)@Q[-T5IR-0B#(P M%D4T:2'L^[2]%-:+QPKVSR[Q@T=[H;#>($&FQN E!L&QJAGE=V;=\B;CTD:O9J7!%AU>=._6",*!%LC_AMEV;+UCH,)!5Y#:M M(M>O7D6NZ*RD_B+1M/%?]]/)[?F9O6'E+=94[MJ!+T'8Q/TNL$>9KJHCWBIE@3_;K,,SK58'4HL6 MG;.H(F!#Q4WS6".S,/3-*9;^9TDY/@E-VU4>P82C_1% [(2\+W1 2V>&M#B^ M Q+0"3##B\P7CO="2) K(4M;HSP3G"*@[>86A)( J\-L3EGC%0H;RFCX%EN@ MQ"H%Z\TN%;S-]IFF_1#2 >"7.N*$J1C69*NG_/,1NU73 M_C&X/4D+VP#H@Y<63'M%T[U'=8+-1UC57MZLB[=D81TSX%';1W6E!--'8D4. M!2@>FJK2LT1U&[QB-*]VS?DRS$,1Y$%/ M>Y4:OM'V/@#DJ).0N\#$*U8)IAR% ,RY!]^D9>%!2KD>"*F =GT&@$S;Y_6T M8_9U,WW;Z8L ':.)]^)/[4#TA$F=$%\9U'KD[B+'FO+(DKP0U2*EAW5MU&U M2 NT+S=3LZG:C14NXQ]#[<2^T%;JEDDQ%]NY2'5;L[J]B[>2;MT"56+(>GA1 M)J?]G;AL24K:TU*_%(9H0845[6R?]KJCS33CKJ(=UKN,UL@72OK2;D!NW,0T M$9LPG3;X(49F(N"Q#@.L,6V]B[3$6\)A-7_AX9!V:X+94YS,;#\(07A1\4U, MP OX3[#AID\-"M@K ASEXD:)QB)SPV4=^Q8(JM.D[YK#F".P>32'+!(B5,1V M"CDS$451T@L\$W(9"(HY;72(I N>N/E A/9[6D_MIYT"3:9'$X9\/^H9:>CF M0BB6O>;JR#HXM70\5H)?^#MN=(6 9*:J5):;]E-\<%GA853U&%5)^LSQT!AM M/:%U]!%MR)5M M&)>W^[GMNE7>S$ZBG)@!\2#@?I_AMQ:=TJ'/?$ @O=IDT^ M4/[%SW/K"7LZ4CB1R]IJ8H6LN/'N%0MMP>^LQVBVIS2OQ1SW7#25 M3S1>?SL%\P[U1MJS#6>9>Q9QE$3FL L[^(/M+J(P^"DQAQA9=-(>E"\V<2S> M:\VW@S^[,Y_03I @'$$ZL=)=N&9+XT);E?8VH5/NGAFN7:3XG:GF68L%-2 JR@V7"?51Z;"\LJ)U4V8!5C6 M8[XS+ 1$&7/ILCWD,8JIX*;CRUW:2]*<@^JT_YUL4R$9@1'.*#U\]I@*0113 MLJ=MY@([)+'"CA4Y-C6E;6$I8+&9P W<.ZJYT'A]74[T>_TEKPBLZ9!YH#@- MAF9A?(9&0QW1C#'!'Z'QWIA^:*7OHKV6^J@%^BAO.$ MLJ&B(.[.R41A5UD++QIV].I^XMRM/&A@@'.%6>!2BE:Y"8N8[N M[TFVBQ7*'ET>^V7,YE2-KO,*5I.J8:^Z#S-LS1VZ/\ J2):Q;!2_X;TM. 23 MS-FF#3R*"ZZR"<;1KZN=A"F;8%12#1MG?*] VKJ[H-NCY9S'7A)@TN#+EIM] MT-MYK\'4C/395Z#T]0_\A@:2K:(-)D[%:NAB9),-VD:&A#IN,Q@/6-R[A M1^Q(^.,QP8:;TARZ;3!+[8"-^LG4Z.!O6R:K@;@[/ 0-1HXDK*;BFID,Q(E1TF.DF)9$M'! M$59;GXNR67!U;&V%1+UV):XF2>CI :CR;&+WBB1WGB;!^X2W2XVO[#S:0>CY MJ"C%5[.WKS)5./AEQES^-\L7%0:SS-#,I,;R]-MZ+7C])L<1M[;V.>=YPBGMRJ],6Q MZ:TD+PJ#$ "UW0K;AA05HHKNO +T0+1$SH4NS_A,M*G2=QV<(@6 M-@VDHCI2J7=3*Z9\MN;V.'/JSWQK!E!KTM:: : $2F[EFP-*;N71 "6W_K'Q\N"^(H!RMD1@#TLJ.<\T L'48+2] FKN&%MZA M3 1FO)035N7A;6[@,:QA,ZV\_UM+)P\/6!,@E*36VC6TAM3>E$Q[BY9B8\ST MYKM(MZR"Z;%COF7@-I!0SOFQ[-'COF7@-I!4+DS;/WJ\MPS'IL7Q/F A4B%EZ,>WN7/'L(86 M4M\UE@-]F[MU#&MH(<5ARW=)<:U=@Z2X-NW6,:RAA11WA[6+XF5\^,-_,T;= M!@[2MEWI=^D<7O'+*%4WKQF,L[/;8KN"KJ8;=L>/O$8 T6P42?J2]"7IJZ'( M:P00S4:1I"])7Y*^&H.\FAR;U17"^%#\"JHQJ*%&]$FX=+VX7Q']!ZU8G8>A M&16J%(PA$)IW3A5TDXDG 2 M< ;C<9.P(^FF;<;.L#=H&9IJ<@?*G'-LO9S?6$FLO;G.FQ)9@^A]%\75.Q6: MS#0'(\W8@R,DAPI5]IN#D&9LP?%1@]HSC/8AI!E;<'S4T&:TO.G%2YK84[1\ MZS7$-R2E52S)6HHZ21.2)B1-2)J0-"%I0M)$Z\SD*MGRKY9PVED;.EK7WG2Q M$GMILWL-U >DE==NFS2(Q:J 6A,+?M"&58\#]T24/TJJ:QZHM450!WHSJ6YC M+$KR:Q/Y&0T5>I+\F@SJH2822""41[CW+/[]BO3>H@[!S"?_)Y+JJ54VP MVA&$]=(S!4JQO.C>(8)#T)^FOOHL0':-\;V])@&TBP):9@H/JEP";1(@U^6'R>L6A M3SCW>;U"'[4/(\W8@^,C![VGRNL5[5K\#JE!7J]HW>)ECI"D"4D3!SJFV'H- M\GI%,\CZ0[]J..)P65?-0/SQT8#:ZU?-C&H 0IJQ!<='#6U&RYM>O*0)21.2 M)@X?+]YSTI*\2-$,%CO$10I]O&W6EKQ((:FN' BK,DA:^!