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  <dei:EntityCentralIndexKey contextRef="c4_From1Jan2011To30Jun2011">0000027367</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c4_From1Jan2011To30Jun2011">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c4_From1Jan2011To30Jun2011">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c4_From1Jan2011To30Jun2011">Smaller Reporting Company</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c4_From1Jan2011To30Jun2011">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c4_From1Jan2011To30Jun2011">2011</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c4_From1Jan2011To30Jun2011">Q2</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c4_From1Jan2011To30Jun2011">2011-06-30</dei:DocumentPeriodEndDate>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(1)&#xd;
        BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;BUSINESS&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Daxor&#xd;
        Corporation (the &amp;#8220;Company&amp;#8221;) is a medical device&#xd;
        manufacturing company that offers additional biotech&#xd;
        services, such as cryobanking, through its wholly owned&#xd;
        subsidiary, Scientific Medical Systems Corp. The Company&#xd;
        provides long-term frozen blood and semen storage services&#xd;
        to enable individuals to store their own blood and semen.&#xd;
        The main focus of Daxor Corporation has been the&#xd;
        development of an instrument that rapidly and accurately&#xd;
        measures human blood volume. This instrument is used in&#xd;
        conjunction with a single use diagnostic injection and&#xd;
        collection kit.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;SIGNIFICANT&#xd;
        ACCOUNTING POLICIES&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Basis&#xd;
        of Presentation&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        accompanying unaudited condensed consolidated financial&#xd;
        statements reflect all adjustments of a normal recurring&#xd;
        nature, which are, in the opinion of management, necessary&#xd;
        for a fair statement of the financial position and results&#xd;
        of operations for the interim periods presented. The&#xd;
        condensed consolidated financial statements are unaudited&#xd;
        and are subject to such year-end adjustments as may be&#xd;
        considered appropriate and should be read in conjunction&#xd;
        with the historical consolidated financial statements of&#xd;
        Daxor Corporation for the years ended December 31, 2010 and&#xd;
        2009, included in Daxor Corporation&amp;#8217;s Annual Report&#xd;
        and Form 10-K for the fiscal year ended December 31, 2010&#xd;
        which was filed on March 29, 2011. The December 31, 2010&#xd;
        condensed consolidated balance sheet data was derived from&#xd;
        audited financial statements but does not include all&#xd;
        disclosures required by accounting principles generally&#xd;
        accepted in the United States of America. Operating results&#xd;
        for the three and six month periods ended June 30, 2011 are&#xd;
        not necessarily indicative of the results that may be&#xd;
        expected for the year ending December 31, 2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;These&#xd;
        condensed consolidated financial statements have been&#xd;
        prepared in accordance with Generally Accepted Accounting&#xd;
        Principles in the United States of America (&amp;#8220;US&#xd;
        GAAP&amp;#8221;) and under the same accounting principles as&#xd;
        the consolidated financial statements included in the&#xd;
        Annual Report on Form 10-K. Certain information and&#xd;
        footnote disclosures related thereto normally included in&#xd;
        the financial statements prepared in accordance with US&#xd;
        GAAP have been omitted in accordance with Rule 8-03 of&#xd;
        Regulation S-X.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Management&#xd;
        has evaluated subsequent events through the date of this&#xd;
        filing.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Fair&#xd;
        Value of Financial Instruments&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        carrying amounts of financial instruments, including cash&#xd;
        and cash equivalents, accounts receivable and payable,&#xd;
        accrued liabilities, deferred option premiums and loans&#xd;
        payable approximate fair value because of their short&#xd;
        maturities. The carrying amount of the mortgage payable is&#xd;
        estimated to approximate fair value as the mortgage carries&#xd;
        a market rate of interest.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Fair&#xd;
        Value Measurements&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company accounts for its investments under the provision of&#xd;
        FASB ASC 820, &amp;#8220;Fair Value Measurements and&#xd;
        Disclosures&amp;#8221; (&amp;#8220;ASC 820&amp;#8221;). ASC 820 defines&#xd;
        fair value, establishes a framework for measuring fair&#xd;
        value under GAAP and enhances disclosures about fair value&#xd;
        measurements. Fair value is defined under ASC 820 as the&#xd;
        exchange price that would be received for an asset or paid&#xd;
        to transfer a liability (an exit price) in the principal or&#xd;
        most advantageous market for the asset or liability in an&#xd;
        orderly transaction between market participants on the&#xd;
        measurement date. ASC 820 establishes a fair value&#xd;
        hierarchy which requires an entity to maximize the use of&#xd;
        observable inputs and minimize the use of unobservable&#xd;
        inputs when measuring fair value. The standard describes&#xd;
        three levels of inputs that may be used to measure fair&#xd;
        values which are discussed below.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Level&#xd;
        1 - Quoted prices in active markets for identical assets or&#xd;
        liabilities.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Level&#xd;
        2 - Observable inputs other than Level 1 prices such as&#xd;
        quoted prices for similar assets or liabilities; quoted&#xd;
        prices in markets that are not active; or other inputs that&#xd;
        are observable or can be corroborated by observable market&#xd;
        data for substantially the full term of the assets or&#xd;
        liabilities. Level 2 assets include corporate-owned key&#xd;
        person life insurance policies.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Level&#xd;
