0001185185-17-001791.txt : 20170817 0001185185-17-001791.hdr.sgml : 20170817 20170817103241 ACCESSION NUMBER: 0001185185-17-001791 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170817 DATE AS OF CHANGE: 20170817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEL INSTRUMENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000096885 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 221441806 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31990 FILM NUMBER: 171037893 BUSINESS ADDRESS: STREET 1: ONE BRANCA ROAD CITY: EAST RUTHERFORD STATE: NJ ZIP: 07073 BUSINESS PHONE: 2019331600 MAIL ADDRESS: STREET 1: ONE BRANCA ROAD CITY: EAST RUTHERFORD STATE: NJ ZIP: 07073 10-Q 1 telinstrument10q063017.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2017

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-31990

TEL-INSTRUMENT ELECTRONICS CORP.

(Exact name of registrant as specified in its charter)

New Jersey	22-1441806
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Branca Road

East Rutherford, NJ 07073

(Address of principal executive offices)

(201) 933-1600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes ý No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of August 14, 2017, there were 3,255,887 shares outstanding of the registrant’s common stock.

TEL-INSTRUMENT ELECTRONICS CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
		Page
Item 1.	Financial Statements.	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	20

Item 4.	Controls and Procedures.	20

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings.	21

Item 1A.	Risk Factors.	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	22

Item 3.	Defaults Upon Senior Securities.	22

Item 4.	Mine Safety Disclosures.	22

Item 5.	Other Information.	22

Item 6.	Exhibits.	23

Signatures		24

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

TEL-INSTRUMENT ELECTRONICS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2017			March 31, 2017
	(unaudited)
ASSETS

Current assets:
Cash and cash equivalents	$	234,804		$	287,873
Accounts receivable, net		1,221,456			1,556,382
Inventories, net		4,165,330			4,208,179
Prepaid expenses and other current assets		77,997			188,578
Total current assets		5,699,587			6,241,012

Equipment and leasehold improvements, net		161,411			161,427
Other long-term assets		33,509			33,509
Total assets		5,894,507			6,435,948

LIABILITIES & STOCKHOLDERS’ (DEFICIT) EQUITY

Current liabilities:
Current portion of long-term debt		186,252			291,991
Line of credit		400,000			200,000
Capital lease obligations – current portion		6,414			6,268
Accounts payable and accrued liabilities		1,875,577			2,072,955
Federal and state taxes payable		4,105			4,105
Deferred revenues – current portion		63,165			123,720
Accrued legal damages		2,800,000			2,800,000
Accrued payroll, vacation pay and payroll taxes		501,030			527,413
Total current liabilities		5,836,543			6,026,452

Capital lease obligations – long-term		12,100			13,760
Long-term debt		534			2,124
Deferred revenues – long-term		377,603			352,973
Warrant liability		-			95,000
Total liabilities		6,226,780			6,490,309

Commitments

Stockholders’ (deficit) equity:
Common stock, 4,000,000 shares authorized, par value $0.10 per share, 3,255,887 shares issued and outstanding, respectively		325,586			325,586
Additional paid-in capital		8,115,548			8,107,369
Accumulated deficit		(8,773,407	)		(8,487,316	)
Total stockholders’ (deficit) equity		(332,273	)		(54,361	)
Total liabilities and stockholders’ (deficit) equity	$	5,894,507		$	6,435,948

See accompanying notes to condensed consolidated financial statements.

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TEL-INSTRUMENT ELECTRONICS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	June 30, 2017			June 30, 2016

Net sales	$	3,542,077		$	5,342,369
Cost of sales		2,300,787			3,465,716

Gross margin		1,241,290			1,876,653

Operating expenses:
Selling, general and administrative		706,286			768,230
Litigation costs		382,512			143,514
Engineering, research and development		615,273			584,877
Total operating expenses		1,704,071			1,496,621

(Loss) income from operations		(462,781	)		380,032

Other income (expense):
Proceeds from life insurance		92,678			-
Amortization of deferred financing costs		(1,357	)		(1,356	)
Change in fair value of common stock warrants		95,000			217,203
Interest expense		(9,631	)		(17,826	)
Total other income (expense)		176,690			198,021

(Loss) income before income taxes		(286,091	)		578,053

Income tax provision		-			167,744

Net (loss) income	$	(286,091	)	$	410,309

Net (loss) income per share:
Basic (loss) income per common share	$	(0.09	)	$	0.13
Diluted (loss) income per common share	$	(0.12	)	$	0.10

Weighted average shares outstanding:
Basic		3,255,887			3,255,887
Diluted		3,266,540			3,274,829

See accompanying notes to condensed consolidated financial statements.

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TEL-INSTRUMENT ELECTRONICS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	June 30, 2017			June 30, 2016

Cash flows from operating activities:
Net (loss) income	$	(286,091	)	$	410,309
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Deferred income taxes		-			167,744
Depreciation and amortization		21,522			35,010
Provision for inventory obsolescence		5,000			15,000
Amortization of deferred financing costs		1,357			1,356
Change in fair value of common stock warrant		(95,000	)		(217,203	)
Non-cash stock-based compensation		8,179			8,179

Changes in assets and liabilities:
Decrease (increase) in accounts receivable		334,926			(811,605	)
Decrease in inventories		37,849			615,748
Decrease (increase) in prepaid expenses & other assets		109,224			(635,780	)
Decrease in accounts payable and other accrued expenses		(197,378	)		(335,444	)
Decrease in federal and state taxes		-			(53,623	)
Decrease in accrued payroll, vacation pay & withholdings		(26,383	)		(75,898	)
(Decrease) increase in deferred revenues		(35,925	)		481,277
Decrease in other long-term liabilities		-			(6,300	)
Net cash used in operating activities		(122,720	)		(401,230	)

Cash flows from investing activities:
Purchases of equipment		(21,506	)		(25,307	)
Net cash used in investing activities		(21,506	)		(25,307	)

Cash flows from financing activities:
Proceeds from line of credit		200,000			-
Repayment of long-term debt		(107,329	)		(102,128	)
Repayment of subordinated notes - related parties		-			(25,000	)
Repayment of capitalized lease obligations		(1,514	)		(6,398	)
Net cash provided by (used in) financing activities		91,157			(133,526	)

Net decrease in cash and cash equivalents		(53,069	)		(560,063	)
Cash and cash equivalents at beginning of period		287,873			972,633
Cash and cash equivalents at end of period	$	234,804		$	412,570

Supplemental cash flow information:
Taxes paid	$	-		$	50,000
Interest paid	$	28,524		$	21,504

See accompanying notes to condensed consolidated financial statements.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Tel-Instrument Electronics Corp. (the “Company” or “TIC”) as of June 30, 2017, the results of operations for the three months ended June 30, 2017 and June 30, 2016, and statements of cash flows for the three months ended June 30, 2017 and June 30, 2016. These results are not necessarily indicative of the results to be expected for the full year. The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K. The March 31, 2016 balance sheet included herein was derived from the audited financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017, as filed with the United States Securities and Exchange Commission (the “SEC”) on July 14, 2017 (the “Annual Report”).

Note 2 - Liquidity and Going Concern

These condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As discussed in Note 14 to the Notes to the Consolidated Financial Statements, the Company has recorded estimated damages of $2,800,000 as a result of the jury verdict associated with the Aeroflex litigation. The jury found no misappropriation of Aeroflex trade secrets but it did rule that the Company tortiously interfered with a prospective business opportunity and awarded damages. The jury also ruled that Tel tortiously interfered with Aeroflex’s non-disclosure agreements with two former Aeroflex employees. The jury also found that the former Aeroflex employees breached their non-disclosure agreements with Aeroflex. The court will conduct further hearings in the next few weeks which will include a punitive damages claim. Subsequent to the jury verdict, the Company filed a motion with the Kansas court seeking to reduce the damages award. The court conducted the hearings on these motions and the Company is awaiting the decision of the court.

Given the uncertainty involving the final damages amount and the ability of the Company to secure adequate financing to support an appeal or satisfy the judgment, the Company has written off its deferred tax asset in the amount of $3.5 million. The damages, legal expense and write off of the deferred tax asset resulted in the Company incurring a net loss of $4.8 million for the fiscal year ended March 31, 2017.

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital to support the appeal process or pay any final damages amount and achieve profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The Company has been profitable from an operational standpoint for the last several years and should be able to obtain sufficient cash proceeds to support the planned appeal assuming the final judgment amount remains at or below the current $2.8 million accrual. The Company has retained OEM Capital with the goal of securing additional financing to finance the judgement or potential appeal. Financing discussions have been taking place with various parties but the Company has no commitment from any party to provide additional funding at this time. Moreover, there is no assurance that sufficient funding will be available, or if available, that its terms will be favorable to the Company.

Note 3 – Summary of Significant Accounting Policies

During the three months ended June 30, 2017, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Annual Report.

Note 4 – Accounts Receivable, net

The following table sets forth the components of accounts receivable:

	June 30, 2017			March 31, 2017
Government	$	986,356		$	1,392,482
Commercial		242,600			171,400
Less: Allowance for doubtful accounts		(7,500	)		(7,500	)
	$	1,221,456		$	1,556,382

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 5 – Inventories, net

Inventories consist of:

	June 30, 2017			March 31, 2017

Purchased parts	$	3,133,106		$	3,197,378
Work-in-process		1,358,129			1,272,235
Finished goods		9,095			68,566
Less: Inventory reserve		(335,000	)		(330,000	)
	$	4,165,330		$	4,208,179

Note 6 – Net Income (Loss) per Share

Net income (loss) per share has been computed according to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 260”), “Earnings per Share,” which requires a dual presentation of basic and diluted income (loss) per share (“EPS”). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services.

	Three Months Ended			Three Months Ended
	June 30, 2017			June 30, 2016
Basic net (loss) income per share computation:
Net (loss) income	$	(286,091	)	$	410,309
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net (loss) income per share	$	(0.09	)	$	0.13
Diluted net (loss) income per share computation
Net (loss) income	$	(286,091	)	$	410,309
Add: Change in fair value of warrants		95,000			92,100
Diluted (loss) income	$	(381,091	)		318,209
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		10,653			18,942
Total adjusted weighted-average shares		3,266,540			3,274,829
Diluted net (loss) income per share	$	(0.12	)	$	0.10

The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:

	June 30, 2017		June 30, 2016
Stock options		79,000		65,000
Warrants		-		186,920
		79,000		251,920

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 7 – Long-Term Debt

Term Loans with Bank of America

In November 2014, the Company entered into a term loan in the amount of $1,200,000 with Bank of America. The term loan is for three years, and matures in November 2017. Monthly payments are at $36,551 including interest at 6%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2017 and March 31, 2017, the outstanding balances were $179,999 and $285,810, respectively. At June 30, 2017, $179,999 was classified as current.

In July 2015, the Company entered into a term loan in the amount of $18,000 with Bank of America. The term loan is for three years, and matures in July 2018. Monthly payments are at $536 including interest at 4.5%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2017 and March 31, 2017, the outstanding balances were $6,787 and $8,305, respectively. At June 30, 2017, $6,253 was classified as current.

