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Celsion CORP
10-Q
--12-31
51612902
false
0000749647
Yes
No
Accelerated Filer
No
2013
Q1
2013-03-31
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
1.   Business Description</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Celsion
Corporation, referred to herein as “Celsion”,
“We”, or “the Company,” a Delaware
corporation based in Lawrenceville, New Jersey, is an
oncology drug development company focused on improving
treatment for those suffering with difficult-to-treat forms
of cancer. We are working to develop and commercialize more
efficient, effective, targeted chemotherapeutic oncology
drugs based on our proprietary heat-activated liposomal
technology.  Our lead product ThermoDox®, is
being tested in human clinical trials for the treatment of
primary liver cancer, recurrent chest wall breast cancer and
colorectal liver metastases.</font>
</div><br/>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Celsion
Corporation, referred to herein as “Celsion”,
“We”, or “the Company,” a Delaware
corporation based in Lawrenceville, New Jersey, is an
oncology drug development company focused on improving
treatment for those suffering with difficult-to-treat forms
of cancer. We are working to develop and commercialize more
efficient, effective, targeted chemotherapeutic oncology
drugs based on our proprietary heat-activated liposomal
technology.  Our lead product ThermoDox®, is
being tested in human clinical trials for the treatment of
primary liver cancer, recurrent chest wall breast cancer and
colorectal liver metastases.</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
2.   Basis of Presentation</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
accompanying unaudited financial statements of Celsion have
been prepared in accordance with generally accepted
accounting principles (GAAP) in the United States for interim
financial information and with the instructions to Form 10-Q
and Article 10 of Regulation S-X.  Certain
information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have
been condensed or omitted pursuant to such rules and
regulations.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
the opinion of management, all adjustments, consisting only
of normal recurring accruals considered necessary for a fair
presentation, have been included in the accompanying
unaudited financial statements. Operating results for the
three month period ended March 31, 2013 is not necessarily
indicative of the results that may be expected for any other
interim period(s) or for any full year. For further
information, refer to the financial statements and notes
thereto included in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2012 filed on
March 18, 2013 and our Amendment No. 1 to the Annual Report
on Form 10-K/A filed on April 30, 2013 with the Securities
and Exchange Commission.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
preparation of financial statements in conformity with GAAP
requires management to make judgments, estimates, and
assumptions that affect the amount reported in the
Company’s financial statements and accompanying
notes.  Actual results could differ materially from
those estimates.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Events
and conditions arising subsequent to the most recent balance
sheet date have been evaluated for their possible impact on
the financial statements and accompanying
notes.   No events and conditions would give
rise to any information that required accounting recognition
or disclosure in the financial statements other then those
arising in the ordinary course of business.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain
items in the prior period financial statements have been
reclassified to conform to the current period
presentation.</font>
</div><br/>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
accompanying unaudited financial statements of Celsion have
been prepared in accordance with generally accepted
accounting principles (GAAP) in the United States for interim
financial information and with the instructions to Form 10-Q
and Article 10 of Regulation S-X.  Certain
information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have
been condensed or omitted pursuant to such rules and
regulations.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
the opinion of management, all adjustments, consisting only
of normal recurring accruals considered necessary for a fair
presentation, have been included in the accompanying
unaudited financial statements. Operating results for the
three month period ended March 31, 2013 is not necessarily
indicative of the results that may be expected for any other
interim period(s) or for any full year. For further
information, refer to the financial statements and notes
thereto included in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2012 filed on
March 18, 2013 and our Amendment No. 1 to the Annual Report
on Form 10-K/A filed on April 30, 2013 with the Securities
and Exchange Commission.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
preparation of financial statements in conformity with GAAP
requires management to make judgments, estimates, and
assumptions that affect the amount reported in the
Company’s financial statements and accompanying
notes.  Actual results could differ materially from
those estimates.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Events
and conditions arising subsequent to the most recent balance
sheet date have been evaluated for their possible impact on
the financial statements and accompanying
notes.   No events and conditions would give
rise to any information that required accounting recognition
or disclosure in the financial statements other then those
arising in the ordinary course of business.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain
items in the prior period financial statements have been
reclassified to conform to the current period
presentation.</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
3.   New Accounting Pronouncements</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From
time to time, new accounting pronouncements are issued by
Financial Accounting Standards Board (FASB) and are adopted
by us as of the specified effective date. Unless otherwise
discussed, we believe that the impact of recently issued
accounting pronouncements will not have a material impact on
the Company’s consolidated financial position, results
of operations, and cash flows, or do not apply to our
operations.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
June 2011, the FASB amended its guidance on the presentation
of comprehensive income in financial statements to improve
the comparability, consistency and transparency of financial
reporting and to increase the prominence of items that are
recorded in other comprehensive income. This new accounting
guidance requires entities to report components of
comprehensive income in either (1) a continuous statement of
comprehensive income or (2) two separate but consecutive
statements. The provisions of this new guidance are effective
for fiscal years, and interim periods within those years,
beginning after December 15, 2011.  In February
2013, the FASB issued <font style="FONT-STYLE: italic; DISPLAY: inline">Accounting
Standards Update (ASU) No. 2013-02, Comprehensive Income
(Topic 220): Reporting of Amounts Reclassified out of
Accumulated Other Comprehensive Income</font>, a new standard
to improve the reporting of reclassifications out of
accumulated other comprehensive income. The new standard
requires the disclosure of significant amounts reclassified
from each component of accumulated other comprehensive income
and the income statement line items affected by the
reclassification. The standard is effective prospectively for
interim and annual periods beginning after December 15,
2012.  The adoption of this guidance did not have a
material effect on the financial statements on January 1,
2013, the date adopted.</font>
</div><br/>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From
time to time, new accounting pronouncements are issued by
Financial Accounting Standards Board (FASB) and are adopted