        3 - Unobservable inputs that are supported by little or no&#xd;
        market activity and that are significant to the fair value&#xd;
        of the assets or liabilities. Level 3 assets and&#xd;
        liabilities include financial instruments whose value is&#xd;
        determined using pricing models, discounted cash flow&#xd;
        methodologies, or similar techniques, as well as&#xd;
        instruments for which the determination of fair value&#xd;
        requires significant management judgment or estimation.&#xd;
        This category includes auction rate securities where&#xd;
        independent pricing information was not able to be&#xd;
        obtained.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company&amp;#8217;s marketable securities are valued using&#xd;
        Level 1 observable inputs utilizing quoted market prices in&#xd;
        active markets. These marketable securities are summarized&#xd;
        in Note 2, Available-for -Sale Securities.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        January 1, 2010, the Company adopted the provisions of FASB&#xd;
        ASU No. 2010-06, &amp;#8220;Improving Disclosures about Fair&#xd;
        Value Measurements&amp;#8221; (&amp;#8220;ASU 2010-06&amp;#8221;). This&#xd;
        update provides amendments to Subtopic 820-10 that requires&#xd;
        new disclosure as follows: 1) Transfers in and out of&#xd;
        Levels 1 and 2. A reporting entity should disclose&#xd;
        separately the amounts of significant transfers in and out&#xd;
        of Level 1 and Level 2 fair value measurements and describe&#xd;
        the reasons for the transfers. 2) Activity in Level 3 fair&#xd;
        value measurements. In the reconciliation for fair value&#xd;
        measurements using significant unobservable inputs (Level&#xd;
        3), a reporting entity should present separately&#xd;
        information about purchases, sales, issuances, and&#xd;
        settlements (that is, on a gross basis rather than as one&#xd;
        net number). This update provides amendments to Subtopic&#xd;
        820-10 that clarify existing disclosures as follows: 1)&#xd;
        Level of disaggregation. A reporting entity should provide&#xd;
        fair value measurement disclosures for each class of assets&#xd;
        and liabilities. A class is often a subset of assets or&#xd;
        liabilities within a line item in the statement of&#xd;
        financial position. A reporting entity needs to use&#xd;
        judgment in determining the appropriate classes of assets&#xd;
        and liabilities. 2) Disclosures about inputs and valuation&#xd;
        techniques. A reporting entity should provide disclosures&#xd;
        about the valuation techniques and inputs used to measure&#xd;
        fair value for both recurring and nonrecurring fair value&#xd;
        measurements. Those disclosures are required for fair value&#xd;
        measurements that fall in either Level 2 or Level 3.The new&#xd;
        disclosures and clarifications of existing disclosures are&#xd;
        effective for interim and annual reporting periods&#xd;
        beginning after December 15, 2009, except for the&#xd;
        disclosures about purchases, sales, issuances, and&#xd;
        settlements in the roll forward of activity in Level 3 fair&#xd;
        value measurements. Those disclosures are effective for&#xd;
        fiscal years beginning after December 15, 2010, and for&#xd;
        interim periods within those fiscal years. The adoption of&#xd;
        the ASU 2010-06 did not have an impact on the&#xd;
        Company&amp;#8217;s financial statements.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Available-for-Sale&#xd;
        Securities&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Available-for-sale&#xd;
          securities represent investments in debt and equity&#xd;
          securities (primarily common and preferred stock of&#xd;
          electric utility companies) that management has&#xd;
          determined meet the definition of available-for-sale&#xd;
          under FASB ASC 320 - &lt;font style=&quot;display:inline; font-style:italic&quot;&gt;Accounting for&#xd;
          Certain Investments in Debt and Equity Securities&lt;/font&gt;&#xd;
          (&amp;#8220;ASC 320&amp;#8221;). Accordingly, these investments&#xd;
          are stated at fair market value and all unrealized&#xd;
          holding gains or losses are recorded in the&#xd;
          Stockholders&amp;#8217; Equity section as Accumulated Other&#xd;
          Comprehensive Income (Loss). Conversely, all realized&#xd;
          gains, losses and earnings are recorded in the Statement&#xd;
          of Operations under Other Income (Expense).&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
          certain times, the Company will engage in short selling&#xd;
          of stock. When this occurs, the short position is marked&#xd;
          to the market and recorded as a realized sale. Any gain&#xd;
          or (loss) is recorded for the period presented.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Historical&#xd;
          cost is used by the Company to determine all gains and&#xd;
          losses, and fair market value is obtained by readily&#xd;
          available market quotes on all securities (Level 1&#xd;
          inputs).&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Put&#xd;
        and Call Options at fair value&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;As&#xd;
          part of the company&amp;#8217;s investment strategy, put and&#xd;
          call options are sold on various stocks the company is&#xd;
          willing to buy or sell. The premiums received are&#xd;
          deferred until such time as they are exercised or expire.&#xd;
          In accordance with FASB ASC 815 - &lt;font style=&quot;display:inline; font-style:italic&quot;&gt;Accounting for&#xd;
          Derivative Instruments and Hedging Activities,&lt;/font&gt;&#xd;
          these options are marked to market for each reporting&#xd;
          period using readily available market quotes (Level 1&#xd;
          inputs), and this fair value adjustment is recorded as a&#xd;
          gain or loss in the Statement of Operations.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Upon&#xd;
          exercise, the value of the premium will adjust the basis&#xd;
          of the underlying security bought or sold. Options that&#xd;
          expire are recorded as income in the period they&#xd;
          expire.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;All&#xd;
          proceeds of the put and call options which are equity&#xd;