%BJHU/&7VW!ZAK2V/V M)!)K/55>Y)'T=S#ZDQ"_DC6I6C7XG=) M#+UA*R1"@1'\,42+,_/5HNKT/RMSTW^P825J-B#^KR@([=D+_])V+8(#JKV! M[>YVO8MT08=95=T0;(^NNT=VUV3F.8[W;+L/"MUY)8CF,(O];WC==F>>/S=# MVW,5\]Z+0H7,%X[W0N"IT)O^J7@+_"U0X*<@-%T\#RGT57[:UXX# M^EV&-5]S60N3ZESOV3<7O[QC_]: )7CYO@!=]PFN2HC!'% B(-UG@F(9U^18 M/RN[R7&M8PVP:;#Q[B_O--CF%0MZ+=&T8,&BK)D">1._QO5>I:R;+.>*L?7; MW,1C6$,;"?%W$F!]O;=)@P6&V-L3[0T!-V$>?27O[)LWOD9H3AT]YAM)O6O( MH1D 2J#D5DKQ+<7WP3'?2.J5/'\T0,FME+Y$RT1B Y61&/ Y=O2W#-P&4LL_ MZ52\ -4QX[YEX$I2D:327E(1!U"(%2S/!E:32?J_N4!MU8[H/ M::U3;W9\&]9\9C'#H\=ZR\!M()&<@&PQ'XY1HK8;7$DJDE3:2RI2]30-W 82 MB90GS017DHKT^[:,_!U_V*^!3!)?RTA Q9JWQ[X/+0.W@61S0^:F[3/BO67@-I!4I#9J/K@-)!LI89H);@-)Y8@-EQU[A4V[&WCMV],=>-PR M/-7D?*[LC!0/M2,O#\<[36(#7;1%J5C3&1SG'8M?H?DT.\9 M_?8AI!E;<#1='C31- DF6#T MQJUHI%:3EU3EB&XG#A,X2@8Z3'IO7-8\:P:]'1_I:YUQY2/1!F"D&7MP?.0P MZ(VD7GSKQI'>4Z7#U*[%[Y :QOU6M!4]7F)HA$30I)'0KL7O-*HZ:@4UU.0N M'>90R>CI*OI(0TQAE/1^4.G7"FJ7M+"?4)&TC=^\.61(+[EMBY?J0=*"E R2 M&O9M+)2UW8_!4:IRKE1P\6U'=\!&N3M@NEY]5W9S36]32GWMDF2#F*H*J'7% M*[??VT:A4-)>>VCO_V_O2Y_;1I)\OV_$_@\5>NY8>P.B>8@Z['9'R+(TXUFW MI97DF3>?7A3!HHAI$&"C ,F:O_YE9E7AX"$1$@^ K-C9MDCBR,KZ56967M5N M'"U!M%2*B[L.O[+;S0V@KM5L=,K&:"SLJ@V[.DD]JW&K,J%6Y%G8U19V=1)Y M[4;IZM[JP&])V_UGXZ*3(VXWNI-C7M)TY,^7-[2$X]@+ _G*62*:JX9M(HKU MPZ3GB^JOQ/G4+BMIT3GLE,W?7@";%5,'FT9B33FVJL8R9>L*:\J^JM%3!7MW M?3AK-9H69Q536CNI8@^<@U;9NGJ+1"OQ2E/6;!Q;G&T-SFI@RATTNG7>.\S8 MR[^/.:@!_.K7]XGWPM?!Z+_EDH8WDS MY)'XS*7H7_''D0AB>0LC^NR'[A^__>=_(!M^-8^[$7=XP;48AU$,K+@*?<]] M5/]-;V(NT L?KL7@T]Y%%(ZP?_A^LP7_BT/ZN]7>[[3V?D.BQV49])&->'3G M :^;ZO\:[:X7%&?A7XF,O<'C$B8";O;P#SUPXG4Z>H+'>R^;L>-VJ_V1G?KQ M,$SNABP>"H9,Y\$C&W+). L2/(6,A0,6CD7$Z2%][]Z3Z+%PF!1C#M\*^(-> MQ_H\YG1K$,:L)T3 QI&0F"'1=X@6^ G>\LA&0L3T/C?R8B"?LT$8,7YW%XD[ MFG &5\(K1UX,][+>(SN].6.WX=AS6?NXB6-6;TP'Y["W\(B1B/Q'=A,#4?0S M4'[A!3QP/>ZS4]<-DR VSI<;],3PJ"_9VYN+TYMW['O88*U.RV$I&S4<@8+3 M7IC$YJT2G\L#=HZI'^/(DP(^]9D&*?L:("4TC,:[',^GUL8X6P]F4:P27_I+ M+^@+?':S 1#@>?"]6_/SB_?-=@MKKGS2Q:)>T\\2#9( MT>IE*,I6$5&"JX->AFYC0ER/2W@_+J%Q$HT!L(10( P)G299$ERYA.LD?I^] M%"ZEMP:N4+3-I(>H4!2KQ1GK40 1'H(+';/( _Q^YCC@6_J1PY(D@8-D%(8D M\VM8#P%^)ZHB 8\42J),"JV^B%%L!#@)0QXS+]9W T\\9!R.V!&QHJWP!P1)&H: M\A0^ .UF[#\"#P=*P@I>]],5@$<<02ITX,+O(8C7=F/..LH4YT*:;E(]GH4! MIJ\IUEY[\H\SP*X7XU_;J!0+PY5J*0T8CC836"RO&6^2'KKK8YA&LQ$KQ?(.$J4 MU4L*=08L"RH.$%G (^E EQ0+P5&921(>%'DP*@\>@Q=P.:350'^(/Q/O'L0F MO%1M&]!<4=8["EI7P*^ 1&T^Z1>/?>ZBDH=+YCZ-/7CQD UA2[[_9P*,BQ\+ M%@YP,$ZTG7$*PR+6$ 4][J-1)(WRGJ4!U%L-F2/^2$J=#!'!+@0H!GC)%]#0 M$ECQ-8!=+CX2'@4FFUZ[O@<['GKWE.$QR]P!KHQA??[T4+8 (]^T6HTN&Z% M@8PN$FB"S!#/QG8EZ4@"%(80CD![?]A6.?#2I9Y?VI-+GPC_M*=+@B;6SR$N M?!T5?!;G>H&S) %;.E]^JD)@>>)5AU@H3QZV-E')B:B( M,6%+51:@];#3J&BI2EE1;5%7']1U6XW7IE6M'74;,*072"5;7I@MC+G_RCG9 M=.:BS=5^GMQ6L]EX;1>*E:4TOE;F6P!: *Y/_$^&-_Q:NN3][4XD7%LT9T:D M/(WLJ%1&&]W9NNC.!H1WQ?S+R_;@VV!-7:BKQE3;N,P+XC(V!%,A,WS%GO1N MQX9@+'!> ISR^[0M#<&\FO3/"_)Q'U1P5<-SF\E"#9_ M.$NEXPLKBJG8>'(-2%U6PL]!_2)[%G6U1]UQ_;(85FVTKCA&9N/%%:=VM\-U M%H ;IW:W 3A#O"\Y7ER)(%ZU@[__?6TZ@JCV("8PJ_M$F(@L.V4\,CTD^NHW MCAU!XLCK)7$8,3]TN6Z@:)SR%23$2Z'IT$?_SG/"K%WH <7CIBXF1LV\7*ZT4B^C-UT M$9(TDUBJ#I/F>_",/LL7XU-$?