by us as of the specified effective date. Unless otherwise
discussed, we believe that the impact of recently issued
accounting pronouncements will not have a material impact on
the Company’s consolidated financial position, results
of operations, and cash flows, or do not apply to our
operations.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
June 2011, the FASB amended its guidance on the presentation
of comprehensive income in financial statements to improve
the comparability, consistency and transparency of financial
reporting and to increase the prominence of items that are
recorded in other comprehensive income. This new accounting
guidance requires entities to report components of
comprehensive income in either (1) a continuous statement of
comprehensive income or (2) two separate but consecutive
statements. The provisions of this new guidance are effective
for fiscal years, and interim periods within those years,
beginning after December 15, 2011.  In February
2013, the FASB issued <font style="FONT-STYLE: italic; DISPLAY: inline">Accounting
Standards Update (ASU) No. 2013-02, Comprehensive Income
(Topic 220): Reporting of Amounts Reclassified out of
Accumulated Other Comprehensive Income</font>, a new standard
to improve the reporting of reclassifications out of
accumulated other comprehensive income. The new standard
requires the disclosure of significant amounts reclassified
from each component of accumulated other comprehensive income
and the income statement line items affected by the
reclassification. The standard is effective prospectively for
interim and annual periods beginning after December 15,
2012.  The adoption of this guidance did not have a
material effect on the financial statements on January 1,
2013, the date adopted.</font></div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
4.   Net Loss per Common Share</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic
earnings per share is calculated based upon the net loss
available to common shareholders divided by the weighted
average number of common shares outstanding during the
period.  Diluted earnings per share is calculated
after adjusting the denominator of the basic earnings per
share computation for the effects of all dilutive potential
common shares outstanding during the period. The dilutive
effects of preferred stock, options and, warrants and their
equivalents are computed using the treasury stock
method.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For
the three months ended March 31, 2013 and 2012, diluted loss
per common share was the same as basic loss per common share
as all options and warrants that were convertible into shares
of the Company’s common stock were excluded from the
calculation of diluted earnings per share as their effect
would have been anti-dilutive. The total number of shares of
common stock issuable upon conversion of preferred stock and
exercise of warrants and equity awards for the three month
period ended March 31, 2013 and 2012 were 21,086,379 and
14,975,681, respectively.</font>
</div><br/>
21086379
14975681
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
5.   Investment Securities - Available For
Sale</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment
securities available for sale of $25,202,875 and $8,037,620
as March 31, 2013 and December 31, 2012, respectively,
consist of commercial paper and corporate debt
securities.  They are valued at fair value, with
unrealized gains and losses reported as a separate component
of stockholders’ equity in Accumulated Other
Comprehensive Loss.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment
securities available for sale are evaluated periodically to
determine whether a decline in their value is other than
temporary.  The term “other than
temporary” is not intended to indicate a permanent
decline in value.  Rather, it means that the
prospects for near-term recovery of value are not necessarily
favorable, or that there is a lack of evidence to support
fair values equal to, or greater than, the carrying value of
the security.  Management reviews criteria such as
the magnitude and duration of the decline, as well as the
reasons for the decline, to predict whether the loss in value
is other than temporary.  Once a decline in value
is determined to be other than temporary, the value of the
security is reduced and a corresponding charge to earnings is
recognized.<a id="FIS_UNIDENTIFIED_TABLE_2" name="FIS_UNIDENTIFIED_TABLE_2">
<!--EFPlaceholder--></a></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A
summary of the cost, fair value and bond maturities of the
Company’s investment securities is as follows:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="44%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate
bond maturities</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="44%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Within
3 months</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,108,805</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,003,280</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,053,740</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,002,350</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Between
3-12 months</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,252,626</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,199,595</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,110,487</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,035,270</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,361,431</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,164,227</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
following table shows the Company’s investment
securities gross unrealized losses and fair value by
investment category and length of time that individual
securities have been in a continuous unrealized loss position
at March 31, 2013 and December 31, 2012.  The
Company has reviewed individual securities to determine
whether a decline in fair value below the amortizable cost
basis is other then temporary.</font>
</div><br/><table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td colspan="6" valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td colspan="6" valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
</tr>
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description
of Securities</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrealized</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holding</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Losses</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrealized</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holding</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gains</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Available
for Sale</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0.7pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances (all unrealized holding
losses are less than 12 months at date of
measurement)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(158,556</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(126,607</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investment
income which includes interest and dividends and gross
realized gains and losses on sales of available for sale
securities, is summarized as follows:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three
Months Ended</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 6.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31,</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="62%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest
and dividend income</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,303</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133,893</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="62%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Realized
losses</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(53,740</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(128,560</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="62%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,563</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,333</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table><br/>
