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AURM
AURUM, INC.
false
Smaller Reporting Company
2014
10-Q
2014-04-30
0001450708
--10-31
Q2
-205693
105600000
0.00
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172354
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P5Y
0.7286
6500000
0.51
2015-12
October 2009
-183649
2028
2033
P1Y
P1Y
P1Y
P2Y
P3Y
P2Y
0.0191
0.95
P4Y6M
0.78
2010-12-13
0.0202
1.00
P4Y
0.95
2011-05-01
0.0191
0.95
P5Y6M
0.83
2010-12-13
0.0202
1.00
P3Y6M
0.91
2011-05-01
0.0191
0.95
P5Y
0.81
2010-12-13
0.0202
1.00
P4Y6M
0.99
2011-05-01
170703
193626
3250000
1/3 on December 13, 2010, 1/3 vested on November 17, 2011 and the balance vested on November 17, 2012.
0.81
2020-11-17
P6Y6M
The options vested 1/3 upon grant date, 1/3 vested on February 1, 2012 and the balance vested on February 1, 2013.
0.95
2018-02-01
P3Y9M
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
At April 30, 2014</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
At October 31, 2013</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" valign="bottom">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciable</font></font></div>
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Life</font></font></div>
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
(in years)</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Cost</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Accumulated</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciation</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Net</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Book</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Value</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Cost</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Accumulated</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciation</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Net</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Book</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Value</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Office
Equipment</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: center" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-2</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Computer
Equipment</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: center" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-3</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(101,552</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">423</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Furniture</font></div>
</td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-2</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="16%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(106,032</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">423</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
</table>
</div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">
(3)</font></div>
</td>
<td>
<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">
PROPERTY AND EQUIPMENT</font></div>
</td>
</tr>
</table>
</div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"> </div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Property
and equipment is stated at cost. The Company records depreciation
and amortization, when appropriate, using the straight-line method
over the estimated useful lives of the assets. Expenditures for
maintenance and repairs are charged to expense as incurred.
Additions, major renewals and replacements that increase the
property’s useful life are capitalized. Property sold or
retired, together with the related accumulated depreciation is
removed from the appropriate accounts and the resultant gain or
loss is included in net income (loss).</font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"> </div>
</div>
<div>
<div align="left">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
At April 30, 2014</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="10">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
At October 31, 2013</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" valign="bottom">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciable</font></font></div>
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Life</font></font></div>
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
(in years)</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Cost</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Accumulated</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciation</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Net</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Book</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Value</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Cost</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Accumulated</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Depreciation</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" colspan="2">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Net</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Book</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
Value</font></font></div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline">
$</font></font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Office
Equipment</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: center" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-2</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(3,830</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Computer
Equipment</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: center" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-3</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">101,975</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(101,552</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="9%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">423</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="16%" align="left">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Furniture</font></div>
</td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">1-2</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(650</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="16%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">106,455</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(106,032</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="9%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">423</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"> </font></td>
</tr>
</table>
</div>
</div>
<div> </div>
<div>
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The
depreciation expense for the six months ended April 30, 2014
amounted to $423 and for the six months ended April 30, 2013
amounted to $16,782. At April 30, 2014 the Company’s property
and equipment is fully depreciated.</font></div>
</div>
</div>
-8066507
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(9)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
FAIR VALUE OF FINANCIAL INSTRUMENTS</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company’s financial instruments consist of cash, receivables,
accounts payable, accrued expenses and advances from affiliates.