          contracts are shown net of the mark to market adjustment&#xd;
          in the current liability section of the balance sheet as&#xd;
          put and call options, at fair value.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Receivable&#xd;
        from Broker&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
          Receivable from Brokers includes cash proceeds from the&#xd;
          sales of securities and dividends. These proceeds are&#xd;
          invested in dividend bearing money market accounts. The&#xd;
          restricted cash is held by the brokers to satisfy margin&#xd;
          requirements.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
          following table summarizes Receivable from Broker at June&#xd;
          30, 2011 and December 31, 2010:&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;90%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Description&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(Unaudited)&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
                  30, 2011&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;December&#xd;
                  31,&lt;/font&gt; &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;2010&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Money&#xd;
                  Market Accounts&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
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          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Securities&#xd;
        borrowed at fair value&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;When&#xd;
        a call option that has been sold short is exercised, this&#xd;
        creates a short position in the related common stock. The&#xd;
        recorded cost of these short positions is the amount&#xd;
        received on the sale of the stock plus the proceeds&#xd;
        received from the underlying call option. These positions&#xd;
        are shown on the Balance Sheet as &amp;#8220;Securities&#xd;
        borrowed at fair value&amp;#8221; and the carrying value is&#xd;
        reduced or increased at the end of each quarter by the mark&#xd;
        to market adjustment which is recorded in accordance with&#xd;
        ASC 320&lt;font style=&quot;display:inline; font-style:italic&quot;&gt;.&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Investment&#xd;
        Goals, Strategies and Policies&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company&amp;#8217;s investment goals, strategies and policies&#xd;
        are as follows:&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;1.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;The&#xd;
                  Company&amp;#8217;s investment goals are capital&#xd;
                  preservation, maintaining returns on capital with&#xd;
                  a high degree of safety and generating income&#xd;
                  from dividends and option sales to help offset&#xd;
                  operating losses.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;2.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;text-align:justify&quot;&gt;&#xd;
                &lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;In&#xd;
                  order to achieve these goals, the Company&#xd;
                  maintains a diversified securities portfolio&#xd;
                  comprised primarily of electric utility common&#xd;
                  and preferred stocks. The Company also sells&#xd;
                  covered calls on portions of its portfolio and&#xd;
                  also sells puts on stocks it is willing to own.&#xd;
                  It also sells uncovered calls and may have net&#xd;
                  short positions in common stock up to 15% of the&#xd;
                  value of the portfolio. The Company&amp;#8217;s net&#xd;
                  short position may temporarily rise to 20% of the&#xd;
                  Company&amp;#8217;s portfolio without any specific&#xd;
                  action because of changes in valuation, but&#xd;
                  should not exceed this amount. The&#xd;
                  Company&amp;#8217;s investment policy is to maintain&#xd;
                  a minimum of 80% of its portfolio in electric&#xd;
                  utilities. The Board of Directors has authorized&#xd;
                  this minimum to be temporarily lowered to 70%&#xd;
                  when Company management deems it to be necessary.&#xd;
                  Investments in utilities are primarily in&#xd;
                  electric companies. Investments in non-utility&#xd;
                  stocks will generally not exceed 20% of the value&#xd;
                  of the portfolio.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;3.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Investment&#xd;
                  in speculative issues, including short sales,&#xd;
                  maximum of 15%.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Limited&#xd;
                  use of options to increase yearly investment&#xd;
                  income.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;a.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;The&#xd;
                  use of &amp;#8220;Call&amp;#8221;&#xd;
                  Options&lt;/font&gt;&amp;#160;&amp;#160;Covered options can be&#xd;
                  sold up to a maximum of 20% of the value of the&#xd;
                  portfolio. This provides extra income in addition&#xd;
                  to dividends received from the Company&amp;#8217;s&#xd;
                  investments. The risk of this strategy is that&#xd;
                  investments may be called away, which the Company&#xd;
                  may have preferred to retain. Therefore, a&#xd;
                  limitation of 20% is placed on the amount of&#xd;
                  stock on which options can be written. The amount&#xd;
                  of the portfolio on which options are actually&#xd;
                  written usually does not exceed 10% of the value&#xd;
                  of the portfolio. The historical turnover of the&#xd;
                  portfolio is such that the average holding period&#xd;
                  is in excess of five years for available for sale&#xd;
                  securities.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;b.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;The&#xd;
                  use of &amp;#8220;Put&amp;#8221; options&lt;/font&gt; Put&#xd;
                  options are written on stocks which the Company&#xd;
                  is willing to purchase. While the Company does&#xd;
                  not have a high rate of turnover in its&#xd;
                  portfolio, there is some turnover; for example,&#xd;