25202875
8037620
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="44%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporate
bond maturities</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="44%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Within
3 months</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,108,805</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,003,280</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,053,740</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,002,350</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Between
3-12 months</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,252,626</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,199,595</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,110,487</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,035,270</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,361,431</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,164,227</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table>
3108805
3003280
3053740
3002350
22252626
22199595
5110487
5035270
25361431
25202875
8164227
8037620
<table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td colspan="6" valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
<td colspan="6" valign="bottom">
 
</td>
<td valign="bottom">
 
</td>
</tr>
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description
of Securities</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrealized</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holding</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Losses</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unrealized</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Holding</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gains</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Available
for Sale</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0.7pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances (all unrealized holding
losses are less than 12 months at date of
measurement)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(158,556</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(126,607</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
</tr>
</table>
25202875
-158556
8037620
-126607
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three
Months Ended</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 6.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31,</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="62%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest
and dividend income</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">70,303</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133,893</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="62%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Realized
losses</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(53,740</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(128,560</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="62%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,563</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="16%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,333</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table>
70303
133893
-53740
-128560
16563
5333
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
6.   Fair Value of Measurements</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FASB
Accounting Standards Codification (ASC) Section 820 (formerly
SFAS No. 157) “<font style="FONT-STYLE: italic; DISPLAY: inline">Fair Value
Measurements and Disclosures,”</font> establishes a
three level hierarchy for fair value measurements which
requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring
fair value. The three levels of inputs that may be used to
measure fair value are as follows:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="5%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="top" width="73%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level
1</font>: Quoted prices (unadjusted) or identical
assets or liabilities in active markets that the
entity has the ability to access as of the
measurement date;</font>
</div>
</td>
</tr>
</table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="5%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="top" width="73%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level
2</font>: Significant other observable inputs other
than Level 1 prices such as quoted prices for similar
assets or liabilities; quoted prices in markets that
are not active; or other inputs that are observable
or can be corroborated by observable market data;
and</font>
</div>
</td>
</tr>
</table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="5%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="top" width="73%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Level
3</font>: Significant unobservable inputs that
reflect a reporting entity’s own assumptions
that market participants would use in pricing an
asset or liability.</font>
</div>
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a id="eolPage11" name="eolPage11"><!--EFPlaceholder--></a>The
fair values of securities available for sale are determined
by obtaining quoted prices on nationally recognized exchanges
(Level 1 inputs) or matrix pricing, which is a mathematical
technique widely used in the industry to value debt
securities without relying exclusively on quoted prices for
the specific securities but rather by relying on the
securities’ relationship to other benchmark quoted
securities (Level 2 inputs). The common stock warrant
liability has been valued using the Black-Scholes option
pricing model, the inputs of which are more fully described
in Note 11 to the financial statements.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cash
and cash equivalents, other current assets, accounts payable
and other accrued liabilities are reflected in the balance
sheet at their estimated fair values primarily due to their
short-term nature.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
following table presents information about assets and
liabilities recorded at fair value on a recurring basis as of
March 31, 2013 and December 31, 2012 on the Company’s
Balance Sheet:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total
Fair</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value
on the</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sheet</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted
Prices</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In
Active</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Markets
For</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical
Assets</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">/Liabilities</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
1)</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.7pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
2)</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unobservable</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
3)</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets:</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of March 31, 2013</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short-term
investments available for sale</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of December 31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short-term
investments available for sale</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities:</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common
stock warrant liability</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common
stock warrant liability</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There
were no transfers of assets or liabilities between Level 1
and Level 2 and no transfers in or out of Level 3 during the
three month period ended March 31, 2013.</font>
</div><br/>
There were no transfers of assets or liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the three month period ended March 31, 2013.