Note 8 - Line of Credit

On March 21, 2016, the Company entered into a line of credit agreement with Bank of America, which expired March 31, 2017. In March 2017, the line of credit was renewed and the expiration date extended until March 31, 2018. The new line provides a revolving credit facility with borrowing capacity of up to $1,000,000. There are no covenants or borrowing base calculations associated with this line of credit. Interest on any outstanding balances is payable monthly at an annual interest rate equal to the LIBOR (London Interbank Offered Rates) Daily Floating plus 3.75 percentage points. The Company’s interest rate was 4.974% at June 30, 2017. The line is collateralized by substantially all of the assets of the Company. During the three months ended June 30, 2017, the Company borrowed $200,000 from this line of credit. As of June 30, 2017 and March 31, 2017, the outstanding balances were $400,000 and $200,000, respectively. As of June 30, 2017 the remaining availability under this line is $600,000.

During July 2017, the Company borrowed $200,000 from this line of credit.

Note 9 – Deferred Revenues

In June 2016, the Company negotiated a settlement with a customer in the amount of $679,935 for price increases due to delays on a production release. Deferred revenues are recognized based upon the shipment of units under this contract. During the three months ended June 30, 2017, the Company recognized the remaining balance of $73,302 as compared to $214,396 for the three months ended June 30, 2016. As of June 30, 2017, the remaining deferred revenues related to the above-mentioned settlement was $-0- as compared to $73,302 at March 31, 2017.

Note 10 – Segment Information

In accordance with FASB ASC 280, “Disclosures about Segments of an Enterprise and related information”, the Company determined it has two reportable segments - avionics government and avionics commercial. There are no inter-segment revenues.

The Company is organized primarily on the basis of its avionics products. The avionics government segment consists primarily of the design, manufacture, and sale of test equipment to the U.S. and foreign governments and militaries either directly or through distributors. The avionics commercial segment consists of design, manufacture, and sale of test equipment to domestic and foreign airlines, directly or through commercial distributors, and to general aviation repair and maintenance shops. The Company develops and designs test equipment for the avionics industry and as such, the Company’s products and designs cross segments.

Management evaluates the performance of its segments and allocates resources to them based on gross margin. The Company’s general and administrative costs and sales and marketing expenses, and engineering costs are not segment specific. As a result, all operating expenses are not managed on a segment basis. Net interest includes expenses on debt and income earned on cash balances, both maintained at the corporate level. Segment assets include accounts receivable and work-in-process inventory. Asset information, other than accounts receivable and work-in-process inventory, is not reported, since the Company does not produce such information internally. All long-lived assets are located in the U.S.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 10 – Segment Information (continued)

The table below presents information about reportable segments within the avionics business for the three month periods ending June 30, 2017 and 2016:

Three Months Ended June 30, 2017	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	2,972,326	$	569,751	$	3,542,077	$	-		$	3,542,077
Cost of sales		1,815,153		485,634		2,300,787		-			2,300,787
Gross margin		1,157,173		84,117		1,241,290		-			1,241,290

Engineering, research, and development						615,273		-			615,273
Selling, general and administrative						358,667		347,619			706,286
Litigation costs								382,512			382,512
Amortization of deferred financing costs						-		1,357			1,357
Change in fair value of common stock warrants						-		(95,000	)		(95,000	)
Proceeds from life insurance								(92,678	)		(92,678	)
Interest expense, net						-		9,631			9,631
Total expenses						973,940		553,441			1,527,381
Income (loss) before income taxes					$	267,350	$	(553,441	)	$	(286,091	)

Three Months Ended June 30, 2016	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	4,871,620	$	470,749	$	5,342,369	$	-		$	5,342,369
Cost of sales		3,104,918		360,798		3,465,716		-			3,465,716
Gross margin		1,766,702		109,951		1,876,653		-			1,876,653

Engineering, research, and development						584,877		-			584,877
Selling, general and administrative						343,882		424,348			768,230
Litigation costs								143,514			143,514
Amortization of deferred financing costs						-		1,356			1,356
Change in fair value of common stock warrants						-		(217,203	)		(217,203	)
Interest expense, net						-		17,826			17,826
Total expenses						928,759		369,841			1,298,600
Income (loss) before income taxes					$	947,894	$	(369,841	)	$	578,053

Note 11 – Income Taxes

FASB ASC 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”) prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company does not have any unrecognized tax benefits.

The tax effect of temporary differences, primarily net operating loss carryforwards, asset reserves and accrued liabilities, gave rise to the Company’s deferred tax asset. Deferred income taxes are recognized for the tax consequence of such temporary differences at the enacted tax rate expected to be in effect when the differences reverse. Given the uncertainty involving the final damages amount and the ability of the Company to secure adequate financing to support an appeal or satisfy the judgment, the Company has provided a 100% valuation allowance against its deferred tax asset at June 30, 2017 and March 31, 2017, until such time as the final damages amount is resolved, and an assessment made based upon the final damages of the valuation allowance.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 12 – Fair Value Measurements

FASB ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”) defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and expands disclosures about fair value measurements.

As defined in ASC 820-10, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observation of those inputs. ASC 820-10 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy defined by ASC 820-10 are as follows:

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options and collars.

·	Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

The valuation techniques that may be used to measure fair value are as follows:

·	Market approach — Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

·	Income approach — Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models and excess earnings method.

·	Cost approach — Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The carrying value of the Company’s borrowings is a reasonable estimate of its fair value as borrowings under the Company’s credit facility reflect currently available terms and conditions for similar debt.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 12 – Fair Value Measurements (continued)

The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2017 and March 31, 2017. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

June 30, 2017

Level I

Level II

Level III

Total

Total Assets

Warrant liability

Total Liabilities

March 31, 2017	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-

Warrant liability		-		-		95,000		95,000
Total Liabilities	$	-	$	-	$	95,000	$	95,000

The Company adopted the guidance of ASC 815 “Derivative and Hedging”, which requires that we mark the value of our warrant liability to market and recognize the change in valuation in our statement of operations each reporting period. Determining the warrant liability to be recorded requires us to develop estimates to be used in calculating the fair value of the warrant.

The following table provides a summary of the changes in fair value of our Level 3 financial liabilities from March 31, 2017 through June 30, 2017, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to the liability held at June 30, 2017:

Level 3 Reconciliation	Balance at beginning of period		(Gains) and losses for the period (realized and unrealized)			Purchases, issuances, sales and settlements, net		Transfers in or out of Level 3		Balance at the end of period
Warrant liability	$	95,000	$	(95,000	)	$	-	$	-	$	-
Total Liabilities	$	95,000	$	(95,000	)	$	-	$	-	$	-

The Company has remaining warrants with an outside investor to purchase 50,000 shares of the Company’s common stock at an exercise price of $3.35 per share or exercising the “put option” to the Company. As of the June 30, 2017, the market price of the stock was below the exercise price of the warrant and there is no positive value for the “put option”. The warrant liability of the 50,000 warrants was $-0- at June 30, 2017 as compared to $95,000 at March 31, 2017.

Note 13 – Reclassifications

Certain prior year and period amounts have been reclassified to conform to the current period presentation.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 14 – Litigation

Contingencies are recorded in the consolidated financial statements when it is probable that a liability will be incurred and the amount of the loss is reasonably estimable, or otherwise disclosed, in accordance with Accounting Standards Codification 450, Contingencies (“ASC 450”). Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450. To the extent there is a reasonable possibility that the losses could exceed the amounts already accrued, the Company will, when applicable, adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss or if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made.

On March 24, 2009, Aeroflex Wichita, Inc. (“Aeroflex”) filed a petition against the Company and two of its employees in the District Court located in Sedgwick County, Kansas, Case No. 09 CV 1141 (the “Aeroflex Action”), alleging that the Company and its two employees misappropriated Aeroflex’s proprietary technology in connection with the Company winning a substantial contract from the U.S. Army, to develop new Mode-5 radar test sets and kits to upgrade the existing TS-4530 radar test sets to Mode 5 (the “Award”). Aeroflex’s petition, seeking injunctive relief and damages, alleges that in connection with the Award, the Company and its named employees misappropriated Aeroflex’s trade secrets; tortiously interfered with Aeroflex’s business relationship; conspired to harm Aeroflex and tortiously interfered with Aeroflex’s contract. The central basis of all the claims in the Aeroflex Action is that the Company misappropriated and used Aeroflex proprietary technology and confidential information in winning the Award. In February 2009, subsequent to the Company winning the Award, Aeroflex filed a protest of the Award with the Government Accounting Office (“GAO”). In its protest, Aeroflex alleged, inter alia, that the Company used Aeroflex’s proprietary technology in order to win the Award, the same material allegations as were later alleged in the Aeroflex Action. On or about March 17, 2009, the U.S. Army Contracts Attorney and the U.S. Army Contracting Officer each filed a statement with the GAO, expressly rejecting Aeroflex’s allegations that the Company used or infringed on Aeroflex’s proprietary technology in winning the Award, and concluding that the Company had used only its own proprietary technology. On April 6, 2009, Aeroflex withdrew its protest.

In December 2009, the Kansas District Court dismissed the Aeroflex Action on jurisdiction grounds. Aeroflex appealed this decision. In May 2012, the Kansas Supreme Court reversed the decision and remanded the Aeroflex Action to the Kansas District Court for further proceedings.

On May 23, 2016, the Company filed a motion for summary judgment based on Aeroflex’s lack of jurisdictional standing to bring the case. The motion asserts that Aeroflex does not own the intellectual property at issue since it is a bare licensee of Northrop Grumman. Northrop Grumman has declined to join this suit as plaintiff. Aeroflex lacks standing to sue alone. Also, the motion raises the fact that Aeroflex allowed the license to expire, Aeroflex’s claims are either moot or Aeroflex lacks standing to sue for damages alleged to have accrued after the license ended in 2015 2011. The motion for summary judgment was denied.

The Aeroflex trial on remand in the Kansas District Court began in March 2017. After a six-week trial, the jury rendered its verdict. The jury found no misappropriation of Aeroflex trade secrets but it did rule that the Company tortiously interfered with a prospective business opportunity and awarded damages of $1.3 million for lost profits. The jury also ruled that Tel tortiously interfered with Aeroflex’s non-disclosure agreements with two former Aeroflex employees and awarded damages of $1.5 million for lost profits, resulting in total damages against the Company of $2.8 million. The jury also found that the former Aeroflex employees breached their non-disclosure agreements with Aeroflex and awarded damages against these two individuals totaling $525,000. The jury also decided that punitive damages should be allowed against the Company. The court has not yet entered final judgment on the verdict.