                  due to preferred stocks being called back by the&#xd;
                  issuing Company, or stocks being called away&#xd;
                  because call options have been written. If the&#xd;
                  stock does not go below the put exercise price,&#xd;
                  the Company records the proceeds from the sale as&#xd;
                  income. If the put is exercised, the cost basis&#xd;
                  is reduced by the proceeds received from the sale&#xd;
                  of the put option. There may be occasions where&#xd;
                  the cost basis of the stock is lower than the&#xd;
                  market price at the time the option is&#xd;
                  exercised.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;c.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;Speculative&#xd;
                  Short Sales/Short Options&lt;/font&gt;&amp;#160;&amp;#160;The&#xd;
                  Company normally limits its speculative&#xd;
                  transactions to no more than 15% of the value of&#xd;
                  the portfolio. The Company may sell uncovered&#xd;
                  calls on certain stocks. If the stock price does&#xd;
                  not rise to the price of the call, the option is&#xd;
                  not exercised and the Company records the&#xd;
                  proceeds from the sale of the call as income. If&#xd;
                  the call is exercised, the Company will have a&#xd;
                  short position in the related stock. The Company&#xd;
                  then has the choice of covering the short&#xd;
                  position, or selling a put against it. If the put&#xd;
                  is exercised, then the short position is covered.&#xd;
                  The Company&amp;#8217;s current accounting policy is&#xd;
                  to mark to the market at the end of each quarter&#xd;
                  any short positions, and include it in the income&#xd;
                  statement. While the Company may have short&#xd;
                  positions equal to 15% of its accounts, in actual&#xd;
                  practice the net short stock positions usually&#xd;
                  account for less than 10% of the assets of the&#xd;
                  Company.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;83%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;5.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;In&#xd;
                  the event of a merger, the Company will elect to&#xd;
                  receive shares in the new company if this is an&#xd;
                  option. If the proposed merger is a cash only&#xd;
                  offer, the Company will receive cash and be&#xd;
                  forced to sell the stock.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;It&#xd;
        is possible that the market value of a stock may go below&#xd;
        our cost after we purchase it even though we considered the&#xd;
        stock to be undervalued relative to the market at the time&#xd;
        we purchased it. When that occurs, we follow the provisions&#xd;
        of &lt;font style=&quot;display:inline; font-style:italic&quot;&gt;SEC&#xd;
        Staff Accounting Bulletin: Codification of Staff Accounting&#xd;
        Bulletins, Topic 5-M (&amp;#8220;SAB 5-M&amp;#8221;): Miscellaneous&#xd;
        Accounting, Other Than Temporary Investments in Debt and&#xd;
        Equity Securities&lt;/font&gt; in determining whether an&#xd;
        investment is other than temporarily impaired.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Inventory&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Inventory&#xd;
        is stated at the lower of cost or market, using the&#xd;
        first-in, first-out method (FIFO), and consists primarily&#xd;
        of finished goods.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Earnings&#xd;
        per Share&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company computes earnings per share in accordance with ASC&#xd;
        260 - &lt;font style=&quot;display:inline; font-style:italic&quot;&gt;Earnings per&#xd;
        Share&lt;/font&gt; . Basic earnings per common share is computed&#xd;
        by dividing income or loss available to common stockholders&#xd;
        by the weighted average number of common shares outstanding&#xd;
        for the period. Diluted earnings per common share are based&#xd;
        on the average number of common shares outstanding during&#xd;
        each period, adjusted for the effects of outstanding stock&#xd;
        options.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        following table summarizes the loss per share calculations&#xd;
        for the three months ended June 30, 2011 and June 30,&#xd;
        2010:&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Three&#xd;
                  months ended&lt;br /&gt;&#xd;
                  June 30, 2011&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Three&#xd;
                  months ended&lt;br /&gt;&#xd;
                  June 30, 2010&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Basic&#xd;
                  and diluted shares&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4,225,349&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4,242,285&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: white;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Net&#xd;
                  Income (loss)&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(184,520&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;188,356&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Basic&#xd;
                  and diluted income (loss) per share&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(0.04&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;0.04&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Certain&#xd;
        stock options were not included in the computation of the&#xd;
        earnings per share due to their anti-dilutive effect. The&#xd;
        number of anti-dilutive options totaled 47,300 and 61,800&#xd;
        for the three months ended June 30, 2011 and 2010,&#xd;
        respectively.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        following table summarizes the loss per share calculations&#xd;
        for the six months ended June 30, 2011 and June 30,&#xd;
        2010:&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Six&#xd;
                  months ended&lt;br /&gt;&#xd;
                  June 30, 2011&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;19%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Six&#xd;
                  months ended&lt;br /&gt;&#xd;