<table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total
Fair</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Value
on the</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Balance</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sheet</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted
Prices</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">In
Active</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Markets
For</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical
Assets</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">/Liabilities</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
1)</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.7pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
2)</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unobservable</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level
3)</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets:</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of March 31, 2013</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short-term
investments available for sale</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,202,875</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of December 31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Short-term
investments available for sale</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bonds
– corporate issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,037,620</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities:</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common
stock warrant liability</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">As
of December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="10%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="48%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common
stock warrant liability</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">−</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="10%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
</table>
25202875
25202875
8037620
8037620
3635
3635
4283932
4283932
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a id="FIS_UNIDENTIFIED_TABLE_4" name="FIS_UNIDENTIFIED_TABLE_4"><!--EFPlaceholder--></a><a id="FIS_UNIDENTIFIED_TABLE_5" name="FIS_UNIDENTIFIED_TABLE_5"><!--EFPlaceholder--></a><a id="eolPage12" name="eolPage12"><!--EFPlaceholder--></a><a id="FIS_UNIDENTIFIED_TABLE_8" name="FIS_UNIDENTIFIED_TABLE_8"><!--EFPlaceholder--></a>Note
7.   Other Accrued Liabilities</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accrued
liabilities at March 31, 2013 and December 31, 2012 include
the following:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31,</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amounts
due to Contract Research Organizations and</font>
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">other
contractual agreements</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">801,696</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">827,989</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued
payroll and related benefits</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">163,063</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">338,365</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued
professional fees</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,900</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,400</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53,786</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,225</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,097,445</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,254,979</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table><br/>
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31,</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amounts
due to Contract Research Organizations and</font>
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">other
contractual agreements</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">801,696</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">827,989</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued
payroll and related benefits</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">163,063</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">338,365</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accrued
professional fees</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,900</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">37,400</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">53,786</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,225</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,097,445</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,254,979</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table>
801696
827989
163063
338365
78900
37400
53786
51225
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
8.   Note Payable</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
June 2012, the Company entered into a Loan and Security
Agreement (the “Credit Agreement”) with Oxford
Finance LLC (“Oxford”) and Horizon Technology
Finance Corporation (“Horizon”). The Credit
Agreement provides for a secured term loan of up to $10
million, with 50% of any loans to be funded by Oxford and 50%
to be funded by Horizon. The aggregate loan amount may be
advanced in two tranches of $5 million each. The first
tranche (the “Term A Loan”) was made available to
the Company on June 27, 2012 and the second tranche (the
“Term B Loan”) was to be made available, if at
all, during the period beginning on the date that the Company
achieved positive data in its Phase III clinical trial of RFA
and ThermoDox® (the HEAT Study) and ending on March 31,
2013.  On January 31, 2013, the Company announced
it did not meet the primary endpoint of the HEAT Study,
therefore the second tranche was not drawn down.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Term A Loan is scheduled to mature on October 15,
2015.   The obligations under the Credit Agreement
are secured by substantially all assets of the Company other
than its intellectual property and certain other agreed-upon
exclusions.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Term A Loan bears interest at a fixed rate of 11.75%.
However, for the period extending from inceptions through May
1, 2013 for the Term A Loan, the Company is required to make
interest payments only. The Company was also obligated to pay
other customary facility fees for a credit facility of this
size and type.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Credit Agreement contains customary covenants, including
covenants that limit or restrict the Company’s ability
to incur liens, incur indebtedness, make certain restricted
payments, merge or consolidate and make dispositions of
assets. Upon the occurrence of an event of default under the
Credit Agreement, the lenders may cease making loans,
terminate the Credit Agreement, declare all amounts
outstanding to be immediately due and payable and foreclose
on or liquidate the Company’s assets that comprise the
lenders’ collateral. The Credit Agreement specifies a
number of events of default (some of which are subject to
applicable grace or cure periods), including, among other
things, non-payment defaults, covenant defaults, a material
adverse change in the Company’s business,
cross-defaults to other materials indebtedness, bankruptcy
and insolvency defaults and material judgment
defaults.  The Company is currently in compliance
with all loan covenants.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
a fee in connection with the Credit Agreement, the Company
issued warrants to Horizon and Oxford (the
“Warrants”) to purchase the number of shares of
the Company’s common stock equal to 3% of each loan
amount divided by the exercise price, which was calculated as
the average NASDAQ closing price of the Company’s
common stock for the three days prior to the funding of the
loan amount ($2.92 per share for the Term A
Loan).  This resulted in 51,370 warrant shares
issued in connection with the Term A Loan.  The
Warrants issued in connection with the Term A Loan are
immediately exercisable for cash or by net exercise and will
expire seven years after their issuance, which is June 27,
2019.<a id="eolPage67" name="eolPage67">
<!--EFPlaceholder--></a></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company valued the Warrants using the Black-Scholes option
pricing model and recorded $73,654 as deferred financing
fees.  In calculating the value of the warrants,
the Company assumed a volatility rate of 74.3%, risk free
interest rate of 1.10%, an expected life of 3.5 years, a