Following the verdict, the Company filed a motion for judgment as a matter of law, which is pending. In the motion, the Company renewed its motion for judgment on Aeroflex’s tortious interference with prospective business opportunity claim arguing that such claim is barred by the statute of limitations. Alternatively, the motion asserts there is insufficient evidence supporting the lost profit award on that claim. Additionally, the motion for judgment addresses inconsistency between the awards against the former Aeroflex employees for breach of the non-disclosure agreements and the award against the Company for interfering with those agreements. Alternatively, the motion asserts there is insufficient evidence supporting the lost profit award on that claim. While we believe that this motion has merit, there is no assurance that the judge will reduce the jury awards.

During July 2017, the Court heard the Company’s motion for judgment as well as conducting a hearing as to the amount of a punitive damages award. Kansas statutes limit punitive damages to a maximum of $5 million. The Company is currently awaiting the court’s decision.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 14 – Litigation (continued)

Aeroflex has submitted a motion to the Court requesting that the judge award punitive damages at the maximum $5 million amount. In Kansas, punitive damages are awarded to “punish the wrongdoer for his malicious, vindictive or willful and wanton invasion of another’s rights, with the ultimate purpose being to restrain and deter others from the commission of similar wrongdoings.” Importantly, Kansas courts have ruled that the purpose of punitive damages “is to sting, not to kill”. The Court will also take into consideration the Company’s financial condition in setting the amount of punitive damages. The Company does not believe that punitive damages, in any amount are appropriate. Regardless, the Company will vigorously defend against an award.

In summary, until the Court rules on the pending matters the final judgment on the verdict is speculative. At this stage, the Company has recorded a $2.8 million liability but this could materially change based on the judge’s ruling. Punitive damages can also range between $-0- and $5 million. Depending on the outcome of these hearings, both sides have the ability to appeal the decision or the judge could vacate the jury decision and schedule a new trial. If the judge enters a final damages award, both sides have approximately 30 days to file an appeal or request a new trial. If the Company files the appeal on its own, it will be required to post a bond in the equal to the lesser of: (1) the final damages award; or (2) $1 million plus 25% of the amount of the verdict in excess of $1 million, which would currently total $1.45 million.

The Company believes it has excellent grounds to appeal this verdict. The appeal process would be expected to take several years to complete.

Other than the matters outlined above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of executive officers of our Company, threatened against or affecting our Company, or our common stock in which an adverse decision could have a material effect.

Note 15 – New Accounting Pronouncements

In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments should be applied prospectively to an award modified on or after the adoption date. For public business entities, this update is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. We are evaluating whether this ASU will have a material impact on our consolidated financial statements.

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09 (“Improvements to Employee Share-Based Payment Accounting”) which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company does not believe that the adoption of this standard will have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 (“Leases”), which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The adoption of this ASU will increase assets and liabilities for operating leases. The Company is evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, which is an update to Topic 740, “Income Taxes”. This update requires that all deferred tax assets and liabilities be classified as non-current. The Company adopted this update in the current year, which is reflected in the accompanying balance sheets. The deferred tax recorded as a current asset for the year ended March 31, 2016 was reclassified as Deferred Tax – Non-Current. The adoption of this update did not have any impact on the Company’s results of operations.

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TEL-INSTRUMENT ELECTRONICS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 15 – New Accounting Pronouncements (continued)

In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. The guidance requires management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. When management identifies such conditions or events, a footnote disclosure is required to disclose their nature, as well as management’s plans to alleviate the substantial doubt to continue as a going concern. The standard became effective for our fiscal year end 2017 and did not have an impact on the consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In March 2016, the FASB issued ASU 2016-08 which further clarifies the guidance on the principal versus agent considerations within ASU 2014-09. In April 2016, the FASB issued ASU 2016-10 to expand the guidance on identifying performance obligations and licensing within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12 to improve revenue recognition in the areas of collectability, presentation of sales tax and other similar taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. This update also amends the disclosure requirements within ASU 2014-09 for entities that retrospectively apply the guidance. The latest amendments are intended to address implementation issues that were raised by stakeholders and discussed by the Revenue Recognition Transition Resource Group, and provide additional practical expedients. These standards are effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact, if any, it will have on its consolidated financial statements.

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s condensed consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward Looking Statements

This Quarterly Report on Form 10-Q and other reports filed by the Company from time to time with the SEC (collectively the “Filings”) contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “plan”, or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended March 31, 2017, filed with the SEC on July 14, 2017, relating to the Company’s industry, the Company’s operations and results of operations, and any businesses that the Company may acquire. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this report.

Overview

The Company believes it has built a solid position in the Mode 5 IFF and TACAN test set market, and these products should be very competitive in both the domestic and overseas markets. While the major contracts have been completed, we believe that we are well positioned as our CRAFT and TS-4530A flight-line test sets have been endorsed by the U.S. military, and we have already delivered test sets into 18 international markets. We have intensified our marketing efforts and increased our investment in research and development. We continue to emphasize the importance of capturing the majority share of the large IFF international market which we believe could generate substantial revenues starting later this fiscal year, and we have been working with international partners to ensure that we are well-positioned in this market. The new T-47M5 Mode 5 IFF test set will be a cost effective upgrade option for our large installed base of Mode 4 test sets and we have started receiving international orders for this new test set. Our business development team met with several European customers with the intention of securing volume Mode 5 orders which could commence later this calendar year. All allied countries have a drop dead date of January 1, 2020 for Mode 5 capability; as a result, we believe that this international Mode 5 business will remain strong for at least the next three years.

We believe the real long-term growth potential for the Company is in our new line of modular hand-held test sets. This provides us with the opportunity to expand out of our relatively narrow avionics test market niche and enter the much larger secure communications radio test market. We are actively working to line up partners to enter this growth market and we believe that our new hardware platform provides unmatched capabilities in a market leading form factor. Prototypes of this new test set were demonstrated at the January 18, 2017 Annual Meeting. The Company is also evaluating upcoming U.S. Navy requirements, and expects at least one large competitive solicitation will be issued in the next 12 months for a product in our technical area of expertise. We are also working closely with our other military customers on new potential market opportunities that will be needed to maintain our sales and profitability growth.

The commercial avionics industry is undergoing a great deal of regulatory change including the requirement that all aircraft be equipped with ADS-B transponders as well as the introduction of new UAT navigation for the general aviation market. We believe that our new hand-held products, that we are planning to introduce in the near term, will generate increased market share at attractive gross margin levels. The Company is also targeting the extremely large commercial and military radio test set market which is many times the size of our traditional avionics test market. We are also working closely with our military customers on new potential market opportunities that will be needed to maintain our sales and profitability growth.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview (continued)

We continue to evaluate other attractive potential market opportunities.

We have paid off the warranty liability to BCA Mezzanine Fund LLP (”BCA”). The expectation is that we will significantly improve our gross margins beginning next fiscal year with a goal of returning to our traditional 50% gross margin levels. As such, we believe the key will be to secure sufficient high margin business with our existing and new products to maintain a reasonable backlog. The timing of these new orders is largely out of our hands so we expect to see increased volatility in our quarterly revenues starting in fiscal year 2018. At June 30, 2017, the Company’s backlog of orders was approximately $1.9 million as compared to $3.2 million at March 31, 2017.

On July 27, 2017, the Company received a letter from the staff of the NYSE American (the “Exchange”) stating that, based on Tel’s financial statements at March 31, 2017, Tel is not in compliance with Section 1003(a)(i) of the NYSE American Company Guide, which requires that a company’s stockholders’ equity be $2.0 million or more if it has reported net losses in two of its last three fiscal years (the “Stockholders’ Equity Requirement”). As of March 31, 2017, the Company had a stockholders’ deficit of $54,361, which resulted from litigation costs, the accrual of $2.8 million in damages, as well as the recording of a valuation allowance against the Company’s deferred tax asset of $3.5 million, which resulted in the Company recording a net loss of $4.8 million for the fiscal year ended March 31, 2017, thus bringing the Company below the Stockholders’ Equity Requirement.

The Company must submit to the Exchange, by August 28, 2017, a plan advising of the actions the Company has taken or will take to regain compliance with the Stockholders’ Equity Requirement by January 29, 2019.

Tel’s stock will continue to be listed on the NYSE American while Tel works to regain compliance with the Stockholders’ Equity Requirement. The Company’s common stock will continue to trade under the symbol “TIK”. The Company’s receipt of such notification from the Exchange does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.

On May 23, 2016, the Company filed a motion for summary judgment based on Aeroflex’s lack of jurisdictional standing to bring the case. The motion asserts that Aeroflex does not own the intellectual property at issue since it is a bare licensee of Northrop Grumman. Northrop Grumman has declined to join this suit as plaintiff. Aeroflex lacks standing to sue alone. Also, the motion raises the fact that Aeroflex allowed the license to expire, Aeroflex’s claims are either moot or Aeroflex lacks standing to sue for damages alleged to have accrued after the license ended in December 2011. The motion for summary judgment was denied.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview (continued)

During July, 2017, the Court heard the Company’s motion for judgment as well as conducting a hearing as to the amount of a punitive damages award. Kansas statutes limit punitive damages to a maximum of $5 million. The Company is currently awaiting the court’s decision

The Company believes it has excellent grounds to appeal this verdict. The appeal process would be expected to take several years to complete.

The Company has been profitable from an operational standpoint for the last several years and should be able to obtain sufficient cash proceeds capital to support the planned appeal assuming the final judgment amount remains at or below the current $2.8 million accrual. Financing discussions have been taking place with various parties, but the Company has no commitment from any party to provide additional funding at this time. Moreover, there is no assurance that sufficient funding will be available, or if available, that its terms will be favorable to the Company.

Results of Operations

Sales

For the three months ended June 30, 2017, total net sales decreased $1,800,292 (33.7%) to $3,542,077, as compared to $5,342,369 for the three months ended June 30, 2016. Avionics government sales decreased $1,899,294 (39.0%) to $2,972,326 for the three months ended June 30, 2017, as compared to $4,871,620 for the three months ended June 30, 2016. The decrease in sales is mostly attributed to the decrease in shipment of the U.S. Army TS-4530A Kits and Sets, CRAFT and ITATS units associated with the U.S. Navy programs, which contracts have now been completed. This decrease is partially offset by the shipment of the T-47N and our Precision DME (Distance Measuring Equipment”) test sets. Commercial sales increased $90,002 (21.0%) to $569,751 for the three months ended June 30, 2017 as compared to $470,749 for the three months ended June 30, 2016. This increase is attributed to the increased sales of the TR-220 and our recently introduced TR-36.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations (continued)

Gross Margin

For the three months ended June 30, 2017, total gross margin decreased $635,363 (33.9%) to $1,241,290, as compared to $1,876,653 for the three months ended June 30, 2016, primarily as a result of the lower volume as well as labor and overhead variances as a result of the lower volume partially offset by higher selling prices. The gross margin percentage for the three months ended June 30, 2017 was 35.0%, as compared to 35.1% for the three months ended June 30, 2016.

Operating Expenses

Selling, general and administrative expenses decreased $61,944 (8.1%) to $706,286 for the three months ended June 30, 2017, as compared to $768,230 for the three months ended June 30, 2016. This decrease was primarily attributed to lower salaries and related expenses, lower accrued profit sharing expense and consulting expenses offset partially by higher outside commission expenses.