\3C)/)BSW2:B03,,U [I$8./M9^/PRQ#9?N M.*$:"*GN1).U\;/+S@FOD]].I"KTO3YU_!KR>^R$]0ATW@L9SZ-3%[)/T_I\ MFYN%P#2)P.MLM>T ['27,Y7ID0U]#O).9^2*H 2*J)$0B 4>LT#$\!D(_C?] M#$Q/)EHOP&3#3YXHQDHS#@ VX"Y*- M^KW%(*,PU47WCLJWC0!\R[%PO8'G9I+-@04"?T:JX50D@CY\A8A5$C#7>ZH! M(/:]X,_$M,5+*<'A/D38:"[8#P<#M6#@K=YT,REJ637*;DL"S/ 0;NQ1-XH2 MZ\8EB7SP/C?'+6=3K-)CWS3<;K-I@,3@US!UF+^X_/K9_Y2F%PT M7V$)!\#97>B6:,8*XBE3?U-]$G-7 ;!FK6HA]!=.E9HY&H.4A;'S38!>JC&YAO-,J4 M"#1T2+K:4(']O!905?,6T.1"NXJP=U+\>.7S( ;=AGIMC*IS!Q:>&;L2R#"I MZ>#GJ"MS R% F(LGUAI-+=D^(#R34:*ZJ';*? MS4R/9[\-6SURW]7/I96J&KV!/8P[S7W0,T(O5Q;>"]55$'0DM>G!.P1*=M\; M"-.9AV/K0'8G NS/ R(E OP: : -=80GJ$6)>%4M"I_'X*+8FA+^L!*]""^\ MC+YX;Z3)P&$V4LF"RI6 N;'V0+SBIL2 A.,+O:!5AMT*&^(M5G[A4 MRJJL8B^"U88-$U6?K+Z'.]7,<$KI4Q:4[J&KD(_-LE3/8!*[V!61-,6U^>!1 MKRZX99IZ6(XC(#>)].ZFAWLH& U8C:H;GNH(5GRY-C"3 +MMXC="-PL;@):6 M.6N/R,/>Q&J%1F$RQC>*GV/J:(&K2299*"RT.&P[^J*YGJE#: -VN+ M_GF-]@*I,+T7(W5[K4:(PG8'Q(@>M-F1F9'/$1WZ:F403OAJ3"_1K'%H_O(< M;M2N'W9("9?8=AAD15^@*-*K[@[422K7Q$^P(:5CX)(9\!3[K$G_3"F MCKP#@8Q4;_3(T40=5>%MTAMY/H?5&*&&%#D/ ZT"XT5#VC-]RU4G/Z9M-R(2 M[+J$UB^QUAB!"^R?GH'O\WC_(@8B A:8>=M"O)LA:L"K<<[>5%T0LG%V4"+3 MOP45!THP(MR)L6[VK[;'JH.A:NG%-VP7F M\BC#"!LCJKQ%MAG/ FP2D:=]"NFBU4K'*>R _,T-F2:!QCW/(99=2QL)!0M4 M]X%48 ")E$0DP_(@H&; VL4>\;X7.N2J]T'DP)82GZ8,)Y!K8^QS'E"7X M1-"'STJ:*1G:]^Z\&%N*9]047V>(R%]AJ"097^P+>M#HI&U!U>:YT39?*!KT MEA\W%MCZ'/]^JE*MG-OI&")*,+T)F!N+UQG5J%@[DL0N/2-\99&" ML&3]1&A[VS/]L<$BD4/8?N^C\6"B VJ?K1Q%N'];C=1,6'C<3SLZF.<-&6(.V3'DS#;P4CMS_1V>3,$]^B$&RTT.T$@C0GPO-111-#&*[*-3%2_C2E?W1/R A\EH:,#6 M+@;M"'(0I;/:IXVRD> I-.B,[_<]U=SNC()IJXE02ZS.R/M9(V\ M$$-D:+WW!.Q";7&N2D5;J#AWLA!E->6XA5[*4Y2HN!M:NV"!2<]WMIP@62H,4]H'F&3E"J1OD*HRCL M82]^Y?'32P9/5K/0M]"?@'ZG$M#_,0WH]/4#BAUH/W5$OD,0Y+$*"@=A'M_F MX!MMH^7-*/PS2L\Q1 41%\_>"!_(U$Q&8W5\QP:S(6MA555[OS)YTM)4@ME, MTR"+E( LS>]8%D[+*;'-G+5CG,ZA<<.1N.4_=\#'IL9*LP8#%K+@FG&4:@/'45A@'NYHX/F?JL81<'XERVM%C MTAR'&8\J[$KS?F#R:>OGP@/S1PSF@3_0)Q>F4B7^@(]$PT9UFII)#NR]<_OI+*_-DVHB^UD: M:C@8* X_4I;AK+%F"@00R%7,!S?(GL"8D'*PCT(8K._](2@;"R8.A44:PRT\ M64WI@ZLM.0."^(V&(0,<*J\6.3YRI\=. /('\( 2'#4T M&<"276$80VFL8N;9/S" AVR(!$QEH-S0 \_'6)P:M$X--@^EX4I\[M@\$^[_ M YZ2^F&)'QM7=CJ&QJP<"WS. M7>+U34 H+RKPMYX(Q,!3N0?$W?2EQ?"I.N5+I=^D'MCT2-+T%#"=&*=]YX12 M1V>V*N3G3LTS$5BG)(YU?H?&P0F[Y$* MC3U]ZC*@' \,PRE7V0+V'+#:VU+\I_(O3D@%E:@9&Q&<.WX;TP=P,2EUF-[7 M((&5>PQY1\U!W@C=?07=?83N/CX[I\K2I'\Y#'V5'9N9:TK$^L 4]/CGQ (J M&[UDU6F^>HW0XNAF_1#UFJ',",2[D>=J4<#X8,.1ICNDDH+C:9BN.M.2!!\S M0D_GD=*&0ZV7G/20J$1"S!4TG(J+C"'^$KTFU2:3=D1!?N1](=W(Z^&'7JCB M(JD[?> K=4Z'L6=VPX"<"*G@SYB4"J;"N-5)/1<31^U'@'V(C5_MBQIE.;C(> M"G]:WH'9H0+PDWTTU7'TN;3B B>)B-G@H7(J;:[G43\UW?7B[2DM7MH@Z@1=LAS"1<$<2Y(R4PL+72?B*6N5- M5"(W_WZ78S!M)@VTFLCR#S$%/C43ILQ$/B4K20:BW:>6IP\Z!!-H8++A8T(E M",JZI0/6"TL]EQDY@R@GQV8E?-+1J]:X"5I8L[2%0]D6:,.8/8MYIY(Y2B3D MWCY[!Q$6+2QEV8$51;I&L0N^\Z3),E6Q0XQ=://7[)K0=$QBFEDZ7I5G1Y!' M K-&))Z@'%B!4S^!4W!#YC=L XUVRM5'Q=QNMCJ8R!