stock price of $2.80 (closing price on date of the Warrant)
and no expected forfeitures nor dividends. </font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
connection with the Credit Agreement, the Company incurred
cash and other expenses of $291,369 which were recorded as
deferred financing fees.  These deferred financing
fees are being amortized as interest expense over the life of
the loan.  For the first quarter of 2013, $31,560
in deferred financing fees was amortized as interest
expense.  Also, the Company paid $146,875 in
interest expense on the Credit Agreement during this same
period.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Following
is a schedule of future principle payments due on the Credit
Agreement:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agreement</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">For
the year ending March 31:</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,826,612</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,053,182</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2016</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
 
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,120,206</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,000,000</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
November 2011, the Company financed $144,448 of lab equipment
through a capital lease.  This lease obligation has
thirty monthly payments of $5,651 through February
2014.  During the first quarter of 2013, the
Company made principal and interest payments totaling
$16,954.  The outstanding lease obligation is
$57,141 as of March 31, 2013.  </font>
</div><br/>
10000000
5000000
0.1175
0.03
2.92
51370
P7Y
73654
0.743
0.0110
P3Y6M
2.80
291369
31560
146875
144448
5651
16954
57141
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agreement</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">For
the year ending March 31:</font>
</div>
</td>
<td align="left" valign="bottom">
 
</td>
<td colspan="2" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,826,612</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2015</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,053,182</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2016</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
 
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,120,206</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,000,000</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table>
1826612
2053182
1120206
5000000
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a id="CLSN_10Q_063012_HTM_FORM10Q_HTM_EOLPAGE1" name="CLSN_10Q_063012_HTM_FORM10Q_HTM_EOLPAGE1">
<!--EFPlaceholder--></a>Note 9. Stockholders’
Equity</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
the first quarter of 2013, we received approximately $0.4
million of gross proceeds from the exercise of warrants and
stock options to purchase approximately 120,516 shares of the
Company’s common stock.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
February 1, 2013, the Company entered into a Controlled
Equity Offering SM Sales Agreement (the “ATM
Agreement”) with Cantor Fitzgerald & Co., as sales
agent (“Cantor”), pursuant to which Celsion may
offer and sell, from time to time, through Cantor, shares of
our common stock having an aggregate offering price of up to
$25.0 million (the “ATM Shares”) pursuant to the
Company’s previously filed and effective Registration
Statement on Form S-3. Under the ATM Agreement, Cantor may
sell ATM Shares by any method deemed to be an
“at-the-market” offering as defined in Rule 415
promulgated under the Securities Act of 1933, as amended,
including sales made directly on The NASDAQ Capital Market,
on any other existing trading market for the our common stock
or to or through a market maker.  From February 1,
2013 through February 25, 2013, the Company has sold and
issued an aggregate of 5,381,670 shares of common stock under
the ATM Agreement, receiving approximately $6.8 million in
net proceeds.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company is not obligated to sell any ATM Shares under the ATM
Agreement.  Subject to the terms and conditions of
the ATM Agreement, Cantor will use commercially reasonable
efforts, consistent with its normal trading and sales
practices and applicable state and federal law, rules and
regulations and the rules of The NASDAQ Capital Market, to
sell ATM Shares from time to time based upon the
Company’s instructions, including any price, time or
size limits or other customary parameters or conditions the
Company may impose. In addition, pursuant to the terms and
conditions of the ATM Agreement and subject to the
instructions of the Company, Cantor may sell ATM Shares by
any other method permitted by law, including in privately
negotiated transactions.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
ATM Agreement will terminate upon the earlier of (i) the sale
of ATM Shares under the ATM Agreement having an aggregate
offering price of $25.0 million and (ii) the termination of
the ATM Agreement by Cantor or the Company. The ATM Agreement
may be terminated by Cantor or the Company at any time upon
10 days' notice to the other party, or by Cantor at any time
in certain circumstances, including the occurrence of a
material adverse change in the Company.  The
Company pays Cantor a commission of 3.0% of the aggregate
gross proceeds from each sale of ATM Shares and has agreed to
provide Cantor with customary indemnification and
contribution rights. The Company also reimbursed Cantor for
legal fees and disbursements, of $50,000, in connection with
entering into the ATM Agreement. In connection with the
preferred stock offering discussed below, the Company agreed
to not sell any ATM Shares for a period of one year from
February 26, 2013.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
February 22, 2013, the Company entered into a Securities
Purchase Agreement with certain institutional investors,
pursuant to which the Company sold, in a registered offering,
an aggregate of 15,000.00422 shares of its Series A 0%
convertible preferred stock and the warrants to purchase
shares of its common stock, for an aggregate purchase price
of approximately $15.0 million (the Preferred Stock
Offering).  The closing of the Preferred Stock
Offering occurred on February 26, 2013, in which the Company
received approximately $15.0 million in gross
proceeds.  Subject to certain ownership
limitations, shares of Series A 0% convertible preferred
stock are convertible, at the option of the holder thereof,
into an aggregate of up to 12,072,438 shares of common stock,
and the warrants are exercisable to purchase an aggregate of
up to 6,036,219 shares of common stock. Each warrant has an
exercise price of $1.18 per share, equal to the closing bid
price of common stock on February 21, 2013. The warrants are
immediately exercisable and expire five years after its
issuance. As of March 31, 2013, the Company issued an
aggregate of 8,018,112 shares of common stock upon conversion
of 9,963 shares of the Series A 0% convertible preferred
stock.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon
issuance, we estimated the fair value of the warrants issued
in the Preferred Stock Offering to be approximately $5.4
million using the Black-Scholes pricing
model.  Also, upon issuance, we recognized
approximately $4.6 million as a one time, non-cash deemed
dividend related to the beneficial conversion feature
connected to the preferred stock in the Preferred Stock
Offering.</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assumptions
used in the valuation of the warrants issued in the
Preferred Stock Offering are as follows:</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.78</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">102.23</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
</table><br/>
0.4
120516
25000000
5381670
6800000
0.030
50000
15000.00422
15000000
12072438
6036219
1.18
8018112
9963
5400000
4600000
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Assumptions
used in the valuation of the warrants issued in the
Preferred Stock Offering are as follows:</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.78</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">102.23</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="83%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
</table>
0.0078
1.0223
P5Y
0.000
0.0000
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
10. Stock Based Compensation</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Stock
Options Plans</font></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company has long-term compensation plans that permit the
granting of incentive awards in the form of stock options.