                  June 30, 2010&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Basic&#xd;
                  and diluted shares&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4,225,743&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4,244,785&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: white;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Net&#xd;
                  Income&amp;#160;&amp;#160;(loss)&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(1,510,782&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;95,937&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;54%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Basic&#xd;
                  and diluted income (loss) per share&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(0.36&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;3%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;18%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;0.02&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Certain&#xd;
        stock options were not included in the computation of the&#xd;
        earnings per share due to their anti-dilutive effect. The&#xd;
        number of anti-dilutive options totaled 55,300 and 55,800&#xd;
        for the six months ended June 30, 2011 and 2010,&#xd;
        respectively.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-style:italic; font-family:Times New Roman&quot;&gt;Dividends&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        2008, Management instituted a policy of paying dividends&#xd;
        when funds are available.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company paid a dividend of $0.15 per share on June 16,&#xd;
        2011. The Company paid a dividend of $0.10 per share during&#xd;
        the six months ended June 30, 2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Stock&#xd;
        Based Compensation&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company records compensation expense associated with stock&#xd;
        options and other forms of equity compensation in&#xd;
        accordance with FASB ASC 718, &amp;#8220;Compensation &amp;#8211;&#xd;
        Stock Compensation.&amp;#8221; Under the fair value recognition&#xd;
        provision of FASB ASC Topic 718, stock-based compensation&#xd;
        cost is estimated at the grant date based on the fair value&#xd;
        of the award. The Company estimates the fair value of stock&#xd;
        options granted using the Black-Scholes-Merton option&#xd;
        pricing model.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Reclassifications&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font id=&quot;TAB1&quot; style=&quot;margin-left:36pt&quot;&gt;&lt;/font&gt;Reclassifications occurred&#xd;
        to certain prior period amounts in order to conform to to&#xd;
        current year presentation.&amp;#160;&amp;#160;The reclassifications&#xd;
        have no effect on the reported net income.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
  <us-gaap:MarketableSecuritiesTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(2)&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;40,972,613&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;23,114,061&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;43,396,315&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;23,498,072&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Our&#xd;
        investment policy calls for a minimum of 80% of the value&#xd;
        of our portfolio of Available for Sale Securities to be&#xd;
        maintained in utility stocks. This percentage may be&#xd;
        temporarily decreased to 70% if deemed necessary by&#xd;
        management. Operating under this policy, Management&amp;#8217;s&#xd;
        investment strategy is to purchase utility stocks which it&#xd;
        considers to be undervalued relative to the market in&#xd;
        anticipation of an increase in the market price.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
        June 30, 2011 and December 31, 2010, available for sale&#xd;
        securities consisted mostly of preferred and common stocks&#xd;
        of utility companies. At June 30, 2011 and December 31,&#xd;
        2010, 96.11% and 96.16% of the market value of the&#xd;
        Company&amp;#8217;s available for sale securities was made up&#xd;
        of common stock, respectively.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company&amp;#8217;s portfolio value is exposed to fluctuations&#xd;
        in the general value of electric utilities. An increase of&#xd;
        interest rates could put downward pressure on the valuation&#xd;
        of utility stocks.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Electric&#xd;
        utilities operate in an environment of federal, state and&#xd;
        local regulations, and they may disproportionately affect&#xd;
        an individual utility. The Company believes that it&amp;#8217;s&#xd;
        exposure to regulatory risk is mitigated due to the&#xd;
        diversity of holdings consisting of 73 separate common and&#xd;
        preferred stocks. As of June 30, 2011 there were five&#xd;
        holdings of common stock which comprised 52.36% of the&#xd;
        total market value of the available for sale investments.&#xd;
        These five holdings are Entergy, Exelon, Bank of America,&#xd;
        First Energy and National Grid.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;It&#xd;
        is possible that the market value of a stock may go below&#xd;
        our cost after we purchase it even though we considered the&#xd;
        stock to be undervalued relative to the market at the time&#xd;
        we purchased it. When that occurs, we follow the provisions&#xd;
        of &lt;font style=&quot;display:inline; font-style:italic&quot;&gt;SEC&#xd;
        Staff Accounting Bulletin: Codification of Staff Accounting&#xd;
        Bulletins, Topic 5-M (&amp;#8220;SAB 5-M&amp;#8221;): Miscellaneous&#xd;
        Accounting, Other Than Temporary Investments in Debt and&#xd;
        Equity Securities&lt;/font&gt; in determining whether an&#xd;
        investment is other than temporarily impaired. The factors&#xd;
        we review and/or consider include the following:&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;The&#xd;
                  extent to which the market value has been less&#xd;
                  than cost.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;text-align:justify&quot;&gt;&#xd;
                &lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;An&#xd;
                  evaluation of the financial condition of an&#xd;
                  issuer including a review of their profit and&#xd;