\F=T/EA%)SG]],I:2RTUW_KAU*^*QRB#L0#8]$:QDVU MGN('@14DHK_/58*OK7Q&^G7JPPUW$O>BP))A:.V9U"7[9DU<4\^ M(%? :/&1>:ROUB:HQ02'W4 W\A!V"IW0J\1ODK+8R81 / ME$<,KWH[LZ ',S,CN#>.R%Y_5$_0%CQ6][PCFQ,>/7U:MPYW4.6]>66>([C6 M3ID9I02$J^2K?1LZ+<9V]:C>:! C9@X8Q=1<;'=4,#305,ASR_P@>8"HY+4\#!Q&>X7YB*03UX/)6:%LG;0,1R=/8G! &6^> MFX:P4!6HK9"R=@@[Z4K*5_=3I$,Y)S&1'ZL8@SC;*IO;TRT9D._MFR<]KQ6> MD?:3RH&N^8S6#RH]$4A22Y<$Z].@_]7DZ&/YTA:G9Q(;]C^G8?TKDY(^4V6< M&X.6_8T'"3K;238T#Z?WIVC(/J:[EMD1#U4Z=M0ZSL<\\M.AS*>-QNA9R03B] FA- MJ4A,VPY02N.%$P6ZT"7,"WO!KL, MV"DL2)]UFK/Z6.0G '_5'$SA3>5YN'XQD@%_(B^0=4%?Y3SJ_5>N9D7Y64B4 MD\.6QW'$W5@SGQP.QLN!HT?;CZIV2$'%Y 7Q,="/+BM4UW22V M'BC?DNKNQ%B0^4Y+,%+-%4SY@[9,4+6B4QV#7A'FD'L2Z[XQB$^I6=JSD[X MK)/L9OAE!#H-G6-)H/P]<#UWLZB]ON^_9"I*4\6)1G%H,D6Q_P=P =Z<5G>D MWG-\3@H=RB/3HCT?'#P%T8V5;& 3F. -31Q.%#)R1+LR@P#3>R1O NB'DDMM MC(_L4E$Y5IFKGU2<02>3&K7NH4,N7:-T-X8+J5X2IQ\-!B*\U?W%,%._R12A M:[]37P,9\>1D00Q]L=J!PMLSG@R\2&*^!'D[R=QS43OU>43J!>9*@&"D+AIP M1T'TM Z?UPPO$/73VL(;C^']7ZK_=:.L5 M8(==771D(1=S+G(E![TLSK5I9XSU-I5V;Y.-HGJ#9>$KAP7P")[-_;@P]V@7 M&/M+M5#*^UO)?+.QCCJ X:LR\G\'Y0\RZT!9KQ>G-Y^U!00;A1_L>]B@7_>; M)X7\*%.(2Q7/9]HTU-739VFKP+=JGW'8/'PWG3 E$S1.15]5Y%)00ONPITM8 M3<2D,4E4/ML);5SF3M;19A6T,9E5NF4#7JUCHE*'*I3_/MO^@+V4:XI@NI-1 M5I0QIBB>X"M%*7ZJ'A;*5ZL+D\A3I50C5ISG3&*>5I@KHQ#6WZ/Q%<$") K, ML)W3EP'EJ9D9!J)ZO,S;2B*]Y MFH(RW [W9S$I\A[G*JK(*X%ON7]'"5JZ4\>,B])6;/KY!7?W')IH*7>&#J7![7* ^PD^Y]'38$);1$]L*M!P-M-LX5P'*YFSC?D M#T],C1S<"I*!S/X:/J#;SR'K.8&=V4E^JTB+[3[4G3\H@0]34N%BL4_&DTHT M@UV %K@I5:K*EDK3: .)$CN-*N8#@VDX, N7&Z*+UORQ+NL,U!Y![5V5]U)X MY"#C*D0&.\TH-#:9V86-PKY2!"8+<:+ &/9N6&$H,^7=N6?0_B'O<4KL1_P8DV_I;3[-]^9'_G8B M3D.PNX^.]VPWYF'E_2 5T1/YF+GBU_TKEV39;#3KS=O"E/A9)+^@?L M4H(O-CYRDY"3>S?/7@1SV1>I]TA2Q6J:=5M,2>2LA\L;.YN!:NGEHH-*I9J! M:E<,>5I [6@5;:1P_MUS7IM6(VD-A&(B%\+)%]MFO0&+-1H3/0,S1J1O-WJ] MT/C049I/)>LXYK&2CTS@R,E)510W:6P+PS]9V[]\MS>GT.K-,0+0M BE^)QV MJ.?\C5+U'P29942YMA4F<](SOCGY0"#ZX@9L8NXQ@( >?1.QP$R+K$$DS9M. MU4#].\)W0,*(F^KUBI>D\8 M_O6PRS"8"AXL\WR^%T4B* J1?Y(Q_Z9F/!MU-M'S.48D&*;DT9[M6":94EQJ M4XIS !R!YU/07?&/G-O>**4/;2TOR/G)E+=FICW0;;!S'AG?O$[A47[%>#); M'$F9IR<50_0CM-XT0\B\=$2(TNU'R#1/!T'QM!+"U+1>963J&,W*,JVZ>3UJ M]W.+ZE85DY@P,J=W=-W]9N<)]7:E) 0W&/LB>C'[BM%RM# G>][,5&K-3D&I M*>*R'W.*32_HXALQY$YTTQMU]QR*=.0W?+.NRNHG2.JF8@"O)2JRE,V>R(5# M/9.$5]%";T8L6>PSFD\V)TJ^@:;> M#P?[ZM@%=IIOA_?V%/[MI_;=S?D9NP*3X2[BXZ%D5[GH&=C9 ]!%0>8J1$OD M;PE8 :UCI?_8^=?;"Z!2H%)[-U]^$%5ZZ/,,XZZJ!9//20!?#TYW?T][%9J- M_M/+7VESF9;OY2@ "8;L+U 433H.7F! 3#@3E!HO;T!@")#&*+([GB9^=N[1 MQ[1V*?]23";)=RU5M;1I&^_46 FLV;'M9HY=W@Z*K4^:_( M24\WRN3L+M2)*"Y4WV#^H8#963-/GFV#EE:!6 MUQ''[$$ZXX/QR6R;@H?=6*-QJ%T&!O^R1-1Q[00L^SD"(X6:)KF@SYIM-H-G-9I>3< M@E_O%6D#$>FLT58')Y<, =+WF.1ETIE,O7K&_F8N4^%W#B]E&"2C[31YF0"P M?2:3 2)$.R; )!'W:%UA%KZ1 7IJ<+Q1?P+&>=8J)9M.T9.(?CX18F$9-"6] MW"%L%@[DN!W@@U^='_.\%@7 ;Q=@\23'G>!$4&91'1<7].$.MK(X4 MUC6@'!68FC?#29E+IU'!.C*23-34MNI3'9(6:M5'A'_:0^:*:+)SW^%J&O>I MXQ=G-FD*P@?8&7W:4_^F]%2D#=8K35V%Y[];4P[[91K/S3^,.