Generally, the terms of these plans require that the exercise
price of the options may not be less than the fair market
value of Celsion’s common stock on the date the options
are granted. Options granted generally vest over various time
frames or upon milestone accomplishments.  The
Company’s options generally expire ten years from the
date of the grant.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
2007, the Company adopted the Celsion Corporation 2007 Stock
Incentive Plan (the “2007 Plan”) under which
1,000,000 shares were authorized for issuance. The purpose of
the 2007 Plan is to promote the long-term growth and
profitability of the Company by providing incentives to
improve stockholder value and enable the Company to attract,
retain and reward the best available persons for positions of
substantial responsibility.  The 2007 Plan permits
the granting of equity awards in the form of incentive stock
options, nonqualified stock options, restricted stock,
restricted stock units, stock appreciation rights, phantom
stock, and performance awards, or in any combination of the
foregoing.  At the Annual Meetings of Stockholders
of Celsion held on June 25, 2010 and June 7, 2012, the
stockholders approved amendments to the Plan.  The
only material difference between the original Plan and the
amended Plan was the number of shares of common stock
available for issuance under the amended Plan which was
increased by 1,000,000 to a total of 2,000,000 shares in 2010
and by 2,250,000 to a total of 4,250,000 shares in
2012.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Prior
to the  adoption of the 2007 Plan, the Company
adopted two stock plans for directors, officers and employees
(one in 2001 and another in 2004) under which 666,667 shares
were reserved for future issuance under each of these
plans.  As these plans have been superseded by the
2007 Plan, any options previously granted which expire,
forfeit, or cancel under these plans will be rolled into the
2007 Plan.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
fair values of stock options granted were estimated at the
date of grant using the Black-Scholes option pricing model.
The Black-Scholes model was originally developed for use in
estimating the fair value of traded options, which have
different characteristics from Celsion’s stock options.
The model is also sensitive to changes in assumptions, which
can materially affect the fair value estimate.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
Company used the following assumptions for determining the
fair value of options granted under the Black-Scholes option
pricing model:<a id="FIS_UNIDENTIFIED_TABLE_7" name="FIS_UNIDENTIFIED_TABLE_7"><!--EFPlaceholder--></a><a id="FIS_UNIDENTIFIED_TABLE_9" name="FIS_UNIDENTIFIED_TABLE_9">
<!--EFPlaceholder--></a></font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="5" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Three
Months ended March 31,</font></font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.85%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.97%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83.41%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80.8-81.3%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.25</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.00
– 6.30</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.5%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Expected
volatilities utilized in the model are based on historical
volatility of the Company’s stock price. The risk free
interest rate is derived from values assigned to U.S.
Treasury bonds as published in the Wall Street Journal in
effect at the time of grant. The model incorporates exercise,
pre-vesting and post-vesting forfeiture assumptions based on
analysis of historical data. The expected life of the fiscal
2013 and 2012 grants was generated using the simplified
method.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A
summary of the Company’s stock option and restricted
stock awards for the three month period ended March 31, 2013
is as follows:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock
Options</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 16.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted
Stock Awards</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Weighted</font></font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.5pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity
Awards</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-vested</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant
Date</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contractual</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Terms
of</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity
Awards</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in
years)</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards outstanding at December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,264,880</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,337</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards granted</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,000</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.30</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards exercised</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(49,266</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.57</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards forfeited, cancelled or expired</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,333</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.45</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td align="right" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards outstanding at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,227,281</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,337</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.6</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of outstanding awards March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,813</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards exercisable at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,306,490</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.52</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.7</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of awards exercisable at March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Total
compensation cost related to employee stock options and
restricted stock awards amounted to $263,192 and $305,127 for
the three months ended March 31, 2013 and 2012,
respectively.   No compensation cost related to
share-based payments arrangements was capitalized as part of
the cost of any asset as of March 31, 2013 and 2012.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
of March 31, 2013, there was $1.3 million of total
unrecognized compensation cost related to non-vested
share-based compensation arrangements. That cost is expected
to be recognized over a weighted-average period of 1.8 years.
The weighted average grant-date fair value was $0.87 and
$1.46 per share for the options granted during the three
months ended March 31, 2013 and 2012,
respectively.  The weighted average grant-date fair
value was $2.09 for the restricted stock awards granted
during the three months ended March 31, 2012.  No
restricted stock awards were granted during the first three
months of 2013.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
the first quarter of 2013, the Company received gross
proceeds of approximately $0.2 million from the exercise of
options to purchase 49,266 shares of common stock.