                  loss statements for the most recent completed&#xd;
                  fiscal year and the preceding two years.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;The&#xd;
                  examination of the general market outlook of the&#xd;
                  issuer. This could include but is not limited to&#xd;
                  the issuer having a unique product or technology&#xd;
                  which would appear likely to have a positive&#xd;
                  impact on future earnings.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;A&#xd;
                  review of the general market conditions.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;text-align:justify&quot;&gt;&#xd;
                &lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Our&#xd;
                  intent and ability to retain the investment for a&#xd;
                  period of time sufficient to allow for the&#xd;
                  anticipated recovery in market value.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Specific&#xd;
                  adverse conditions related to the financial&#xd;
                  health of, and business outlook for, the&#xd;
                  issuer.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Changes&#xd;
                  in technology in the industry and its affect on&#xd;
                  the issuer.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;7%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;5%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:symbol,serif&quot;&gt;&lt;font style=&quot;display:inline; font-family:times new roman&quot;&gt;&amp;#9679;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;top&quot; width=&quot;88%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Changes&#xd;
                  in the issuer&amp;#8217;s credit rating.&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:Times New Roman&quot;&gt;Unrealized&#xd;
        Losses on Available for Sale Securities&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
        June 30, 2011, 92.44% or $1,790,046 of the total unrealized&#xd;
        losses of $1,936,513 was comprised of the following three&#xd;
        securities: $971,893 for Bank of America, $264,167 for&#xd;
        Citigroup Inc. and $553,986 for USEC.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;Bank of&#xd;
        America&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
        June 30, 2011, Daxor owned 507,995 shares of Bank of&#xd;
        America with a cost basis of $12.87 per share and a market&#xd;
        value of $10.96 per share. On August 3, 2011, the market&#xd;
        value was $9.54 per share which is $3.33 or 26% lower than&#xd;
        our cost basis of $12.87 per share. As of June 30, 2011,&#xd;
        the book value of the Company was $20.29 per share which is&#xd;
        substantially more than the current market price and the&#xd;
        cost basis of the shares owned by Daxor.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        July 19, 2011, Bank of America reported a net loss of $8.8&#xd;
        billion for the quarter ended June 30, 2011 versus net&#xd;
        income of $3.1 billion for the same period in 2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        main reason for the loss was a representation and&#xd;
        warranties provision of $14.0 billion which includes $8.6&#xd;
        billion in provision and other expenses related to the&#xd;
        agreement to resolve nearly all of the legacy Countrywide&#xd;
        issued first lien non-GSE RMBS repurchase exposures and&#xd;
        $5.4 billion in provision related to other non-GSE, and, to&#xd;
        a lesser extent, GSE exposure. Bank of America management&#xd;
        now believes it has recorded reserves in its financial&#xd;
        statements for a substantial portion of its representations&#xd;
        and warranties exposures as measured by original principal&#xd;
        balance.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        order to be &amp;#8220;well capitalized&amp;#8221; under federal&#xd;
        bank regulatory agency definitions, a bank holding company&#xd;
        must have a Tier 1 Capital Ratio of at least 6%, a Total&#xd;
        Capital Ratio of at least 10%, and a Leverage ratio of at&#xd;
        least 3% not to be subject to a Federal Reserve Board&#xd;
        directive to maintain higher capital levels. At June 30,&#xd;
        2011, the Tier 1 Capital Ratio was 11.00%, the Total&#xd;
        Capital Ratio was 15.65% and the leverage ratio was 6.86%.&#xd;
        Bank of America is considered &amp;#8220;well&#xd;
        capitalized&amp;#8221; under the federal regulatory agency&#xd;
        definitions at June 30, 2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;After&#xd;
        considering the available positive and negative evidence in&#xd;
        addition to the ability of Daxor to hold the stock until&#xd;
        the market price exceeds our cost as it did at March 31,&#xd;
        2011, management has determined that an impairment charge&#xd;
        is not necessary at June 30, 2011 on Bank of&#xd;
        America.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;Citigroup&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
        June 30, 2011, Daxor owned 27,940 shares of Citigroup with&#xd;
        a cost basis of $51.09 per share and a market value of&#xd;
        $41.64. On August 3, 2011, the market value was $37.26 per&#xd;
        share which is $13.83 or 27% lower than our cost basis of&#xd;
        $51.09 per share. During the first quarter of 2009, the&#xd;
        stock was at $10.00 per share and as of August 3, 2011, was&#xd;
        trading at $37.26 per share. The stock price has increased&#xd;
        by 13% from January 1, 2010 through August 3, 2011 going&#xd;
        from $33.10 per share to $37.26 per share.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Citigroup&#xd;
        reported net income of $7.1 billion for the six months&#xd;
        ended June 30, 2011 versus net income of $6.3 billion for&#xd;
        the six months ended June 30, 2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Citigroup&#xd;
        has increased headcount to 263,000 at June 30, 2011 from&#xd;
        260,000 at March 31, 2011. This is still less than the peak&#xd;
        level of 375,000 from 2007. Total Operating Expenses were&#xd;
        8% during the six months ended June 30, 2011 as compared to&#xd;
        the same period in 2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;During&#xd;
        2009, Citigroup repaid $20 billion of TARP (Troubled Asset&#xd;
        Relief Program) trust preferred securities and exited a&#xd;