Litigation expenses increased to $382,512 for the three months ended June 30, 2017 as compared to $143,514 for the three months ended June 30, 2016 as a result of the trial expenses associated with the Aeroflex Wichita, Inc. (“Aeroflex”) litigation.

Engineering, research and development expenses increased $30,396 (5.2%) to $615,273 for the three months ended June 30, 2017 as compared to $584,877 for the three months ended June 30, 2016. The Company continues to invest in new products by taking advantage of our CRAFT and TS-4530A technology to develop smaller hand-held products, which will broaden our product line for both commercial and military applications. The Company is also developing its T-47M5 Mode 5 test set, which we believe will compete effectively in the international market. We have added additional personnel to research and development activities to accelerate our time to market.

(Loss) Income from Operations

As a result of the above, the Company recorded a loss from operations of $462,781 for the three months ended June 30, 2017, as compared to income from operations of $380,032 for the three months ended June 30, 2016.

Other Income (Expense), Net

For the three months ended June 30, 2017, total other income was $176,690, as compared to other income of $198,021 for the three months June 30, 2016. This decrease in other income is primarily due to the lower gain of on the change in the valuation of common stock warrants as compared to the same period last year offset partially by proceeds from life insurance.

(Loss) Income before Income Taxes

As a result of the above, the Company recorded a loss before taxes of $286,091, as compared to income before taxes of $578,053 for the three months ended June 30, 2016.

Income Tax Provision/Benefit

For the three months ended June 30, 2017, the Company recorded no income tax benefit as such amount was offset by a valuation allowance. For the three months ended June 30, 2016, the Company reported a provision for income tax in the amount of $167,744.

Net (Loss) Income

As a result of the above, the Company recorded a net loss of $286,091 for the three months ended June 30, 2017, as compared to net income of $410,309 for the three months ended June 30, 2016.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued).

Liquidity and Capital Resources

At June 30, 2017, the Company had net working capital of $136,956 as compared to $214,560 at March 31, 2017. This change is primarily the result of lower accounts receivable partially offset by lower accounts payable and accrued expenses.

During the three months ended June 30, 2017, the Company’s cash balance decreased by $53,609 to $234,804. The Company’s principal sources and uses of funds were as follows:

Cash used in operating activities. For the three months ended June 30, 2017, the Company used $122,720 in cash for operations as compared to using $401,230 in cash for operations for the three months ended June 30, 2016. This decrease in cash used for operations is the result of the increase in accounts receivable and other assets offset partially by lower operating income, deferred revenues and the change in inventories.

Cash used in investing activities. For the three months ended June 30, 2017, the Company used $21,506 of its cash for investment activities, as compared to $25,307 for the three months ended June 30, 2016 as a result of a decrease in the purchase of capital equipment.

Cash provided by (used in) financing activities. For three months ended June 30, 2017, the Company provided $91,157 in cash from financing activities as compared to using $133,526 for the three months ended June 30, 2016 primarily as a result of the proceeds from the line of credit.

In July 2015, the Company entered into a term loan in the amount of $18,000 with Bank of America. The term loan is for three years and matures in July 2018. Monthly payments are at $536 including interest at 4.5%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2017 and March 31, 2017, the outstanding balances were $6,786 and $8,305, respectively. At June 30, 2017, $6,252 was classified as current.

Until the Court rules on the pending matters, the final judgment on the verdict is speculative. At this stage, the Company has recorded a $2.8 million liability but this could materially change based on the judge’s ruling. Punitive damages can also range between $-0- and $5 million. Depending on the outcome of these hearings, both sides have the ability to appeal the decision or the judge could vacate the jury decision and schedule a new trial. If the judge enters a final damages award, both sides have approximately 30 days to file an appeal or request a new trial. If the Company files the appeal on its own, it will be required to post a bond in the equal to the lesser of: (1) the final damages award; or (2) $1 million plus 25% of the amount of the verdict in excess of $1 million, which would currently total $1.45 million.

The Company believes it has excellent grounds to appeal this verdict. The appeal process would be expected to take several years to complete.

Currently, the Company has no material future capital expenditure requirements.

There was no significant impact on the Company’s operations as a result of inflation for the three months ended June 30, 2017.

These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017, filed with the SEC on July 14, 2017 (the “Annual Report”).

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued).

Off-Balance Sheet Arrangements

As of June 30, 2017, the Company had no material off-balance sheet arrangements.

Critical Accounting Policies

Our critical accounting policies are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report. There have been no changes in our critical accounting policies. Our significant accounting policies are described in our notes to the 2017 consolidated financial statements included in our Annual Report.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We do not hold any derivative instruments and do not engage in any hedging activities.

Item 4. Controls and Procedures.

(a)	Evaluation of Disclosure Controls and Procedures

The Company, including its principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report (the “Evaluation Date”). Based upon the evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective. Disclosure controls are controls and procedures designed to reasonably ensure that information required to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls include controls and procedures designed to reasonably ensure that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

The Company, including its principal executive officer and principal accounting officer, reviewed the Company’s internal control over financial reporting, pursuant to Rule 13(a)-15(e) under the Exchange Act and concluded that there was no change in the Company’s internal control over financial reporting during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

On May 23, 2016, the Company filed a motion for summary judgment based on Aeroflex’s lack of jurisdictional standing to bring the case. The motion asserts that Aeroflex does not own the intellectual property at issue since it is a bare licensee of Northrop Grumman. Northrop Grumman has declined to join this suit as plaintiff. Aeroflex lacks standing to sue alone. Also, the motion raises the fact that Aeroflex allowed the license to expire, Aeroflex’s claims are either moot or Aeroflex lacks standing to sue for damages alleged to have accrued after the license ended in December 2011. The motion for summary judgment was denied.

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Item 1. Legal Proceedings (continued).

The Company believes it has excellent grounds to appeal this verdict. The appeal process would be expected to take several years to complete.

Item 1A. Risk Factors.

We believe there are no changes that constitute material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017, filed with the SEC on July 14, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of the Company’s equity securities during the quarter ended June 30, 2017 other than those previously reported in a Current Report on Form 8-K.

Item 3. Defaults upon Senior Securities.

There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

There is no other information required to be disclosed under this item which was not previously disclosed.

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Item 6. Exhibits.

Exhibit No.		Description

31.1		Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*

31.2		Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*

32.1		Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

32.2		Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101.INS		XBRL Instance Document*

101.SCH		Taxonomy Extension Schema Document*

101.CAL		Taxonomy Extension Calculation Linkbase Document*

101.DEF		Taxonomy Extension Definition Linkbase Document*

101.LAB		Taxonomy Extension Label Linkbase Document*

101.PRE		Taxonomy Extension Presentation Linkbase Document*

* Filed herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TEL-INSTRUMENT ELECTRONICS CORP.


Date: August 17, 2017	By:	/s/ Jeffrey C. O’Hara
		Name: Jeffrey C. O’Hara
		Title: Chief Executive Officer Principal Executive Officer


Date: August 17, 2017	By:	/s/ Joseph P. Macaluso
		Name: Joseph P. Macaluso
		Title: Principal Financial Officer Principal Accounting Officer

EX-31.1 2 ex31-1.htm EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

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

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey C. O’Hara, certify that:

1.	I have reviewed this Form 10-Q of Tel-Instrument Electronics Corp.;

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

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

Along with the Principal Financial Officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

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

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

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

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

5.	I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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

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

Date: August 17, 2017	By:	/s/ Jeffrey C. O’Hara
		Jeffrey C. O’Hara
		Principal Executive Officer Tel-Instrument Electronics Corp.

EX-31.2 3 ex31-2.htm EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

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

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Joseph P. Macaluso, certify that:

1.	I have reviewed this Form 10-Q of Tel-Instrument Electronics Corp.;

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

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

Along with the Principal Executive Officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

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

5.	I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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

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

Date: August 17, 2017	By:	/s/ Joseph P. Macaluso
		Joseph P. Macaluso
		Principal Financial Officer Tel-Instrument Electronics Corp.

EX-32.1 4 ex32-1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Tel-Instrument Electronics Corp. (the “Company”), on Form 10-Q for the quarter ended June 30, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Jeffrey C. O’Hara, Principal Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	Such Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in such Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 17, 2017	By:	/s/ Jeffrey C. O’Hara
		Jeffrey C. O’Hara
		Principal Executive Officer Tel-Instrument Electronics Corp.

EX-32.2 5 ex32-2.htm EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report of Tel-Instrument Electronics Corp. (the “Company”), on Form 10-Q for the quarter ended June 30, 2017, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Joseph P. Macaluso, Principal Financial Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	Such Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in such Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 17, 2017	By:	/s/ Joseph P. Macaluso
		Joseph P. Macaluso
		Principal Financial Officer Tel-Instrument Electronics Corp.

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table sets forth the components of accounts receivable:<br /><br /><table id="zc3d0949f63f94c08b799354e6d75a4ea" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 75%; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">June 30,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">March 31,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Government</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">986,356</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,392,482</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Commercial</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">242,600</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">171,400</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Less: Allowance for doubtful accounts</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(7,500</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(7,500</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,221,456</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,556,382</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

986356

1392482

242600

171400

7500

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> Inventories consist of:<br /><br /><table id="z99d1885e1957430ab585a964a50a0fa6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 75%; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">June 30,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">March 31,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Purchased parts</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,133,106</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,197,378</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Work-in-process</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,358,129</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,272,235</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Finished goods</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">9,095</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">68,566</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Less: Inventory reserve</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(335,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(330,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">4,165,330</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">4,208,179</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

3133106

3197378

1358129

1272235

9095

68566

335000

330000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <table id="z1f636e27ded04fb9b93a8b471ce89cd6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 75%; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Three Months Ended</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Three Months Ended</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">June 30, 2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">June 30, 2016</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Basic net (loss) income per share computation:</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Net (loss) income</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(286,091</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">410,309</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Weighted-average common shares outstanding</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,255,887</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,255,887</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Basic net (loss) income per share</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(0.09</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">0.13</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Diluted net (loss) income per share computation</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Net (loss) income</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(286,091</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">410,309</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Add: Change in fair value of warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">92,100</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Diluted (loss) income</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(381,091</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">318,209</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Weighted-average common shares outstanding</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,255,887</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,255,887</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Incremental shares attributable to the assumed exercise of</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt; TEXT-INDENT: 9pt">outstanding stock options and warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">10,653</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">18,942</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">  Total adjusted weighted-average shares</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,266,540</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,274,829</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> Diluted net (loss) income per share</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(0.12</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">0.10</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

95000

92100

-381091

318209

10653

18942

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:<br /><br /><table id="z68d3c9746fa344e6933acfc80d54e6da" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 75%; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">June 30,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">June 30,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">2016</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11pt">Stock options</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">79,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">65,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 47%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11pt">Warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">186,920</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 47%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">79,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">251,920</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