[KKO6TW#YQVY]AI=[OO%FA;>G3PRZHT]'\O M.AD3;5Q_V6#GP92&2IU\G#:XG2!K64@#)364G(B*&!,O,!BJ> S]'%*7M,X..XWV MZZ>W"J+:HJX^J.NV&D=U0]T&#.G),;<;W94)_=LPYOXKYX3HJQJ2B2ARP/JB M^NMN/K5+6GJM9K/17,8\5U'F6P!: *Y/_&]'GW=?!VTG8)25=M8\-V%=T9P9 MAY^ED1T5:[71G:V+[FQ >%?,O[QL#[X-UM2%NFI,M8W+O" N8T,P%3+#5^Q) M[W9L",8"YR7 *;]/V](0S*M)_[P@'S>'I0K!>A4^AU9C83MA90Q95/!5@_-; M"8*RBK"&0NPU\845Q51L/+D&I"XKX>>@?I$]B[K:H^ZX?ED,JS9:5QPCL_'B MBE.[V^$Z"\"-4[O; )PAWI<<+ZY$$*_:P=__UCU*3=L8$YB5JGN+B '_#CB\RCKQ>$N.1IM31DAI$W#P(8'B#I8]6E_N^;@"6AGG5X2)X M()/_6'PV!IA_!%2!>A.K9KDI1J89GJOH+%^7.:^T\W+P-0#ZX=+',]7$ZQ89 MLXWUG&:@IGU>[AB@8J2?QVN+S%?I<-I%AKQ8K+[H!3[NE@K.&R;MHV3^H"%1 MQ8A].6:6"D822]2963@F?PDATJ60NT"H=Y6D%QKA(%F=EK/U/*\9N18B:^#Y M"WP&VR<3/[+5N.;6M J>UL)HN>=:>SQQ MVL>52@Y<7^+LLW&SY0_NFC^PWW4SRT5EZ^;60H5$PRK0?]0$Z5FVQ40%>%*- M6=@^0'1 E1Z>M.K DPU8GVO*EO@FI/R0DI!&*-BUD"*Z%R4GQV;PU">#!Y#8 M=(Z;9;-TUX3+=Q9YU2-U6>D>5!&TF:I7-/9.<^EUDRF MY%Q%>'Y%_'CE\R ^#?KG?R;>&$]"V&@RSNL9:\9%3,/\*V$&QJJ0@I/+.++I M-BM+MYFU4=:]/-;-YWJ&_)>09E$4FTOG_FZD7M2;7 N;#QTG+.6POW!&O(ED>%CN5P,[A@7-P4C8TLFGL+$E0O_Y$ MCO6*Z6+PO'B$Z3@2>.2W%P8EY])&,FL4R6QWCYWF2=FDIHU',BWRZH^\@X[3 M.BIK9&P<>1LPZ>?$+M>E)&S;EJT.9G8Z3K?S6@5@P^D6@2_?,K2<3NNDQ@B< MH1-F1?N?C]K/;[UQJH^*N.*/^&"X&[Z)$M'_YJG#WSTA-]^.X_7<-N,D1H[5 M8,EWQ-5PF?@Y%H&$I]B$@%U)"%@W,^L9-K3AVTK.0\W(M;#9T#R\8%^Y?;*S M4L&[K8BTVM!^;<=03\#9T/Z6A_8+.S0D4N_22N[?;5QVO7'9X^ZQT^J4+5;> M=%S68J<*V&DY[>:1T^F6]1)O&CU+DM%UB^IKSV!*K'&9E9P]&TVM3S3U^.30 M:58UF+JT&(Y%8'41V#TY=KI'93M#50>!&[#G;5S?1E57> B&<]0]0,-M&5-< M*>EF05@C$!XWN\[)$_O.&7+WZ4KY\I%P$U5WA3_,/>B+&(@H$GU]*@<\Z#(> MBE@7X.>>]L63KA_*)!+;$&$WPR9V1VKL%&$W9Y'0\)F?C=^&VI\9G@VUVYBI MC9EN?!YJ1JZ%S8;FX05;O>V3G94*IFU%Y-.&VFL[AGH"SH;:MSS4?J;/A4R) M[(MQ*+W8GK)1[7@IK$WGL&O/V+#8>8''K.,T#VV@O1:!=CJ)-R45B?(%ZWF^ MGWK/'DM.I(UXUB?BV6H[)X>O[4-L0^X6@"\&8,LY.9G?@[CJ -R 66\C[C;8 MN@= M\ZAT?"$7**K:KCY'6BTV^/DXX&8V^V5C#\]-?J6<3A:I%JE50^HSSJF%G$CS M6SR>#P;"C;U[\35PPY&XY3^O0!") )7L)Z('X0(J.1$&-XPCYC#8OZ31< >JES!*_AX[(,)@#XF&?,X MH4/@!P+ SOVIFSS)9#*"X7G_!D7*I2YID:NO9ID(++67$E=Z"KHO+E>A&?ZT MIPW4B959LGIE^4Y)\X3M/,ULQ7N$W=L2K7L/7N$)W-9QU1.8Z]ZK5VD"-[RE M?RYOL-EH396<[M.7KV?8C3%14CJ-J8+VR4NMY6KLB2JXB5Q1KN[;3K?1+'M( MS4HY]8N%CH7.LJ&S)#G];';WI@5RYG"=V"\Z+!#4_< (Z9X(Q,!;]!C+S8&X M0NMI)6NHT2V[A#8GHN"=:-@ U;N)@7IE8C@!SSC-RU:3%UZ<"%(5C]! M4N#AZ,'L<2EP[S;"%I6\Q&F3U<#P]BVG;JM1]O!6*U.W#03M;J-L"6(-1>IJ MR@U7*5S/ACRXRYNI[)[["8E-QC&"P4'*EIPX6_%5HXJO3J.B!8=E'0\6=;5" MW6N+FM:.N@U8W0MF*JQ37Z0I!2G)QJ7QROG<= K.1O)NUD7MLI)N7JTK5I9K M\UIM8>%GX;%2(/VZWCCY*UM?<(17&B3_L041BD^E;R^I O+OY6RO9 M!Q1:7",-L**86E*+BJ3J%T1L1?J+K8VJ[1CJ"3A;&S5?1J]?:FU83JXRA[CZ MK+#,7RLK-N"1JD87V^\BBP6'8Q'!GBBX8WXH)7-YA%4:8?3 H[[M:EN3W+76 MD=,^.'::S5>4=5606Q9'Z\;1H=-LG]001TL2Y75K=_M-2/DA)?7O-O)P5MR\!Q>TFOMH6F=-RN1=1FJXPWW#R=K%$HA\,O_A,2-]GP-[0AS>% MQ*W]<>1A=)>-PK[PL6<)IV0#4)2]QWEADQOYLXX[>:MG])*=EGK>Y)E;FZ<(&*A6&]8-AI'E:9C1NL>5]@ M'[$BX0^:=O3"2:D.;BN\I%:PC [25^,&_[55%17DW>8IJ#!S++"J$MY?V[BO M/?G'_B 2^>8C(+>%C$N5D]M55HE5UFJT.[_LMQJ'K0F&BU5.0UT+:-:50YI<\,YI*^?-7_Y*3_5(.J) M?)UJ$&B)LE.Y/6 M&HF&D%IV9JP&@;7CZ.("I+ICJ&'Q6"HPS5!.09;P.[&;$[@-8WB95EY_N<;I MW1T60\<6:K4=0VV@ME,R;1K[7C-P*PN1K$$=>(#UWZYE?,W(KB)5K,>)>@'D26\=\ M:Z!7;;['%>RYIZ=UNSMPVC*&&Z+O"/HB[.5O;,(8:(@[37BWB:CL& MB[@ZS=8VC*&&B+O%IBUF&&__&>V,4?