        loss sharing agreement. As a result of these transactions,&#xd;
        effective in 2010, Citigroup is no longer deemed to be a&#xd;
        beneficiary of &amp;#8220;exceptional financial&#xd;
        assistance&amp;#8221; under TARP.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        order to be &amp;#8220;well capitalized&amp;#8221; under federal&#xd;
        bank regulatory agency definitions, a bank holding company&#xd;
        must have a Tier 1 Capital Ratio of at least 6%, a Total&#xd;
        Capital Ratio of at least 10% , and a Leverage ratio of at&#xd;
        least 3%, and not be subject to a Federal Reserve Board&#xd;
        directive to maintain higher capital levels. At June 30,&#xd;
        2011, the Tier 1 Capital Ratio was 13.6%, Total Capital&#xd;
        Ratio was 17.2% and the Leverage Ratio was 7.0%. Citigroup&#xd;
        is considered &amp;#8220;well capitalized&amp;#8221; under the&#xd;
        federal regulatory agency definitions at June 30, 2011 and&#xd;
        all of these percentages have improved since December 31,&#xd;
        2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        operating environment for Citigroup continues to be&#xd;
        difficult but the stock price has mostly been trending&#xd;
        upward since the first quarter of 2010. Citigroup has now&#xd;
        recorded a profit for six consecutive quarters versus a&#xd;
        loss for the year ended December 31, 2009. Citigroup is no&#xd;
        longer deemed to be a beneficiary of &amp;#8220;exceptional&#xd;
        financial assistance&amp;#8221; under TARP and is considered to&#xd;
        be &amp;#8220;well capitalized&amp;#8221; under the federal&#xd;
        regulatory agency definitions at June 30, 2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:9pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;After&#xd;
        considering the available positive and negative evidence in&#xd;
        addition to the ability of Daxor to hold the stock until&#xd;
        the market price exceeds our cost, management has&#xd;
        determined that an impairment charge is not necessary at&#xd;
        June 30, 2011 on Citigroup.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;USEC&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;At&#xd;
        June 30, 2011, Daxor owned 343,100 shares of USEC with a&#xd;
        cost basis of $4.95 per share and a market value of $3.34&#xd;
        per share. On August 3, 2011 the market value of USEC was&#xd;
        $3.18 per share which is $1.77 or 36% less than our cost&#xd;
        basis of $4.95 per share.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font id=&quot;TAB1-0&quot; style=&quot;margin-left:36pt&quot;&gt;&lt;/font&gt;The stock price&#xd;
        has decreased by 47% from January 1, 2011 through August 3,&#xd;
        2011, going from $5.99 per share to $3.18 per share. As of&#xd;
        June 30, 2011, the Book Value of the Company was&#xd;
        approximately $10.95 per share. This is substantially more&#xd;
        than the current market price and the cost basis of the&#xd;
        shares owned by Daxor.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;USEC&#xd;
        Inc., together with its subsidiaries, supplies low enriched&#xd;
        uranium (LEU) to commercial nuclear power plants in the&#xd;
        United States and internationally. It also performs&#xd;
        contract work for the U.S. Department of Energy (DOE) and&#xd;
        DOE contractors at the Paducah and Portsmouth gaseous&#xd;
        diffusion plants. USEC Inc&amp;#8217;s contract work includes&#xd;
        support services and the maintenance of Portsmouth gaseous&#xd;
        diffusion plant in a state of cold shutdown. In addition,&#xd;
        the company provides nuclear energy solutions and services,&#xd;
        including the design, fabrication, and implementation of&#xd;
        spent nuclear fuel technologies; nuclear materials&#xd;
        transportation and storage systems; and nuclear fuel cycle&#xd;
        and energy consulting services.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;USEC&#xd;
        reported a net loss of $37.8 million for the six months&#xd;
        ended June 30, 2011, versus a net loss of $2.5 million for&#xd;
        the same period in 2010. Revenue for the current six month&#xd;
        period was $834.9 million which is a 4% increase over 2010.&#xd;
        The Gross Profit Margin was 5.6% during the six months&#xd;
        ended June 30, 2011 versus 8.8% for the same period in&#xd;
        2010.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Electricity&#xd;
        makes up approximately 70% of USEC&amp;#8217;s production cost.&#xd;
        The Company is focused on negotiations with their major&#xd;
        power supplier and other utilities in order to obtain lower&#xd;
        cost power with less volatility in pricing after their&#xd;
        current contract expires in 2012.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;According&#xd;
        to their news release of August 3, 2011, the Company is&#xd;
        expecting revenue of approximately $1.7 billion for 2011&#xd;
        and a gross profit of approximately $100 million.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;After&#xd;
        considering the available positive and negative evidence in&#xd;
        addition to the ability of Daxor to hold the stock until&#xd;
        the market price exceeds our cost, management has&#xd;
        determined that an impairment charge is not necessary at&#xd;
        June 30, 2011 on USEC.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:center&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Daxor&#xd;
          Corporation&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:center&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Summary&#xd;
          of Unrealized Losses on Bank of America, Citigroup and&#xd;
          USEC&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:center&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;As&#xd;
          of June 30, 2011&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td valign=&quot;bottom&quot; width=&quot;16%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:8pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:8pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
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  <us-gaap:SegmentReportingGeneralInformation contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(3)&#xd;
        SEGMENT ANALYSIS&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company has two operating segments: Equipment Sales and&#xd;
        Related Services, and Cryobanking and Related&#xd;