The carrying amounts of cash, receivables, accounts payables and
accrued expenses approximates their fair values because of the
short term maturities of those instruments. The fair value of
advances from affiliates is not readily determinable as no similar
market exists for these instruments and it doesn’t have a
specified date of repayment.</font></div>
</div>
104762000
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(7)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
STOCKHOLDERS’ EQUITY</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
September 2008, 96,000,000 shares of common stock were issued to
the Company’s founder raising $9,000.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
March 2009, the Company raised $12,000 in a registered public
offering of 9,600,000 shares of common stock share pursuant to a
prospectus dated January 30, 2009.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
September 29, 2009 the Company’s Board of Directors declared
an 8-for-1 stock split in the form of a stock dividend that was
payable in October 2009 to stockholders of record as of October 23,
2009. The Company has accounted for this bonus issue as a stock
split and accordingly, all share and per share data has been
retroactively restated.</font></div>
</div>
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(2)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
RECENT ACCOUNTING PRONOUNCEMENTS</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has implemented all new accounting pronouncements that are
in effect and applicable to the Company. These pronouncements did
not have any material impact on the financial statements unless
otherwise disclosed, and the Company does not believe that there
are any other new accounting pronouncements that have been issued
that might have a material impact on its financial position or
results of operations.</font></div>
</div>
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(12)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
CASH</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company maintains cash deposits with financial institutions in
Australia and in Laos (USD).  Cash deposits maintained in
Australian dollars are translated into US dollars at the period end
exchange rate with the related adjustment recognized in statements
of operations.</font></div>
</div>
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(11)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
NET LOSS PER SHARE</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
income (loss) per share is computed by dividing net profit (loss)
available to common stockholders by the weighted average number of
common shares outstanding during the period. Diluted earnings per
share is similarly calculated using the treasury stock method
except that the denominator is increased to reflect the potential
dilution that would occur if dilutive securities at the end of the
applicable period were exercised. Options to acquire 3,250,000
shares of common stock were not included in the diluted weighted
average shares outstanding as such effects would be
anti-dilutive.</font></div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(4)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
AFFILIATE TRANSACTIONS</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company entered into an agreement with AXIS Consultants Pty Ltd
(“AXIS”) to provide management and administration
services to the Company. AXIS is affiliated through common
management. The Company is one of nine affiliated companies to
which AXIS provides services. Each of the companies has some common
Directors, officers and shareholders. Currently, there are no
material arrangements or planned transactions between the Company
and any of the affiliated companies other than AXIS.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
the six months ended April 30, 2014, AXIS provided services in
accordance with the services agreement, incurred direct costs on
behalf of the Company and provided funding of $193,626. During the
six months ended April 30, 2014, the foreign exchange effect on the
amounts owed to affiliates was a gain of $170,703. The amounts owed
to affiliates as of April 30, 2014 and October 31, 2013 is
$7,581,243 and $7,558,320, respectively, and are reflected in
non-current liabilities - advance from affiliates. Included in
these amounts is $232,500 respectively being funds advanced by the
Manager of the Laos operations. During the six months ended April
30, 2014 and 2013, the affiliates have agreed not to charge
interest.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company intends to repay these amounts with funds raised either via
additional debt or equity offerings. Both affiliates have agreed
not to call the advance within the next twelve months and
accordingly the Company has classified the amounts payable as
non-current in the accompanying balance sheet.</font></div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company is required to file tax returns in the United
States and a summary of the deferred tax asset at October 31,
2013 is as follows.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div align="left">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%">
<tr>
<td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2" align="right">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">USA</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2" align="right">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred
tax assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
operating loss carry-forward</font></div>
</td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="13%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">659,242</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="13%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">659,242</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less
valuation allowance</font></div>
</td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(659,242</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(659,242</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 4px" valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
deferred taxes</font></div>
</td>
<td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
</table>
</div>
</div>
-0.10
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(14)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
SUBSEQUENT EVENTS</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company has evaluated significant events subsequent to the balance
sheet date through the date the financial statements were issued
and has determined that there were no subsequent events or
transactions which would require recognition or disclosure in the
financial statements.</font></div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(6)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
INCOME TAXES</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Aurum
files its income tax returns on an accrual basis.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company follows the accounting requirements associated with
uncertainty in income taxes using the provisions of FASB ASC 740,
Income Taxes. Using that guidance, tax positions initially need to
be recognized in the financial statements when it is
more-likely-than-not the positions will be sustained upon
examination by the tax authorities. It also provides guidance for
de-recognition, classification, interest and penalties, accounting
in interim periods, disclosure and transition. As of April 30,
2014, the Company has no uncertain tax positions that qualify for
either recognition or disclosure in the financial
statements.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company is required to file tax returns in the United States and a
summary of the deferred tax asset at October 31, 2013 is as
follows.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div align="left">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%">
<tr>
<td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2" align="right">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">USA</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2" align="right">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></div>
</td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deferred