79000

65000

186920

79000

251920

1200000

P3Y

November 2017

Monthly

36551

0.06

179999

285810

179999

18000

P3Y

Monthly

536

0.045

collateralized by substantially all of the assets of the Company

6787

8305

6253

2018-03-31

1000000

0.0375

0.04974

200000

400000

200000

600000

200000

679935

73302

214396

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="text-decoration:underline">Note 10 – Segment Information</font></div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In accordance with FASB ASC 280, “Disclosures about Segments of an Enterprise and related information”, the Company determined it has two reportable segments - avionics government and avionics commercial. There are no inter-segment revenues.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">The Company is organized primarily on the basis of its avionics products.  The avionics government segment consists primarily of the design, manufacture, and sale of test equipment to the U.S. and foreign governments and militaries either directly or through distributors.  The avionics commercial segment consists of design, manufacture, and sale of test equipment to domestic and foreign airlines, directly or through commercial distributors, and to general aviation repair and maintenance shops. The Company develops and designs test equipment for the avionics industry and as such, the Company’s products and designs cross segments.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Management evaluates the performance of its segments and allocates resources to them based on gross margin. The Company’s general and administrative costs and sales and marketing expenses, and engineering costs are not segment specific. As a result, all operating expenses are not managed on a segment basis.  Net interest includes expenses on debt and income earned on cash balances, both maintained at the corporate level. Segment assets include accounts receivable and work-in-process inventory. Asset information, other than accounts receivable and work-in-process inventory, is not reported, since the Company does not produce such information internally.  All long-lived assets are located in the U.S.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11pt">The table below presents information about reportable segments within the avionics business for the three month periods ending June 30, 2017 and 2016:</div><br/><table id="z8e31c7ba31cd483e830a45a9c73d35a4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Three Months Ended</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> June 30, 2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Government</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Commercial</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Corporate</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Items</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Net sales</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,972,326</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">569,751</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,542,077</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,542,077</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Cost of sales</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,815,153</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">485,634</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,300,787</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,300,787</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Gross margin</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,157,173</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">84,117</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,241,290</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,241,290</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Engineering, research, and development</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">615,273</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">615,273</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Selling, general and administrative</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">358,667</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">347,619</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">706,286</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Litigation costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">382,512</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">382,512</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Amortization of deferred financing costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,357</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,357</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Change in fair value of common stock warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Proceeds from life insurance</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(92,678</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(92,678</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Interest expense, net</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">9,631</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">9,631</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Total expenses</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">973,940</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">553,441</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,527,381</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Income (loss) before income taxes</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">267,350</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(553,441</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(286,091</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> </table><br/><table id="z72a6d0160f594a03a0032b000afd3f18" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Three Months Ended</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> June 30, 2016</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Government</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Commercial</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Corporate</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Items</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Net sales</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">4,871,620</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">470,749</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,342,369</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,342,369</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Cost of sales</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,104,918</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">360,798</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,465,716</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,465,716</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Gross margin</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,766,702</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">109,951</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,876,653</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,876,653</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Engineering, research, and development</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">584,877</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">584,877</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Selling, general and administrative</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">343,882</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">424,348</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">768,230</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Litigation costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">143,514</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">143,514</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Amortization of deferred financing costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,356</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,356</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Change in fair value of common stock warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(217,203</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(217,203</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Interest expense, net</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">17,826</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">17,826</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total expenses</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">928,759</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">369,841</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,298,600</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Income (loss) before income taxes</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">947,894</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(369,841</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">578,053</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table><br/></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The table below presents information about reportable segments within the avionics business for the three month periods ending June 30, 2017 and 2016:<br /><br /><table id="z8e31c7ba31cd483e830a45a9c73d35a4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Three Months Ended</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> June 30, 2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Government</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Commercial</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Corporate</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Items</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Net sales</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,972,326</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">569,751</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,542,077</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">3,542,077</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Cost of sales</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,815,153</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">485,634</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,300,787</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">2,300,787</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Gross margin</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,157,173</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">84,117</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,241,290</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,241,290</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Engineering, research, and development</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">615,273</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">615,273</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Selling, general and administrative</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">358,667</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">347,619</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">706,286</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Litigation costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">382,512</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">382,512</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Amortization of deferred financing costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,357</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,357</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Change in fair value of common stock warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Proceeds from life insurance</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(92,678</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(92,678</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Interest expense, net</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">9,631</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">9,631</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Total expenses</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">973,940</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">553,441</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">1,527,381</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11pt">Income (loss) before income taxes</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">267,350</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(553,441</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">(286,091</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11pt">)</div> </td> </tr> </table><table id="z72a6d0160f594a03a0032b000afd3f18" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Three Months Ended</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> June 30, 2016</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Government</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Commercial</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Avionics</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Corporate</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Items</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Net sales</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">4,871,620</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">470,749</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,342,369</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,342,369</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Cost of sales</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,104,918</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">360,798</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,465,716</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,465,716</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Gross margin</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,766,702</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">109,951</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,876,653</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,876,653</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Engineering, research, and development</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">584,877</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">584,877</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Selling, general and administrative</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">343,882</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">424,348</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">768,230</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Litigation costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">143,514</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">143,514</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Amortization of deferred financing costs</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,356</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,356</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Change in fair value of common stock warrants</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(217,203</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(217,203</div> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Interest expense, net</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">17,826</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">17,826</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total expenses</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">928,759</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">369,841</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,298,600</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Income (loss) before income taxes</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">947,894</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(369,841</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">578,053</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

2972326

569751

3542077

1815153

485634

2300787

1157173

84117

1241290

615273

358667

347619

382512

1357

95000

92678

-9631

973940

553441

1527381

267350

-553441

4871620

470749

5342369

3104918

360798

3465716

1766702

109951

1876653

584877

343882

424348

143514

1356

217203

-17826

928759

369841

1298600

947894

-369841

50000

3.35

95000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.<br /><br /><table id="zd6c089dcee6c4ae982b8839c62b123ba" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">June 30, 2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level I</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level II</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level III</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 44%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Assets</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 44%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 44%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Warrant liability</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 44%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Liabilities</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table><table id="zac712e413f3a40b7967663d9fda30bca" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">March 31, 2017</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level I</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level II</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Level III</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 44%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Assets</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; WIDTH: 44%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"> </div> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 44%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Warrant liability</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 44%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Liabilities</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

95000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table provides a summary of the changes in fair value of our Level 3 financial liabilities from March 31, 2017 through June 30, 2017, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to the liability held at June 30, 2017:<br /><br /><table id="z1cd8c6e029134ea290e7da1bb80dc33a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Level 3 Reconciliation</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Balance at</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">beginning of period</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">(Gains) and losses</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">for the period</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">(realized and unrealized)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Purchases, issuances,</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">sales and</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">settlements, net</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Transfers in or</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">out of Level 3</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Balance at the</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">end of period</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 30%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Warrant liability</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; BACKGROUND-COLOR: #cceeff" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 30%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Liabilities</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">(95,000</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; WIDTH: 1%; " valign="bottom"> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div> </td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; " valign="bottom"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div> </td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table></div>

95000

-95000

95000

-95000

1300000

1500000

2800000

525000

5000000

Depending on the outcome of these hearings, both sides have the ability to appeal the decision or the judge could vacate the jury decision and schedule a new trial. If the judge enters a final damages award, both sides have approximately 30 days to file an appeal or request a new trial. If the Company files the appeal on its own, it will be required to post a bond in the equal to the lesser of: (1) the final damages award; or (2) $1 million plus 25% of the amount of the verdict in excess of $1 million, which would currently total $1.45 million.

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Jun. 30, 2017	Aug. 14, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	TEL INSTRUMENT ELECTRONICS CORP
Document Type	10-Q
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		3,255,887
Amendment Flag	false
Entity Central Index Key	0000096885
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 234,804	$ 287,873
Accounts receivable, net	1,221,456	1,556,382
Inventories, net	4,165,330	4,208,179
Prepaid expenses and other current assets	77,997	188,578
Total current assets	5,699,587	6,241,012
Equipment and leasehold improvements, net	161,411	161,427
Other long-term assets	33,509	33,509
Total assets	5,894,507	6,435,948
Current liabilities:
Current portion of long-term debt	186,252	291,991
Line of credit	400,000	200,000
Capital lease obligations – current portion	6,414	6,268
Accounts payable and accrued liabilities	1,875,577	2,072,955
Federal and state taxes payable	4,105	4,105
Deferred revenues – current portion	63,165	123,720
Accrued legal damages	2,800,000	2,800,000
Accrued payroll, vacation pay and payroll taxes	501,030	527,413
Total current liabilities	5,836,543	6,026,452
Capital lease obligations – long-term	12,100	13,760
Long-term debt	534	2,124
Deferred revenues – long-term	377,603	352,973
Warrant liability		95,000
Total liabilities	6,226,780	6,490,309
Commitments
Stockholders’ (deficit) equity:
Common stock, 4,000,000 shares authorized, par value $0.10 per share, 3,255,887 shares issued and outstanding, respectively	325,586	325,586
Additional paid-in capital	8,115,548	8,107,369
Accumulated deficit	(8,773,407)	(8,487,316)
Total stockholders’ (deficit) equity	(332,273)	(54,361)
Total liabilities and stockholders’ (deficit) equity	$ 5,894,507	$ 6,435,948

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Common stock, par value (in Dollars per share)	$ 0.10	$ 0.10
Common stock, shares issued	3,255,887	3,255,887
Common stock, shares outstanding	3,255,887	3,255,887
Common stock, shares authorized	4,000,000	4,000,000

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 3,542,077	$ 5,342,369
Cost of sales	2,300,787	3,465,716
Gross margin	1,241,290	1,876,653
Operating expenses:
Selling, general and administrative	706,286	768,230
Litigation costs	382,512	143,514
Engineering, research and development	615,273	584,877
Total operating expenses	1,704,071	1,496,621
(Loss) income from operations	(462,781)	380,032
Other income (expense):
Proceeds from life insurance	92,678	0
Amortization of deferred financing costs	(1,357)	(1,356)
Change in fair value of common stock warrants	95,000	217,203
Interest expense	(9,631)	(17,826)
Total other income (expense)	176,690	198,021
(Loss) income before income taxes	(286,091)	578,053
Income tax provision	0	167,744
Net (loss) income	$ (286,091)	$ 410,309
Net (loss) income per share:
Basic (loss) income per common share (in Dollars per share)	$ (0.09)	$ 0.13
Diluted (loss) income per common share (in Dollars per share)	$ (0.12)	$ 0.10
Weighted average shares outstanding:
Basic (in Shares)	3,255,887	3,255,887
Diluted (in Shares)	3,266,540	3,274,829