Collectively, for all the stock option plans as of March 31,
2013, there were a total of 5,388,922 shares reserved, which
were comprised of 3,246,615 equity awards granted and
2,142,307 equity awards available for future issuance.</font>
</div><br/>
P10Y
1000000
1000000
2000000
2250000
4250000
666667
1300000
P1Y292D
0.87
1.46
2.09
49266
5388922
3246615
2142307
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td colspan="5" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Three
Months ended March 31,</font></font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font>
</div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.85%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.97%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">83.41%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80.8-81.3%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.25</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.00
– 6.30</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.5%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.8pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table>
0.0085
0.0297
0.8341
P5Y3M
P6Y
0.05
0.075
0.000
0.000
<table cellpadding="0" cellspacing="0" width="98%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 11.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock
Options</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 16.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted
Stock Awards</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Weighted</font></font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.5pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity
Awards</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Price</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-vested</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant
Date</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair
Value</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Contractual</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Terms
of</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Equity
Awards</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.4pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in
years)</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards outstanding at December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,264,880</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,337</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards granted</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,000</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.30</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards exercised</font>
</div>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(49,266</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.57</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="left" valign="bottom">
 
</td>
<td align="left" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards forfeited, cancelled or expired</font>
</div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,333</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.45</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td align="left" colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom">
 
</td>
<td align="right" colspan="2" valign="bottom">
 
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards outstanding at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,227,281</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,337</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.2</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.6</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of outstanding awards March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,813</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity
awards exercisable at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,306,490</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.52</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.7</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="40%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of awards exercisable at March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table>
3264880
3.25
19337
3.2
15000
1.30
3.57
-3333
6.45
3227281
3.25
19337
3.2
P6Y219D
61813
2306490
3.52
P5Y255D
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
11. Warrants</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Common
Stock Warrants</font></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Following
is a summary of all warrant activity for the first three
months of 2013:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.75pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number
of Warrants Issued</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted
Average Exercise Price</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
outstanding at December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,863,653</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.37</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
granted in connection with the Preferred Stock
Offering as more fully described in Note 9</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,036,219</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.18</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
exercised for common stock</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(71,250</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
outstanding at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,828,622</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.42</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of outstanding warrants at March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted
average remaining contractual terms (years)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.23</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
the first quarter of 2013, the Company received gross
proceeds of approximately $0.2 million from the exercise of
warrants to purchase 71,250 shares of common stock.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Common
Stock Warrant Liability</font></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
September 2009, the Company closed a registered direct
offering with a select group of institutional investors that
raised gross proceeds of $7.1 million and net proceeds of
$6.3 million.  In connection with this registered
direct offering, the Company issued 2,018,153 shares of its
common stock and warrants to purchase 1,009,076 shares of
common stock. The warrants have an exercise price of $5.24
per share and are exercisable at any time on or after the six
month anniversary of the date of issuance and on or prior to
66 months after the date of issuance.  Under the
terms of the warrants, upon certain transactions, including a
merger, tender offer or sale of all or substantially all of
the assets of the Company, each warrant holder may elect to
receive a cash payment in exchange for the warrant, in an
amount determined by application of the Black-Scholes option
valuation model. Accordingly, pursuant to ASC 815.40, <font style="FONT-STYLE: italic; DISPLAY: inline">Derivative
Instruments and Hedging - Contracts in Entity’s Own
Equity,</font> the warrants are recorded as a liability and
then marked to market each period through the Statement of
Operations in other income or expense. At the end of each
subsequent quarter, the Company will revalue the fair value
of the warrants and the change in fair value will be recorded
as a change to the warrant liability and the difference will
be recorded through the Statement of Operations in other
income or expense.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
fair value of the warrants at March 31, 2013 and December 31,
2012 was $3,635 and $4,283,932, respectively, calculated
using the Black-Scholes option-pricing model with the
following assumptions:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.77</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.73</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65.8</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.13</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
</table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
a result of this change in the warrant liability, the Company
recorded a non-cash benefit of $4.3 million in the three
months ended March 31, 2013. The following is a summary of
the changes in the common stock warrant liability for the
three months ended March 31, 2013:</font>
</div><br/><table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="84%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Beginning
balance as of January 1, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="13%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="84%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="13%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="84%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gain
from the adjustment for the change in fair value
included in net income</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,280,297</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">) </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="84%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ending
balance as of March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table><br/>
200000
71250
7100000
6300000
2018153
1009076
5.24
P66M
4300000
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.75pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Warrants</font>
</div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number
of Warrants Issued</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px">
 
</td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.8pt" align="center">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted
Average Exercise Price</font>
</div>
</td>
<td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