tax assets</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="14%" colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
operating loss carry-forward</font></div>
</td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="13%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">659,242</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
 </font></td>
<td style="TEXT-ALIGN: right" valign="bottom" width="13%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">659,242</font></td>
<td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less
valuation allowance</font></div>
</td>
<td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(659,242</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(659,242</font></td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr>
<tr>
<td style="PADDING-BOTTOM: 4px" valign="bottom" width="68%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
deferred taxes</font></div>
</td>
<td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company has available net operating loss carry forwards as of
October 31, 2013, which are subject to limitations aggregating
approximately $1,938,900 which would expire in years 2028 through
2033.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company’s tax returns for all years since fiscal 2010 remain
open to examination by the respective tax
authorities.  There are currently no tax examinations in
progress.</font></div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(8)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
ISSUE OF OPTIONS UNDER EQUITY INCENTIVE PLAN</font></div>
</td>
</tr>
</table>
</div>
<div> </div>
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective
December 13, 2010, the Company issued 2,500,000 options over shares
of Common Stock to employees under the 2010 Equity Incentive Plan
that has been adopted by the Directors of the Company. The options
vested 1/3 on December 13, 2010, 1/3 vested on November 17, 2011
and the balance vested on November 17, 2012. The exercise price of
the options is US$1.00 and the latest exercise date for the options
is November 17, 2020.</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company has accounted for all options issued based upon their fair
value using the Binomial pricing model.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An
external consultant has calculated the fair value of the 2,500,000
options using the Binomial valuation method using the following
inputs:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
</div>
<div>
<div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="20%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 2px solid" valign="middle" width="13%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date share price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
</tr>
</table>
</div>
<div> </div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vesting
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nov
17, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nov
17, 2012</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life in years</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.5</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.0</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.5</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
rate</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Volatility</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercise
price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Call
option value</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.78</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.81</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.83</font></div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div> </div>
<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At
October 31, 2013 and April 30, 2014, there are 2,500,000 options
outstanding with an option price per share and weighted average
exercise price of US$1.00.  The exercise price is US$1.00
per option. The weighted average per option fair value of options
granted during fiscal 2011 was US$0.81 and the weighted average
remaining contractual life of those options at April 30, 2014 is
6<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font>
years. At April 30, 2014 there are 2,500,000 options
exercisable.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
May 2011, the Company issued 750,000 options over shares of Common
Stock to employees under the 2010 Equity Incentive Plan that has
been adopted by the Directors of the Company. The options vested
1/3 upon grant date, 1/3 vested on February 1, 2012 and the balance
vested on February 1, 2013. The exercise price of the options is
US$1.00 and the latest exercise date for the options is February 1,
2018.</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company has accounted for all options issued based upon their fair
value using the Binomial pricing model.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An
external consultant has calculated the fair value of the 750,000
options using the Binomial valuation method using the following
inputs:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
</div>
<div>
<div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="20%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 2px solid" valign="middle" width="13%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date share price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
</tr>
</table>
</div>
<div> </div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vesting
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Feb
1, 2012</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Feb
1, 2013</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life in years</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.5</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.0</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.5</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
rate</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Volatility</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercise
price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Call
option value</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.91</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.95</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.99</font></div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div> </div>
<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At
October 31, 2013 and April 30, 2014, there are 750,000 options
outstanding with an option price per share and weighted average
exercise price of US$1.00.  The exercise price is US$1.00
per option. The weighted average per option fair value of options
granted during fiscal 2011 was US$0.95 and the weighted average
remaining contractual life of those options at April 30, 2014 is
3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font>/<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">4</font>
years. At April 30, 2014 there are 750,000 options
exercisable.</font></div>
</div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(13)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
COMMITMENTS</font></div>
</td>
</tr>
</table>
</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to the Century Thrust Joint Venture Agreement (Joint Venture), the
Company may fund up to $6.5 million in exploration<font style="DISPLAY: inline; FONT-WEIGHT: bold"> </font>expenditure, of
which $4.48 million has already been funded, in order to acquire a
51% beneficial interest in the Joint Venture. Should Aurum wish to
execute its rights under the agreement, it may be required to
expend an additional $2.02 million through December 2015 on the
Century Thrust Concession (see note 1). All such exploration costs
are being expensed as incurred.</font></div>
</div>
106455
134
-10853214
1629
573100
571084
-11424432
7005
19625
-10853214
2381
8160874
11424432
1114194
7154317
-106455
14469
1629
21000
8139874
325125
106455
2729167
550815
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(10)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
EXPLORATION STAGE COMPANY</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
a result of the Company’s focus on mineral exploration, it is
considered an exploration stage company and accordingly reports