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net (loss) income	$ (286,091)	$ 410,309
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Deferred income taxes	0	167,744
Depreciation and amortization	21,522	35,010
Provision for inventory obsolescence	5,000	15,000
Amortization of deferred financing costs	1,357	1,356
Change in fair value of common stock warrant	(95,000)	(217,203)
Non-cash stock-based compensation	8,179	8,179
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	334,926	(811,605)
Decrease in inventories	37,849	615,748
Decrease (increase) in prepaid expenses & other assets	109,224	(635,780)
Decrease in accounts payable and other accrued expenses	(197,378)	(335,444)
Decrease in federal and state taxes	0	(53,623)
Decrease in accrued payroll, vacation pay & withholdings	(26,383)	(75,898)
(Decrease) increase in deferred revenues	(35,925)	481,277
Decrease in other long-term liabilities	0	(6,300)
Net cash used in operating activities	(122,720)	(401,230)
Cash flows from investing activities:
Purchases of equipment	(21,506)	(25,307)
Net cash used in investing activities	(21,506)	(25,307)
Cash flows from financing activities:
Proceeds from line of credit	200,000	0
Repayment of long-term debt	(107,329)	(102,128)
Repayment of subordinated notes - related parties	0	(25,000)
Repayment of capitalized lease obligations	(1,514)	(6,398)
Net cash provided by (used in) financing activities	91,157	(133,526)
Net decrease in cash and cash equivalents	(53,069)	(560,063)
Cash and cash equivalents at beginning of period	287,873	972,633
Cash and cash equivalents at end of period	234,804	412,570
Supplemental cash flow information:
Taxes paid	0	50,000
Interest paid	$ 28,524	$ 21,504

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Note 1 - Basis of Presentation	3 Months Ended
Note 1 - Basis of Presentation	Jun. 30, 2017
Disclosure Text Block [Abstract]
Basis of Accounting [Text Block]	Note 1 – Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of Tel-Instrument Electronics Corp. (the “Company” or “TIC”) as of June 30, 2017, the results of operations for the three months ended June 30, 2017 and June 30, 2016, and statements of cash flows for the three months ended June 30, 2017 and June 30, 2016. These results are not necessarily indicative of the results to be expected for the full year. The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K. The March 31, 2016 balance sheet included herein was derived from the audited financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017, as filed with the United States Securities and Exchange Commission (the “SEC”) on July 14, 2017 (the “Annual Report”).

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Note 2 - Liquidity and Going Concern	3 Months Ended
Note 2 - Liquidity and Going Concern	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	Note 2 - Liquidity and Going Concern These condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As discussed in Note 14 to the Notes to the Consolidated Financial Statements, the Company has recorded estimated damages of $2,800,000 as a result of the jury verdict associated with the Aeroflex litigation. The jury found no misappropriation of Aeroflex trade secrets but it did rule that the Company tortiously interfered with a prospective business opportunity and awarded damages. The jury also ruled that Tel tortiously interfered with Aeroflex’s non-disclosure agreements with two former Aeroflex employees. The jury also found that the former Aeroflex employees breached their non-disclosure agreements with Aeroflex. The court will conduct further hearings in the next few weeks which will include a punitive damages claim. Subsequent to the jury verdict, the Company filed a motion with the Kansas court seeking to reduce the damages award. The court conducted the hearings on these motions and the Company is awaiting the decision of the court. Given the uncertainty involving the final damages amount and the ability of the Company to secure adequate financing to support an appeal or satisfy the judgment, the Company has written off its deferred tax asset in the amount of $3.5 million. The damages, legal expense and write off of the deferred tax asset resulted in the Company incurring a net loss of $4.8 million for the fiscal year ended March 31, 2017. The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital to support the appeal process or pay any final damages amount and achieve profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company has been profitable from an operational standpoint for the last several years and should be able to obtain sufficient cash proceeds to support the planned appeal assuming the final judgment amount remains at or below the current $2.8 million accrual. The Company has retained OEM Capital with the goal of securing additional financing to finance the judgement or potential appeal. Financing discussions have been taking place with various parties but the Company has no commitment from any party to provide additional funding at this time. Moreover, there is no assurance that sufficient funding will be available, or if available, that its terms will be favorable to the Company.

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Note 3 - Summary of Significant Accounting Policies	3 Months Ended
Note 3 - Summary of Significant Accounting Policies	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 3 – Summary of Significant Accounting Policies During the three months ended June 30, 2017, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Annual Report.

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Note 4 - Accounts Receivable, net

3 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 4 – Accounts Receivable, net

The following table sets forth the components of accounts receivable:

	June 30, 2017			March 31, 2017
Government	$	986,356		$	1,392,482
Commercial		242,600			171,400
Less: Allowance for doubtful accounts		(7,500	)		(7,500	)
	$	1,221,456		$	1,556,382

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

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Note 5 - Inventories, net

3 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 5 – Inventories, net

Inventories consist of:

	June 30, 2017			March 31, 2017

Purchased parts	$	3,133,106		$	3,197,378
Work-in-process		1,358,129			1,272,235
Finished goods		9,095			68,566
Less: Inventory reserve		(335,000	)		(330,000	)
	$	4,165,330		$	4,208,179

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Note 6 - Net Income (Loss) per Share

3 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 6 – Net Income (Loss) per Share

	Three Months Ended			Three Months Ended
	June 30, 2017			June 30, 2016
Basic net (loss) income per share computation:
Net (loss) income	$	(286,091	)	$	410,309
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net (loss) income per share	$	(0.09	)	$	0.13
Diluted net (loss) income per share computation
Net (loss) income	$	(286,091	)	$	410,309
Add: Change in fair value of warrants		95,000			92,100
Diluted (loss) income	$	(381,091	)		318,209
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		10,653			18,942
Total adjusted weighted-average shares		3,266,540			3,274,829
Diluted net (loss) income per share	$	(0.12	)	$	0.10

The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:

	June 30, 2017		June 30, 2016
Stock options		79,000		65,000
Warrants		-		186,920
		79,000		251,920

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Note 7 - Long-Term Debt	3 Months Ended
Note 7 - Long-Term Debt	Jun. 30, 2017
Disclosure Text Block [Abstract]
Long-term Debt [Text Block]	Note 7 – Long-Term Debt Term Loans with Bank of America In November 2014, the Company entered into a term loan in the amount of $1,200,000 with Bank of America. The term loan is for three years, and matures in November 2017. Monthly payments are at $36,551 including interest at 6%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2017 and March 31, 2017, the outstanding balances were $179,999 and $285,810, respectively. At June 30, 2017, $179,999 was classified as current. In July 2015, the Company entered into a term loan in the amount of $18,000 with Bank of America. The term loan is for three years, and matures in July 2018. Monthly payments are at $536 including interest at 4.5%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2017 and March 31, 2017, the outstanding balances were $6,787 and $8,305, respectively. At June 30, 2017, $6,253 was classified as current.

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Note 8 - Line of Credit	3 Months Ended
Note 8 - Line of Credit	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 8 - Line of Credit On March 21, 2016, the Company entered into a line of credit agreement with Bank of America, which expired March 31, 2017. In March 2017, the line of credit was renewed and the expiration date extended until March 31, 2018. The new line provides a revolving credit facility with borrowing capacity of up to $1,000,000. There are no covenants or borrowing base calculations associated with this line of credit. Interest on any outstanding balances is payable monthly at an annual interest rate equal to the LIBOR (London Interbank Offered Rates) Daily Floating plus 3.75 percentage points. The Company’s interest rate was 4.974% at June 30, 2017. The line is collateralized by substantially all of the assets of the Company. During the three months ended June 30, 2017, the Company borrowed $200,000 from this line of credit. As of June 30, 2017 and March 31, 2017, the outstanding balances were $400,000 and $200,000, respectively. As of June 30, 2017 the remaining availability under this line is $600,000. During July 2017, the Company borrowed $200,000 from this line of credit.

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Note 9 - Deferred Revenues	3 Months Ended
Note 9 - Deferred Revenues	Jun. 30, 2017
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	Note 9 – Deferred Revenues In June 2016, the Company negotiated a settlement with a customer in the amount of $679,935 for price increases due to delays on a production release. Deferred revenues are recognized based upon the shipment of units under this contract. During the three months ended June 30, 2017, the Company recognized the remaining balance of $73,302 as compared to $214,396 for the three months ended June 30, 2016. As of June 30, 2017, the remaining deferred revenues related to the above-mentioned settlement was $-0- as compared to $73,302 at March 31, 2017.

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Note 10 - Segment Information

3 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 10 – Segment Information

The table below presents information about reportable segments within the avionics business for the three month periods ending June 30, 2017 and 2016:

Three Months Ended June 30, 2017	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	2,972,326	$	569,751	$	3,542,077	$	-		$	3,542,077
Cost of sales		1,815,153		485,634		2,300,787		-			2,300,787
Gross margin		1,157,173		84,117		1,241,290		-			1,241,290

Engineering, research, and development						615,273		-			615,273
Selling, general and administrative						358,667		347,619			706,286
Litigation costs								382,512			382,512
Amortization of deferred financing costs						-		1,357			1,357
Change in fair value of common stock warrants						-		(95,000	)		(95,000	)
Proceeds from life insurance								(92,678	)		(92,678	)
Interest expense, net						-		9,631			9,631
Total expenses						973,940		553,441			1,527,381
Income (loss) before income taxes					$	267,350	$	(553,441	)	$	(286,091	)

Three Months Ended June 30, 2016	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	4,871,620	$	470,749	$	5,342,369	$	-		$	5,342,369
Cost of sales		3,104,918		360,798		3,465,716		-			3,465,716
Gross margin		1,766,702		109,951		1,876,653		-			1,876,653

Engineering, research, and development						584,877		-			584,877
Selling, general and administrative						343,882		424,348			768,230
Litigation costs								143,514			143,514
Amortization of deferred financing costs						-		1,356			1,356
Change in fair value of common stock warrants						-		(217,203	)		(217,203	)
Interest expense, net						-		17,826			17,826
Total expenses						928,759		369,841			1,298,600
Income (loss) before income taxes					$	947,894	$	(369,841	)	$	578,053

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Note 11 - Income Taxes	3 Months Ended
Note 11 - Income Taxes	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 11 – Income Taxes FASB ASC 740-10, “Accounting for Uncertainty in Income Taxes” (“ASC 740-10”) prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company does not have any unrecognized tax benefits. The tax effect of temporary differences, primarily net operating loss carryforwards, asset reserves and accrued liabilities, gave rise to the Company’s deferred tax asset. Deferred income taxes are recognized for the tax consequence of such temporary differences at the enacted tax rate expected to be in effect when the differences reverse. Given the uncertainty involving the final damages amount and the ability of the Company to secure adequate financing to support an appeal or satisfy the judgment, the Company has provided a 100% valuation allowance against its deferred tax asset at June 30, 2017 and March 31, 2017, until such time as the final damages amount is resolved, and an assessment made based upon the final damages of the valuation allowance.

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Note 12 - Fair Value Measurements

3 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Note 12 – Fair Value Measurements

The three levels of the fair value hierarchy defined by ASC 820-10 are as follows:

·	Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

The valuation techniques that may be used to measure fair value are as follows:

·	Market approach — Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

·	Income approach — Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models and excess earnings method.