outstanding at December 31, 2012</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,863,653</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.37</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
granted in connection with the Preferred Stock
Offering as more fully described in Note 9</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,036,219</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.18</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
exercised for common stock</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(71,250</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.25</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Warrants
outstanding at March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,828,622</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.42</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Aggregate
intrinsic value of outstanding warrants at March 31,
2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">–</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
 
</td>
<td align="right" valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="1%">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.55pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted
average remaining contractual terms (years)</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.23</font>
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
 
</td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left">
 
</td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">
 
</td>
<td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">
 
</td>
</tr>
</table>
7863653
3.37
6036219
1.18
71250
3.25
13828622
2.42
P4Y83D
<table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March
31, 2013</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December
31, 2012</font>
</div>
</td>
<td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free
interest rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.77</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.73</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
volatility</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65.8</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
life (in years)</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.13</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
forfeiture rate</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.0</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="66%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected
dividend yield</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="14%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font>
</div>
</td>
</tr>
</table>
0.0077
0.0073
0.658
0.920
P1Y
P1Y47D
0.000
0.000
0.0000
0.0000
<table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="84%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Beginning
balance as of January 1, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="13%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,283,932</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="84%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuances</font>
</div>
</td>
<td align="right" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="13%">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
</div>
</td>
<td align="left" valign="bottom" width="1%">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
<tr style="background-color: #C0FFFF;">
<td align="left" valign="bottom" width="84%" style="PADDING-BOTTOM: 2px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gain
from the adjustment for the change in fair value
included in net income</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,280,297</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">) </font>
</td>
</tr>
<tr>
<td align="left" valign="bottom" width="84%" style="PADDING-BOTTOM: 4px">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.6pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ending
balance as of March 31, 2013</font>
</div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 5.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
</div>
</td>
<td align="right" valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double">
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.6pt" align="right">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,635</font>
</div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">
<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font>
</td>
</tr>
</table>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
12. Contingent Liabilities and Commitments</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
July 2011, the Company executed a lease (the
“Lease”) with Brandywine Operating Partnership,
L.P. (Brandywine), a Delaware limited partnership for a
10,870 square foot premises located in Lawrenceville, New
Jersey.  In October 2011, the Company relocated its
offices to Lawrenceville, New Jersey from Columbia,
Maryland.  The lease has a term of 66 months and
provides for 6 months rent free, with the first monthly rent
payment of approximately $23,000 due in April
2012.  Also, as required by the Lease, the Company
provided Brandywine with an irrevocable and unconditional
standby letter of credit for $250,000, which the Company
secured with an escrow deposit at its banking institution of
this same amount.  The standby letter of credit
will be reduced by $50,000 on each of the 19th, 31st and 43rd
months from the initial term, with the remaining $100,000
amount remaining until the Lease Term has expired.</font>
</div><br/>
10870
P66M
P6M
23000
250000
50000
100000
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note
13. Technology Development and Licensing Agreements</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
January 18, 2013, we entered into a technology development
contract with Zhejiang Hisun Pharmaceutical Co. Ltd.
(Hisun), pursuant to which Hisun paid us a non-refundable
research and development fee of $5 million to support our
development of ThermoDox® in mainland China, Hong Kong
and Macau.  Following our announcement on January
31, 2013 that the HEAT study failed to meet its primary
endpoint, Celsion and Hisun have agreed that the Technology
Development Contract entered into on January 18, 2013 will
remain in effect while the parties continue to collaborate
and are evaluating the next steps in relation to ThermoDox,
which include the sub-group analysis of patients in the
Phase III HEAT Study for the hepatocellular carcinoma
clinical indication and other activities to further the
development of ThermoDox for the Greater China
market.  The $5.0 million received as a non-refundable
payment from Hisun in the first quarter 2013 has been
recorded to deferred revenue and will continue to be
amortized over the 10 year term of the agreement, until
such time as the parties find a mutually acceptable path
forward on the development of Thermodox based on findings
of the ongoing post-study analysis of the HEAT Study
data.</font></font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
May 7, 2012 the Company announced the signing of a long term
commercial supply agreement with Hisun for the production of
ThermoDox® in the China territory.  In
accordance with the terms of the agreement, Hisun will be
responsible for providing all of the technical and regulatory
support services, including the costs of all technical
transfer, registration and bioequivalence studies, technical
transfer costs, Celsion consultative support costs and the
purchase of any necessary equipment and additional facility
costs necessary to support capacity requirements for the
manufacture of ThermoDox®.  Celsion will repay
Hisun for the aggregate amount of these development costs and
fees commencing on the successful completion of three
registration batches of ThermoDox®.  Hisun is
also obligated to certain performance requirements under the
agreement.  The agreement will initially be limited
to a percentage of the production requirements of
ThermoDox® in the China territory with Hisun retaining
an option for additional global supply after local regulatory
approval in the China territory.  In addition,
Hisun will collaborate with Celsion around the regulatory
approval activities for ThermoDox® with the China State
Food and Drug Administration (SFDA).  As of March
31, 2013, the Company has incurred approximately $326,000 in
costs to be reimbursed to Hisun.</font>
</div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
December 5, 2008, we entered into a development, product
supply and commercialization agreement with Yakult Honsha Co.
(the Yakult Agreement) under which Yakult was granted the
exclusive right to commercialize and market ThermoDox®
for the Japanese market. We were paid a $2.5 million up-front
licensing fee and may receive additional payments from Yakult
upon receipt of marketing approval by the Japanese Ministry
of Health, Labor and Welfare as well as upon the achievement
of certain levels of sales and approval for new indications.
Under the Yakult Agreement, we will receive double digit
escalating royalties on the sale of ThermoDox® in Japan,
when and if any such sales occur and we also will be the
exclusive supplier of ThermoDox® to Yakult. Concurrent
with a convertible preferred stock equity financing in
January 2011, we amended the Yakult Agreement to provide for
up to $4.0 million in accelerated partial payments to us on a
drug approval milestone. The terms of the Yakult Agreement
provided for the payment to us of $2.0 million upon the
closing of the preferred equity financing. The second $2.0
million was conditioned upon the resumption of enrollment of
Japanese patients in the Japan cohort of the HEAT study,
which has not been resumed. In consideration of the $2.0
million accelerated milestone payment from Yakult, we have
agreed to reduce future drug approval milestone payments by
approximately twenty percent (20%). All other milestone
payments are unaffected.</font>
</div><br/>
5000000
5000000
10
326000
2500000
4000000
2000000
2000000
0.20