operations, stockholders deficit and cash flows since inception
through the date that revenues are generated from
management’s intended operations. Since inception, the
Company has incurred an operating loss of approximately $10.8
million. The Company’s working capital has been primarily
generated through the sales of common stock as well as advances
from an affiliated entity.</font></div>
</div>
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(5)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
GOING CONCERN</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
accompanying financial statements have been prepared in conformity
with accounting principles generally accepted in the United States
of America, which contemplate continuation of Aurum as a going
concern. Aurum has incurred net losses since inception and may
continue to incur substantial and increasing losses for the next
several years, all of which raises substantial doubt as to its
ability to continue as a going concern.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Aurum is reliant on loans and advances from corporations
affiliated with the President of Aurum. Based on discussions with
these affiliate companies, Aurum believes this source of funding
will continue to be available. Other than the arrangements noted
above, Aurum has not confirmed any other arrangement for ongoing
funding. As a result Aurum may be required to raise funds by
additional debt or equity offerings in order to meet its cash flow
requirements during the forthcoming year.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
retained deficit of the Company from inception (September 2008)
through April 30, 2014 amounted to approximately $10.8
million.</font></div>
</div>
<div style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
(1)</font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
ORGANIZATION AND BUSINESS</font></div>
</td>
</tr>
</table>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aurum,
Inc. ("Aurum” or the “Company") is a Delaware
corporation, originally incorporated in Florida as Liquid Financial
Engines, Inc. The principal stockholder of Aurum is Golden Target
Pty Ltd., an Australian corporation (“Golden”), which
owned 96.21% of Aurum as of April 30, 2014.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
January 20, 2010, the Company re-incorporated in the state of
Delaware (the “Reincorporation”) through a merger
involving Liquid Financial Engines, Inc. (“Liquid”) and
Aurum, Inc., a Delaware Corporation that was a wholly owned
subsidiary of Liquid. The Reincorporation was effected by merging
Liquid with Aurum, with Aurum being the surviving entity. For
financial reporting purposes Aurum is deemed a successor to
Liquid.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
July 2009, Golden acquired a 96% interest in Aurum from certain
stockholders. In connection therewith, the Company appointed a new
President/Chief Executive Officer and Chief Financial
Officer/Secretary and a new sole Director. The sole director and
stockholder of Golden is also the President of the
Company.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commencing
August 2009, the Company decided to focus on mineral exploration
for gold and copper in the Lao Peoples Democratic Republic (Lao
P.D.R or Laos). The Company is considered to be in the exploration
stage.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
December 2010, the Company executed a Management and Shareholders
Agreement with Argonaut Overseas Investments Ltd
(“AOI”), an indirectly wholly owned Subsidiary of
Argonaut Resources N.L., in respect to Argonaut’s 70% held
Century Concession in Laos.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
agreement appoints Aurum as the manager of the Century Thrust Joint
Venture Agreement (“Joint Venture”) and gives the
Company the right to earn 72.86% of AOI’s interest in the
Joint Venture which is equivalent to a 51% beneficial interest in
the Century Concession. In order to acquire this interest, Aurum
may be required to spend US$6.5 million on exploration within the
five year period ending December 10, 2015.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company’s ability to continue operations through the
remainder of 2014 is dependent upon future funding from affiliated
entities, capital raisings, or its ability to commence revenue
producing operations and positive cash flows.</font></div>
</div>
100000
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An
external consultant has calculated the fair value of the 2,500,000
options using the Binomial valuation method using the following
inputs:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
</div>
<div>
<div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="20%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 2px solid" valign="middle" width="13%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date share price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.10</font></div>
</td>
</tr>
</table>
</div>
<div> </div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vesting
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dec
13, 2010</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nov
17, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nov
17, 2012</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life in years</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.5</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.0</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.5</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
rate</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.91%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Volatility</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">95%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercise
price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Call
option value</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.78</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.81</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.83</font></div>
</td>
</tr>
</table>
</div>
</div>
</div>
</div>
<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An
external consultant has calculated the fair value of the 750,000
options using the Binomial valuation method using the following
inputs:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div>
</div>
<div>
<div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="20%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid" valign="middle" width="12%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: black 2px solid" valign="middle" width="13%">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant
date share price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.30</font></div>
</td>
</tr>
</table>
</div>
<div> </div>
<div align="right">
<table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="96%">
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vesting
date</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">May
1, 2011</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Feb
1, 2012</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Feb
1, 2013</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life in years</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.5</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.0</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.5</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
rate</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.02%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Volatility</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100%</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercise
price</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$1.00</font></div>
</td>
</tr>
<tr>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Call
option value</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.91</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid" valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.95</font></div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; BORDER-RIGHT: black 2px solid" valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -2.6pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">US$0.99</font></div>
</td>
</tr>
</table>
</div>
</div>
</div>
</div>
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