·	Cost approach — Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

June 30, 2017

Level I

Level II

Level III

Total

Total Assets

Warrant liability

Total Liabilities

March 31, 2017	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-

Warrant liability		-		-		95,000		95,000
Total Liabilities	$	-	$	-	$	95,000	$	95,000

Level 3 Reconciliation	Balance at beginning of period		(Gains) and losses for the period (realized and unrealized)			Purchases, issuances, sales and settlements, net		Transfers in or out of Level 3		Balance at the end of period
Warrant liability	$	95,000	$	(95,000	)	$	-	$	-	$	-
Total Liabilities	$	95,000	$	(95,000	)	$	-	$	-	$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Note 13 - Reclassifications	3 Months Ended
Note 13 - Reclassifications	Jun. 30, 2017
Disclosure Text Block [Abstract]
Reclassifications [Text Block]	Note 13 – Reclassifications Certain prior year and period amounts have been reclassified to conform to the current period presentation.

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Note 14 - Litigation	3 Months Ended
Note 14 - Litigation	Jun. 30, 2017
Disclosure Text Block Supplement [Abstract]
Legal Matters and Contingencies [Text Block]	Note 14 – Litigation Contingencies are recorded in the consolidated financial statements when it is probable that a liability will be incurred and the amount of the loss is reasonably estimable, or otherwise disclosed, in accordance with Accounting Standards Codification 450, Contingencies (“ASC 450”). Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. In the event the Company determines that a loss is not probable, but is reasonably possible, and it becomes possible to develop what the Company believes to be a reasonable range of possible loss, then the Company will include disclosures related to such matter as appropriate and in compliance with ASC 450. To the extent there is a reasonable possibility that the losses could exceed the amounts already accrued, the Company will, when applicable, adjust the accrual in the period the determination is made, disclose an estimate of the additional loss or range of loss or if the amount of such adjustment cannot be reasonably estimated, disclose that an estimate cannot be made. On March 24, 2009, Aeroflex Wichita, Inc. (“Aeroflex”) filed a petition against the Company and two of its employees in the District Court located in Sedgwick County, Kansas, Case No. 09 CV 1141 (the “Aeroflex Action”), alleging that the Company and its two employees misappropriated Aeroflex’s proprietary technology in connection with the Company winning a substantial contract from the U.S. Army, to develop new Mode-5 radar test sets and kits to upgrade the existing TS-4530 radar test sets to Mode 5 (the “Award”). Aeroflex’s petition, seeking injunctive relief and damages, alleges that in connection with the Award, the Company and its named employees misappropriated Aeroflex’s trade secrets; tortiously interfered with Aeroflex’s business relationship; conspired to harm Aeroflex and tortiously interfered with Aeroflex’s contract. The central basis of all the claims in the Aeroflex Action is that the Company misappropriated and used Aeroflex proprietary technology and confidential information in winning the Award. In February 2009, subsequent to the Company winning the Award, Aeroflex filed a protest of the Award with the Government Accounting Office (“GAO”). In its protest, Aeroflex alleged, inter alia, that the Company used Aeroflex’s proprietary technology in order to win the Award, the same material allegations as were later alleged in the Aeroflex Action. On or about March 17, 2009, the U.S. Army Contracts Attorney and the U.S. Army Contracting Officer each filed a statement with the GAO, expressly rejecting Aeroflex’s allegations that the Company used or infringed on Aeroflex’s proprietary technology in winning the Award, and concluding that the Company had used only its own proprietary technology. On April 6, 2009, Aeroflex withdrew its protest. In December 2009, the Kansas District Court dismissed the Aeroflex Action on jurisdiction grounds. Aeroflex appealed this decision. In May 2012, the Kansas Supreme Court reversed the decision and remanded the Aeroflex Action to the Kansas District Court for further proceedings. On May 23, 2016, the Company filed a motion for summary judgment based on Aeroflex’s lack of jurisdictional standing to bring the case. The motion asserts that Aeroflex does not own the intellectual property at issue since it is a bare licensee of Northrop Grumman. Northrop Grumman has declined to join this suit as plaintiff. Aeroflex lacks standing to sue alone. Also, the motion raises the fact that Aeroflex allowed the license to expire, Aeroflex’s claims are either moot or Aeroflex lacks standing to sue for damages alleged to have accrued after the license ended in 2015 2011. The motion for summary judgment was denied. The Aeroflex trial on remand in the Kansas District Court began in March 2017. After a six-week trial, the jury rendered its verdict. The jury found no misappropriation of Aeroflex trade secrets but it did rule that the Company tortiously interfered with a prospective business opportunity and awarded damages of $1.3 million for lost profits. The jury also ruled that Tel tortiously interfered with Aeroflex’s non-disclosure agreements with two former Aeroflex employees and awarded damages of $1.5 million for lost profits, resulting in total damages against the Company of $2.8 million. The jury also found that the former Aeroflex employees breached their non-disclosure agreements with Aeroflex and awarded damages against these two individuals totaling $525,000. The jury also decided that punitive damages should be allowed against the Company. The court has not yet entered final judgment on the verdict. Following the verdict, the Company filed a motion for judgment as a matter of law, which is pending. In the motion, the Company renewed its motion for judgment on Aeroflex’s tortious interference with prospective business opportunity claim arguing that such claim is barred by the statute of limitations. Alternatively, the motion asserts there is insufficient evidence supporting the lost profit award on that claim. Additionally, the motion for judgment addresses inconsistency between the awards against the former Aeroflex employees for breach of the non-disclosure agreements and the award against the Company for interfering with those agreements. Alternatively, the motion asserts there is insufficient evidence supporting the lost profit award on that claim. While we believe that this motion has merit, there is no assurance that the judge will reduce the jury awards. During July 2017, the Court heard the Company’s motion for judgment as well as conducting a hearing as to the amount of a punitive damages award. Kansas statutes limit punitive damages to a maximum of $5 million. The Company is currently awaiting the court’s decision. Aeroflex has submitted a motion to the Court requesting that the judge award punitive damages at the maximum $5 million amount. In Kansas, punitive damages are awarded to “punish the wrongdoer for his malicious, vindictive or willful and wanton invasion of another’s rights, with the ultimate purpose being to restrain and deter others from the commission of similar wrongdoings.” Importantly, Kansas courts have ruled that the purpose of punitive damages “is to sting, not to kill”. The Court will also take into consideration the Company’s financial condition in setting the amount of punitive damages. The Company does not believe that punitive damages, in any amount are appropriate. Regardless, the Company will vigorously defend against an award. In summary, until the Court rules on the pending matters the final judgment on the verdict is speculative. At this stage, the Company has recorded a $2.8 million liability but this could materially change based on the judge’s ruling. Punitive damages can also range between $-0- and $5 million. Depending on the outcome of these hearings, both sides have the ability to appeal the decision or the judge could vacate the jury decision and schedule a new trial. If the judge enters a final damages award, both sides have approximately 30 days to file an appeal or request a new trial. If the Company files the appeal on its own, it will be required to post a bond in the equal to the lesser of: (1) the final damages award; or (2) $1 million plus 25% of the amount of the verdict in excess of $1 million, which would currently total $1.45 million. The Company believes it has excellent grounds to appeal this verdict. The appeal process would be expected to take several years to complete. Other than the matters outlined above, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of executive officers of our Company, threatened against or affecting our Company, or our common stock in which an adverse decision could have a material effect.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 15 - New Accounting Pronouncements	3 Months Ended
Note 15 - New Accounting Pronouncements	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 15 – New Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments should be applied prospectively to an award modified on or after the adoption date. For public business entities, this update is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. We are evaluating whether this ASU will have a material impact on our consolidated financial statements. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09 (“Improvements to Employee Share-Based Payment Accounting”) which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company does not believe that the adoption of this standard will have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 (“Leases”), which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. The adoption of this ASU will increase assets and liabilities for operating leases. The Company is evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, which is an update to Topic 740, “Income Taxes”. This update requires that all deferred tax assets and liabilities be classified as non-current. The Company adopted this update in the current year, which is reflected in the accompanying balance sheets. The deferred tax recorded as a current asset for the year ended March 31, 2016 was reclassified as Deferred Tax – Non-Current. The adoption of this update did not have any impact on the Company’s results of operations. In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. The guidance requires management to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. When management identifies such conditions or events, a footnote disclosure is required to disclose their nature, as well as management’s plans to alleviate the substantial doubt to continue as a going concern. The standard became effective for our fiscal year end 2017 and did not have an impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In March 2016, the FASB issued ASU 2016-08 which further clarifies the guidance on the principal versus agent considerations within ASU 2014-09. In April 2016, the FASB issued ASU 2016-10 to expand the guidance on identifying performance obligations and licensing within ASU 2014-09. In May 2016, the FASB issued ASU 2016-12 to improve revenue recognition in the areas of collectability, presentation of sales tax and other similar taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. This update also amends the disclosure requirements within ASU 2014-09 for entities that retrospectively apply the guidance. The latest amendments are intended to address implementation issues that were raised by stakeholders and discussed by the Revenue Recognition Transition Resource Group, and provide additional practical expedients. These standards are effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact, if any, it will have on its consolidated financial statements. No other recently issued accounting pronouncements had or are expected to have a material impact on the Company’s condensed consolidated financial statements.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 4 - Accounts Receivable, net (Tables)

3 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The following table sets forth the components of accounts receivable:

	June 30, 2017			March 31, 2017
Government	$	986,356		$	1,392,482
Commercial		242,600			171,400
Less: Allowance for doubtful accounts		(7,500	)		(7,500	)
	$	1,221,456		$	1,556,382

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories, net (Tables)

3 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of:

	June 30, 2017			March 31, 2017

Purchased parts	$	3,133,106		$	3,197,378
Work-in-process		1,358,129			1,272,235
Finished goods		9,095			68,566
Less: Inventory reserve		(335,000	)		(330,000	)
	$	4,165,330		$	4,208,179

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 6 - Net Income (Loss) per Share (Tables)

3 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended			Three Months Ended
	June 30, 2017			June 30, 2016
Basic net (loss) income per share computation:
Net (loss) income	$	(286,091	)	$	410,309
Weighted-average common shares outstanding		3,255,887			3,255,887
Basic net (loss) income per share	$	(0.09	)	$	0.13
Diluted net (loss) income per share computation
Net (loss) income	$	(286,091	)	$	410,309
Add: Change in fair value of warrants		95,000			92,100
Diluted (loss) income	$	(381,091	)		318,209
Weighted-average common shares outstanding		3,255,887			3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		10,653			18,942
Total adjusted weighted-average shares		3,266,540			3,274,829
Diluted net (loss) income per share	$	(0.12	)	$	0.10

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:

	June 30, 2017		June 30, 2016
Stock options		79,000		65,000
Warrants		-		186,920
		79,000		251,920

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 10 - Segment Information (Tables)

3 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The table below presents information about reportable segments within the avionics business for the three month periods ending June 30, 2017 and 2016:

Three Months Ended June 30, 2017	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	2,972,326	$	569,751	$	3,542,077	$	-		$	3,542,077
Cost of sales		1,815,153		485,634		2,300,787		-			2,300,787
Gross margin		1,157,173		84,117		1,241,290		-			1,241,290