>"#=)K3V]8P>90%U8L.%.O9_5+>\)7 MH6)H=15"=6;+3@_>8L)BPF+"8L)BPF+"8F*SC=*>/493USQVNDOHQGH:3U74 M'I3DM3UO]CFJ5M7[U3DX6;C[:RT8M;40>E,MY#0;!PLW.;/ L<#) V?A%HL6 M.!8X*3G=X^,J<HR@6[>JV8_NZM6UW M6TZ)XQRJPY%JS,$6PJ%$/^OJ,*0:4[!]:&@V.IWZ,:0:4[!]:*@S6W9Z\!83 M:_*6OWH,IB3/6L46UE;464Q83%A,6$Q83%A,6$S4SDPNDY[];,^@E1WX1*W< M>8"MOQH-8>:Z\H4)+K RI2UJ";UN'9<.!:P+E.XNZZI&Z- ]JMUU- MU+V8BQ9^=8)?IZ)"S\*ORJ1NVNRU(+0@M"!<>Y;_Y(C;C>XR@#V1\)^^O-UL ME4VP6A&%R\4S$<7Z8=+S1?57WWQJE[0 #YS#3MD"CYGS7"E>6B3>E<_XW0P MFXWCLDE-%G\6?YNL8+#XL_A;7B&$TUG\%%T+P#H!L&:F8+=\$6"5@+BD?9@M MK]ATA'.=Y17MH_IQI!ISL'UP:#>:MKRB7H-?(1IL>47M!F]SA"PF+"8V%*9X M]1AL>44U8/WVH*P[8G-95]5@_/9AH-DX*)L950&&5&,*M@\-=6;+3@_>8L)B MPF)B\_[B-2X6KWA92 M5&5.=P]^6Y##;D%H0;AQ$"YI0U;!0HJR/3QM]MP:J5U:'N=A9RGS7"E>6B3> MU261N-5HVD(>B[^-X<\64EC\;1)_1TZG53:;UP*P%@"LFRG8*-VUOTI 7-(^ M;"V%%#;V:V._%A,6$Q83%A,6$Q83%A.;)F4G,;$DDWGEQ14F=6UH/W .6K;V=*.#+^ODJD8K) N";0-!JW%DCWS<=1 <'-F^%/4:_"K! MT#BLA428802_C]'BQ*]^?9_(_3O.QQ]NW*'H)[ZX'-S$H?O'Y3CVPD!>A[Y_ M$48//.K?XCVW,(+//OS^VW_^!X[OUQFW#WDD/G,I^F?A:"P"R?%)]*T\3>)A M&'G_%OT?05]$N3==^3R0GQ]-M?%5Y+GBF@=WV1N9"X.##]=B\&GO(@I':"#O M-UOPOSBDOUOM_4YK[S</ JY"KK!030"#GV3, PQ#S-PB?)B> M^'$VV6;&7\,/'>_P8,;PWF:CZP6K1>Z, 2@&8J&,'',7F/%IK[E'GW6,ACYK M0M(SSO&0CY>IN3N(VC*&.0/R[D-C6;CRO&;D51,L_Z%6Z[],V\[YFY%JH6*C4%RJY ME,*M9W_-R*T@6JQ@J2:Y%BKUW]5M:J(H;2:E+1QLWX15?['P>.NY7C-R*PB2 M4Y M_&X;)6J]R;50L5"I+U2LZJD:N14$B94GU2370L7N^U[I^=M^MU\%%XDI MRTA)Q5:SVSX/-2.W@K"Y%B/N!39<7#ER*XB5G1'O-2.W@E"QVJCZY%80-E;" M5)/<"D)EBPV7%>\*JU8;2)7VJYO%2I4"EE]759LM:@IFAO&VV6S^EWRWFY.W M#6.H(0"_>8,=E1;;,(8: FZ']=,VC*&&B+,Z=IO&4$, 6I%7ZS'4$'$[9-6] M8'O_TF-4S%-U.[)V^Y?53..;9J/=3-^]S^!SM[/H)!9I;/VRA'EY:9/&E(9* M'5:4-I.;(&M);23;3N>PO56,LA!:,X2ZC=(GK%6;3UN+H+(]C%<,'- ;95O8 M6N#4DS-6>^TZA*SLL<#9*MEST#@^KAF?EK3YG'L@D7G4BG:9AUW<7;8:Q\T% M^;XY[%5H&:SB-!*GV2RH3H5K)A@HU2!S=, M[<;QHN99-?"V?=!O.<>E0Z(5X$@UYF#[X-!M'%F]N.O&4;O1M!NF>@U^A6@X M/JC%:9[;"X9*2(26-1+J-?B5>E6/:H&&)6V7-A-4ZC3:3=PC'6(*H\7[1J5? M+=!NL; >5Y&UC7?>'.K877+=!F_5@\6"E0P6#>LV%A:UW;=AHU0FKC2C\&U% M-6!'$S5@[7;Y65E-F=Y+D?INW&T!-%2 M*2[N.OS*;CA.CGE)TY$_7][0$HYC+PSD*V>):*X:MHDHU@^3GB^J MOQ+G4[NLI$7GL%,V?WL!;%9,'6P:B37EV*H:RY2M*ZPI^ZI&3Q7LW?7AK-5H M6IQ53&GMI(H]< Y:9>OJ+1*MQ"M-6;-Q;'&V-3BK@2EWT.C6>>\P8R__/N:@ M!O"K7]\G3] M6_1_!*!D;N+0_>.2MM%7/@_DYT=S$!(U8K[FP9VXA4%_]N&ZW_[S/Y!3OTZ_ M\2*)DTC\[@7>*!E=BR#F_A5_',$?\B*,+L;SCN<5D>?V0C'MUY,%U-]7^-=M<+ MBA/YKT3&WN#Q]7.IN$"3Q(,@X3X;*8ZPL68&B\2?B1>)/DN0^RPTG $T 6M8 MV .2:+8DXS$S9YGA&68,><%@"AF7;!#Z?O@@/TQC9ISAQ(#E-4R;E;"AO_-@ M!/B\9@,XNMJ%L(9!+6$ OF[)G(.!7A&,@,_,DJ Q]=+1;\T]^JRE,7VFH7S:T[-F2-7-S0ZQW9HVGUU8(WPLQ0=F_M*] MQ25(/S6LO8)0W>A)5TN<@'\*GIU^*,AC6I D3TW+;*4X9Y 5ZFP^0? ";>A7 M8&;3O.H%J66ZQ+D M:TH@:3=+"YA=SURJ1<)4**W,S7L;QMQ_Y_K]XN]WYJ-@]:O[S=">^48U[6,>QGC#G:1<7^!"V/Y M-2C/M2?B@@MRL--9$@=+#:):[.OFV%=RY6X!^T K#82'2DN>!OWSGV,O4I'6 MC<#Q>$G\?-VH*L[@UP!V"QFLGXRVU'I,G5;CZ'!);"Q+^V2NR1D\ W?.]-HK M^,M]W,84$KS9PS\*XR637 V:#'.Z@BFK_KC=:G]DMT/!N.O"U/#@$0.