Engineering, research, and development						615,273		-			615,273
Selling, general and administrative						358,667		347,619			706,286
Litigation costs								382,512			382,512
Amortization of deferred financing costs						-		1,357			1,357
Change in fair value of common stock warrants						-		(95,000	)		(95,000	)
Proceeds from life insurance								(92,678	)		(92,678	)
Interest expense, net						-		9,631			9,631
Total expenses						973,940		553,441			1,527,381
Income (loss) before income taxes					$	267,350	$	(553,441	)	$	(286,091	)

Three Months Ended June 30, 2016	Avionics Government		Avionics Commercial		Avionics Total		Corporate Items			Total
Net sales	$	4,871,620	$	470,749	$	5,342,369	$	-		$	5,342,369
Cost of sales		3,104,918		360,798		3,465,716		-			3,465,716
Gross margin		1,766,702		109,951		1,876,653		-			1,876,653

Engineering, research, and development						584,877		-			584,877
Selling, general and administrative						343,882		424,348			768,230
Litigation costs								143,514			143,514
Amortization of deferred financing costs						-		1,356			1,356
Change in fair value of common stock warrants						-		(217,203	)		(217,203	)
Interest expense, net						-		17,826			17,826
Total expenses						928,759		369,841			1,298,600
Income (loss) before income taxes					$	947,894	$	(369,841	)	$	578,053

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 12 - Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

June 30, 2017

Level I

Level II

Level III

Total

Total Assets

Warrant liability

Total Liabilities

March 31, 2017	Level I		Level II		Level III		Total
Total Assets	$	-	$	-	$	-	$	-

Warrant liability		-		-		95,000		95,000
Total Liabilities	$	-	$	-	$	95,000	$	95,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Level 3 Reconciliation	Balance at beginning of period		(Gains) and losses for the period (realized and unrealized)			Purchases, issuances, sales and settlements, net		Transfers in or out of Level 3		Balance at the end of period
Warrant liability	$	95,000	$	(95,000	)	$	-	$	-	$	-
Total Liabilities	$	95,000	$	(95,000	)	$	-	$	-	$	-

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 2 - Liquidity and Going Concern (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Litigation Liability	$ 2,800,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ 3,500,000
Net Income (Loss) Attributable to Parent	$ (286,091)	$ 410,309	$ 4,800,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 4 - Accounts Receivable, net (Details) - Schedule of Accounts, Notes, Loans and Financing Receivable - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for doubtful accounts	$ (7,500)	$ (7,500)
Accounts Receivable, net	1,221,456	1,556,382
Government Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable	986,356	1,392,482
Commercial Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable	$ 242,600	$ 171,400

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 5 - Inventories, net (Details) - Schedule of Inventory, Current - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Schedule of Inventory, Current [Abstract]
Purchased parts	$ 3,133,106	$ 3,197,378
Work-in-process	1,358,129	1,272,235
Finished goods	9,095	68,566
Less: Inventory reserve	(335,000)	(330,000)
	$ 4,165,330	$ 4,208,179

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 6 - Net Income (Loss) per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Basic net (loss) income per share computation:
Net (loss) income	$ (286,091)	$ 410,309	$ 4,800,000
Weighted-average common shares outstanding	3,255,887	3,255,887
Basic net (loss) income per share	$ (0.09)	$ 0.13
Diluted net (loss) income per share computation
Net (loss) income	$ (286,091)	$ 410,309	$ 4,800,000
Add: Change in fair value of warrants	95,000	92,100
Diluted (loss) income	$ (381,091)	$ 318,209
Weighted-average common shares outstanding	3,255,887	3,255,887
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants	10,653	18,942
Total adjusted weighted-average shares	3,266,540	3,274,829
Diluted net (loss) income per share	$ (0.12)	$ 0.10

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 6 - Net Income (Loss) per Share (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Securities	79,000	251,920
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Securities	79,000	65,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-Dilutive Securities	0	186,920

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 7 - Long-Term Debt (Details) - Notes Payable to Banks [Member] - USD ($)	1 Months Ended
	Jul. 31, 2015	Nov. 30, 2014	Jun. 30, 2017	Mar. 31, 2017
Note to Bank #1 [Member]
Note 7 - Long-Term Debt (Details) [Line Items]
		$ 1,200,000
Debt Instrument, Term		3 years
Debt Instrument, Maturity Date, Description		November 2017
Debt Instrument, Frequency of Periodic Payment		Monthly
Debt Instrument, Periodic Payment		$ 36,551
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Notes Payable			$ 179,999	$ 285,810
Notes Payable, Current			179,999
Debt Instrument, Collateral		collateralized by substantially all of the assets of the Company
Note to Bank #2 [Member]
Note 7 - Long-Term Debt (Details) [Line Items]
	$ 18,000
Debt Instrument, Term	3 years
Debt Instrument, Frequency of Periodic Payment	Monthly
Debt Instrument, Periodic Payment	$ 536
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Notes Payable			6,787	$ 8,305
Notes Payable, Current			$ 6,253
Debt Instrument, Collateral	collateralized by substantially all of the assets of the Company

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 8 - Line of Credit (Details) - Line of Credit [Member] - USD ($)	1 Months Ended		3 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2017
Note 8 - Line of Credit (Details) [Line Items]
Line of Credit Facility, Expiration Date		Mar. 31, 2018
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000
Line of Credit Facility, Interest Rate at Period End		4.974%
Proceeds from Lines of Credit			$ 200,000
Long-term Line of Credit		$ 200,000	400,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 600,000
London Interbank Offered Rate (LIBOR) [Member]
Note 8 - Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.75%
Subsequent Event [Member]
Note 8 - Line of Credit (Details) [Line Items]
Proceeds from Lines of Credit	$ 200,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 9 - Deferred Revenues (Details) - USD ($)	1 Months Ended	3 Months Ended
Note 9 - Deferred Revenues (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue, Additions	$ 679,935
Deferred Revenue, Revenue Recognized		$ 73,302	$ 214,396

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 10 - Segment Information (Details)	3 Months Ended
Note 10 - Segment Information (Details)	Jun. 30, 2017
Segment Reporting [Abstract]
Number of Reportable Segments	2

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 10 - Segment Information (Details) - Schedule of Segment Reporting Information, by Segment - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Net sales	$ 3,542,077	$ 5,342,369
Cost of sales	2,300,787	3,465,716
Gross margin	1,241,290	1,876,653
Engineering, research, and development	615,273	584,877
Selling, general and administrative	706,286	768,230
Litigation costs	382,512	143,514
Amortization of deferred financing costs	1,357	1,356
Change in fair value of common stock warrants	(95,000)	(217,203)
Proceeds from life insurance	(92,678)	0
Interest (income) expense, net	9,631	17,826
Total expenses	1,527,381	1,298,600
Income (loss) before income taxes	(286,091)	578,053
Avionics Government [Member]
Segment Reporting Information [Line Items]
Net sales	2,972,326	4,871,620
Cost of sales	1,815,153	3,104,918
Gross margin	1,157,173	1,766,702
Avionics Commercial [Member]
Segment Reporting Information [Line Items]
Net sales	569,751	470,749
Cost of sales	485,634	360,798
Gross margin	84,117	109,951
Avionics Total [Member]
Segment Reporting Information [Line Items]
Net sales	3,542,077	5,342,369
Cost of sales	2,300,787	3,465,716
Gross margin	1,241,290	1,876,653
Engineering, research, and development	615,273	584,877
Selling, general and administrative	358,667	343,882
Amortization of deferred financing costs	0	0
Change in fair value of common stock warrants	0	0
Interest (income) expense, net	0	0
Total expenses	973,940	928,759
Income (loss) before income taxes	267,350	947,894
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Cost of sales	0	0
Gross margin	0	0
Engineering, research, and development	0	0
Selling, general and administrative	347,619	424,348
Litigation costs	382,512	143,514
Amortization of deferred financing costs	1,357	1,356
Change in fair value of common stock warrants	(95,000)	(217,203)
Proceeds from life insurance	(92,678)
Interest (income) expense, net	9,631	17,826
Total expenses	553,441	369,841
Income (loss) before income taxes	$ (553,441)	$ (369,841)

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 12 - Fair Value Measurements (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Note 12 - Fair Value Measurements (Details) [Line Items]
Derivative Liability, Noncurrent		$ 95,000
Warrants Held by Outside Investor [Member]
Note 12 - Fair Value Measurements (Details) [Line Items]
Warrants and Rights Outstanding	$ 50,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)	$ 3.35
Derivative Liability, Noncurrent		$ 95,000

XML 48 R37.htm IDEA: XBRL DOCUMENT

Note 12 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Note 12 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Assets	$ 0	$ 0
Warrant liability	0	95,000
Total Liabilities	0	95,000
Fair Value, Inputs, Level 1 [Member]
Note 12 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Assets	0	0
Warrant liability	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Note 12 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Assets	0	0
Warrant liability	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Note 12 - Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Assets	0	0
Warrant liability	0	95,000
Total Liabilities	$ 0	$ 95,000

XML 49 R38.htm IDEA: XBRL DOCUMENT

Note 12 - Fair Value Measurements (Details) - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation - Fair Value, Inputs, Level 3 [Member]	3 Months Ended
	Jun. 30, 2017 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 95,000
Gains and losses for the period (realized and unrealized)	(95,000)
Purchases, issuances, sales and settlements, net	0
Transfers in or out of Level 3	0
Balance at the end of period	0
Warrant [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	95,000
Gains and losses for the period (realized and unrealized)	(95,000)
Purchases, issuances, sales and settlements, net	0
Transfers in or out of Level 3	0
Balance at the end of period	$ 0

XML 50 R39.htm IDEA: XBRL DOCUMENT

Note 14 - Litigation (Details) - Aeroflex [Member]	1 Months Ended
Note 14 - Litigation (Details) - Aeroflex [Member]	Mar. 31, 2017 USD ($)
Note 14 - Litigation (Details) [Line Items]
Loss Contingency, Damages Awarded, Value	$ 2,800,000
Loss Contingency, Damages Sought	Depending on the outcome of these hearings, both sides have the ability to appeal the decision or the judge could vacate the jury decision and schedule a new trial. If the judge enters a final damages award, both sides have approximately 30 days to file an appeal or request a new trial. If the Company files the appeal on its own, it will be required to post a bond in the equal to the lesser of: (1) the final damages award; or (2) $1 million plus 25% of the amount of the verdict in excess of $1 million, which would currently total $1.45 million.
Business Opportunity [Member]
Note 14 - Litigation (Details) [Line Items]
Loss Contingency, Damages Awarded, Value	$ 1,300,000
Non-Disclosure Agreements [Member]
Note 14 - Litigation (Details) [Line Items]
Loss Contingency, Damages Awarded, Value	525,000
Loss Contingency, Damages Sought, Value	1,500,000
Maximum [Member]
Note 14 - Litigation (Details) [Line Items]
Loss Contingency, Damages Sought, Value	$ 5,000,000

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