^;GJ_ MZ+.!%_# ];@/-,$7*A7%"UP_Z0L6ZUL3_#(6,?2+X3 2QPWW]4&5&N*\9ZDA%R/T#^P*>;F"8#WGPZ@@&YW*1(2>!@P)5L M87$(G_X03*2SAX#B4B8C)5[@D3QF?# 0;DR/AU&%$;Z CPC91 .\!>X1,7#/ M]WC/\[W80U9&XEX$B:"'BI\HW?0;^IYT_5""\->\P3$B0>HQ=$WN29BSA2]' M[N$-^'?*0Z(@XV.#G;HQYHC!4!,_1CPF/KX1QA"Q 0 2;@]E;LP-EIO?'"L* M"QGSPG#),9@@\GC$@\1/U[=#1, ;170O)%WC!3#V.(P>6=B#F1?2%7"[0T]+ MI,"[?>]>\^,>Y33-UCC"W+7XT8$!_B3MJ+@'RSW.#GR 9SBYZ<]')@CT3DPY)P0>'?X8R%9JVK9=G'M$<9 MHU !(9\M*()J0I,,UVD8^M;IJTLID:2WO[6>7O__^]?;W\^^W M-^ST^Q=V=OG]]NOWOYQ_/_MZ?K, 74_Z;9>71[H&6;6^_-_5#^92F>P7HAUF!N;TKAQPS66MC^] MT:/) 78>D=5''>'U$C ^C+&DWY'JH:./T@AXX.\#V4/I;608W$5"*'LC=S_L M+E [1&9?(<@N1&7T/;Q7\O$81#E)USN8)["S<5;Z.)I[8%!J!L\>S3NULT(-EL$!C" !BDV9 MNO/O90^@:'.#1Z+")"X[2(2B%.(/R9( $0AVI[;=^GR$"I9IW8WJ$:=/OQ%I M2"='#T;A;N MH]_@7]*#(X[8!T2 <.2PE<0?<1]]IW>-H!7@.9%& PA.5PCR2*F%\B"4!**U M%RH\ 1KI64:?@(T*"RC"/5T22<(6_,%ZB?0"(0%=VV1T;-5@;K4 S32Z9%3R M0ZH3D#);LBH=###Z,]$^+*.MT&V%15AY,\%%EX(OGU"FRF]D]!+)UP;83_ / M440.3!"A@";2Z/>PAP6Y"BKX$3:@7T&:Y]U8!;.&I/Y 03D(P0+$K78JX?'A M+AA[Y,$*E ?-.)H>YXG]RMNVE&X?:M.TJ[0U[BG@(2CXBEZ5RA**4?7/L'#=/B PP2]5E MRJ,R-&].;0]:.=FCV\T&4ZD_[/4UKDIOV#K7-0[*UKENW)JS=:[+F0!;YVKK M7#=6Y_I\WOE'5F)YS2EN^=K7.=RY1E4/7J.JB,FN82R'E9G>M*.?3: MRHTY95#+6!ZVSK7&U7];4N>Z'D5@ZUQKC/0MJ7-=H2#_R%9B]]DZ5UOGNF;( MU4.=3 ]^2<6EML[5UKEN#GW+JW,MEW(WU1@3LUV'H0\S),__3+SX\7L8"YNK M]VK_3:M=/E=O%@J7']N_N;T\^Y^_7G[[_C),)?*8L/ M,_\H6VPL(LJ&ZU>((;6/>:TMW>5T''D^!2N+J8<>X "#]C#58 JQ=I=RS//I M6I' 3 ,WAHG/)6A)*L&C=$(J!LFAAZN\*5,OD4>32J(7ONA%F!@@@GX8295" MD,N)P-(8-N!>I HX*/>]>TB$.9AG\Z;=:!\@'A456#R#-2*JH@<'AWH+_]9H MIN)"S/09\EBG!,9S2S,L>"L$WO+B"BP44/Y2U_%@VH$55W6:\4EQU9TIKBBK MDP15$D3BSI,J*<6@0LDFRM@MXN%-R^GJ&U52.AF*:*IZHFN@:,D MV:V5%M;>F1 @ +Q[S.L=PQ95% O.-LX/*S^6)#^,N0- :+6=DW;+Z1PMP"1 MPCR5X*C?#F@4/W7Q#/VLO47X&,!>&/4WCRRK()>J(&%+I2ON*QLZATSQJ/>7DRX/) M5(_.!176% =Q6F(QKW2ZW6P>,@I&8=$V^O-@-'C.6[&X4QD<6-W9=3KM0Y)< M!KUY,OH.$J)*>?%2,(@>N,Q?;BKS(I$NB#[][G(Y=$P=J#!]H=(R/7UW3Z ] ME-V)E5@*.9GW%)_D"RGSOM,>E]Y<(9IK7KMH6&XRGO?X%O MKF__68D0W;2HVPK[Z_5T?_."3!F#*>7%RN :\T=:8OL3Q7*Z28$IRM<592AF MJ(AR]95E59O)ETBBDZ-2@LB,?A^3/8J29)DU2,N3#BNH8R&6K*CP:8T50Z:2 M;I7#,1952NHR:[>J.@\U(]?"9D/S,,/46&;]9H7*[5Y,\&IAMN)54R9_>AVK MBOIB[>1D;<,8Z@FX[HY,UI.R?+F)_Z\>(7I&L)$#[192IU+K(_-A \;2S=?: M-O*ED_GS2V%UM5VEZ=J%-^XR[TNN\=(5=*\>P]> _2WQ']%UW2RZKDTG(F[6 M>/KJ68Z6F:V)E&_8Y1&>#J#. L >S2 N!NAZ'HL(50J%T;%[T*CHAW9Y@%Z& M*'Q@R9CZ%)V8[+)&2LMMH36,:<=7!W />\$!U;&VVFY2]IH84 QM3$F)JFT]][C%UA/HJ8:>O?B(: M3(40V#/Y,F\.TH2[B;PY*8AW7_+10J'9F5(@?KI#/'A#^]:QBQE,@\G)*SR; MVB[BR+%1=3]Q34JO)ANY?)!QN3H+R8J4JKQQEWF_1I.M9+5*.P MJ#!I%K$[CM@9VF=6L?+,](2IFN3TY%X,H5X.SL@(ON"N/KMHHZ>IV;BPC0LO M+;91#5=LU0-+-L!7R7FH&;D6-AN:AR;]&D\W&A6V4S4;9U@Z+"I-F M$;OCB)VA?6;%A1<.^9I8,9B+PP]7D<#N6*:UUFG0O\1C>,^POU80GY(9;8O@ M7^@7.MAD$?S5]?G5Z=7[.S']?7Y]]OV>G- MS?GMSHUNV#5^NS-2>>(MH-XW9O# MPT/5$'CV@:S!=.N3+FX=Y5@=/^L_.G213JP@0D;<"_Q'III?4U9 M=M@QN0R^='YGWSP7",V*=U*^D4OH 9]4T&?;&.R_OEIQ<8=,A M$D;FA.O-2,^;'Y]OSO_W!TK)\[_#?YZ(!)FHV!OQOA7KU/+QEKRUBF6^1&@]!)M^I_DV2^W1Q_F:3 M?==Q4),<'K9SW:["))KJJ,E3D6P:R@^FNFS"ZWG:'#$<# 3Y4+&5JZNC9\[MJ:45 ;L6Z G!%E47831BQ_O_XS!XCU J..UT=:.I'ZV$B?5P$N)149^8SX4LOL7C:W C. M0=73KI*(3(7NT4Q8!2"^0!=3N#E^"$% A:C-PX< 8Z2P(_/Z'M>14O;7$ 3, M_X2XG]33S$ZEQ^%['XT&"7O0$9D5B"A]!1%Q-O2"Z=U_4=01(NVI0Q4 M_B(B0,X7?N_UTRG/:4D&^WT4#^@;P1D?>F( 5AI8;:0M+\%V!#L2Q$/LH708 MP-8=, 4O(.\"*:U4J6E$*OES!0(%E1F:OKV01W0T01\>XJ*MRNB5,'KRA,"+ MX05@J](G%L!8%R++87\+AV" >L+OH_]ECB%@\ N/N 0!ZX'YKP9V0/(4I*( M9&W3T'+G)(#Q#SM0,E]1%PHH7BKGH->#B](A#GG3*"%S8W7 M!VP6(D6;.&8!FXW%I'MIKAV<\W#/\[<8QXSO!7]\&(1AC/DS"E.N_QY_=XX9Y^O'D! MO+'P7/C,89;-8X<1>GW^SP60L=]L[C?-]S[O"?_3GO[^_\%=>^S]JQ[=6MVC MVZM[=*?,H\UDGD;%5\"J-X^!/Y^927W%^P%WXWWS1',[KO$)(O2+0O4U7KS? M!%Z3M^W37FL^E04284F#-'!%&;A-$I=C44K&SY$/WZ.;2 3[/V[V?KL6L!H2 MO>541YF@2T,J\>6"W U'L,Y.&>ZQ80ATT@G]QK%E/9A@O02FB]&TJ>WPS8, M:=1@Z:/5Y;#FC8-9/50?=_L5E1\*VX9C$7E]W[O2NK"N:UI%^^/XO?Y;@W\>_=KN2XF+D M8U-:[B5](-T0"XB]?TCCL=*5-KZ_^]#K/3P\7'B#55AU83A;J=N%+CYZQ@9O MD02#VMYU)T7\<'7AN.O>X/*RW_OY=JPSNDY(^.$1NOFUB+S__OW['JN-23G* MQZ5KQ5U?]6CU$GGXT#/4$@$]L3T?V4:&WO0/#=+$;WMA98:4%)*^"TE)3&KB M')V'C8NU<]^#"J#OO^E>]KM7_9@\\+IKA':')BOD+5G7405M\B[;Q'9L.]@6 M,VKZ;L_?[W /B+I A5UB'-J5-\HV,+"U.;2 'QX)&/YL3OT!G1&V\!;;_HWC M;D=XA0(+Y/E;@"RR(MCL2#YRU]B?H"WV=LC XLYBM42V[?C(!R6.2FC9;D?L ME0,%?_I(P)PE^L?=7"OLFM;U1HX1T#G*MJG:/O'W&G3D;MD '8F8 MUQTA!1T2)L &-?&*V(3-[#+\UY>Z4MP\_2>R32GL2TIU]K&7[R;5>>!AN=B#;EBC,11$#2.2(XT,9!F!5:]-,I7")E%!+.Q3Q#]$%EUT^@9CWPOE MG2T2"W@ 4M5!$#B2L.+8GF,1DQFMJ",I[*GUTITA%]C:8)_ 9 M$G:T7R_VJ MNMRE[S(=_[V-.!Q$Y4U7TQUVV?PB=3]2)Y;_&Y'\DQXE9R4E?;9=\LH&V6OL M:;;N.\:O&\RO/O] Z7?LTT6XT M19XL)%E1IG>3A3;Y),VF8TW1U%:BK-GWP(GC'D!+%X@Q>)_'0)M\!LE/YRT5 M)>CY#A%3?=QAV\,>J/H4O%)7"5SJG\J>=PA!*E$*A=^_S L?]'XF:R-)_7FF M3G159[H_7?RHSB7E;CY7JBCTCE6&!!3.[]1D1;01$'#I,1@5\2=6F"=QIH\U,;:HJ6[!_2+(;X X1-_XO@X6AO=.;9H MT#!#8*1"D"I1BO%YD\=G#&XN]9 4P$A;2)/I0CVLI2Z -I87 -Y,!BO71G @ M?+N'78* F(](_+"$JI&*X7F;AT>9@FLU7V@4#@$V+5TZX$Z%9HNE-0I6C(A MC,2[ CD;,TF(N3W19H4%> M*U6>3Q?&N2JN7"QG+I!F:OWC=#Q2Y_K?F#?;3JW6;/@3+]!C$A@G!6*9%@3& MRO16E1;RS^TTT*'9I:?EIN)LJ8N?.O\\5BF4\8"+?YG>=H>R#C8"I$U=?I8# M:J.\08Y;XK,,,[CPX)'0S!JVC923_&^I@C&F@1".H=J9QGI)0/E]JNEJ* M>L#%P.=(44O?Q:.W\I3N*; M:!QV!OBC?L3@< /QVXE]*ESB322?+$8 M&"ZT3AU:M%J^18GPM* %]6*)%X301>GR5@N_-"&>1J(JL1@6+L"NE$-O-4J5 ML^-IM.HV$J/&A>OU$NNMAF]<(6^>1JX&O1@T+A]0(]O>:L0JY=+3D-5I(,3L MBLLO5$_!MQJR5)8LZZ;EB\7BY](,Z11:JP5\)%V6%K:81"QX/O%P)*_6:A $ M^;.L.2HC$X/!I1"$R;96(_*4B'Z$?42L,Z0&XH[$J#Y3;B :_!7]TT#KGPW^ M?@G^7 KBK/A+_5<-. VW"7+IDRSW^&R:D/0HU@@N17)>C3A,HY6:DW&<%QA?Q[!KPZ#<2X<8F76AG[-H-6*0.?0:U6"S%L7&:E M3M+^%;5J&.1U&,4 4Z,3:5GLUX184[>,ZE^;ARL=2%3V^TVTW@9=D_)N22 M0Y"W7-JA4,HM/42ZV4THD1*0C$A1>0 MVFRLRH7-94ZJ-Q##Q$7R3S2!171B6&AHNON0+TZ M0S0OC6C@N OD&EPOW.O?H1-VI@JKL!=//N[ )SYMGKX2)-%QP-SVSL&RA99U M688FV'I&7L>T_[,R"=I7E\F'0=+L1J^\ M[R7OO(]^Y]^+_Q$8=UQ?LKGWZXL^?A!^MF'L&*PK01/ZJQNWZ]*B;G_0O>I? M/'IF,M,ZDTC$4&\2<;L3)B'\!,.1612VH7]TD\95QQ=^ST$T?F'#'K9\+R[I M)EV=,ANZ>+PS38?U=<)\*GR[HHJFI%M.PH945=Y35>F_>^)D3IM(V2RB#V

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end