        Services.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Equipment Sales and Related Services segment comprises the&#xd;
        Blood Volume Analyzer equipment and related activity. This&#xd;
        includes equipment sales, equipment rentals, equipment&#xd;
        delivery fees, BVA-100 kit sales and service contract&#xd;
        revenues.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
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        activity relating to the storage of blood and semen, and&#xd;
        related laboratory services and handling fees.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Although&#xd;
        not deemed an operating segment: the Company reports a&#xd;
        third business segment; Investment activity. This segment&#xd;
        reports the activity of the Company&amp;#8217;s investment&#xd;
        portfolio. This includes all earnings, gains and losses,&#xd;
        and expenses relating to these investments.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
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        described above for the three months ended June 30, 2011&#xd;
        (unaudited).&lt;/font&gt;&#xd;
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                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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                  Income (loss)&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(1,253,605&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(131,333&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;1,200,418&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;(184,520&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;44%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr style=&quot;background-color: white;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;44%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;Total&#xd;
                  assets&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;4,808,857&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;155,424&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;91,272,727&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;96,237,008&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
          following table summarizes the results of each segment&#xd;
          described above for the three months ended June 30, 2010&#xd;
          (unaudited).&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
                  30, 2010&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Equipment&lt;/font&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Sales&#xd;
                  &amp;amp;&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Related&lt;/font&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Services&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;(118,518&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;)&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 4px double&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;188,356&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:4px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;44%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;5,066,572&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;197,715&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;74,960,559&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;80,224,846&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
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        described above for the six months ended June 30, 2011&#xd;
        (unaudited).&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
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                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
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                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;Services&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
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                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;&amp;amp;&#xd;
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                &lt;/div&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;Services&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
          &#xd;
        &lt;/table&gt;&lt;br/&gt;&lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
          following table summarizes the results of each segment&#xd;
          described above for the six months ended June 30, 2010&#xd;
          (unaudited).&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
                  30, 2010&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
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                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Cryobanking&lt;/font&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;&amp;amp;&#xd;
                  Related&lt;/font&gt; &lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Services&lt;/font&gt;&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-weight:bold&quot;&gt;Activity&lt;/font&gt;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman&quot;&gt;Total&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
            &lt;/tr&gt;&#xd;
            &lt;tr&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot;&gt;&#xd;
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              &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;tr style=&quot;background-color: #EAF9E8;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;44%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
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                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;590,728&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;border-bottom:black 2px solid&quot;&gt;&#xd;
                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:9pt; text-indent:-9pt; margin-right:0pt&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
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            &lt;tr style=&quot;background-color: white;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;44%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;74,960,559&lt;/font&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;80,224,846&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &#xd;
        &lt;/table&gt;&lt;br/&gt;</us-gaap:SegmentReportingGeneralInformation>
  <us-gaap:DebtDisclosureTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&amp;#160;(4)&#xd;
        LOANS AND MORTGAGE PAYABLE&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:18pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;LOANS&#xd;
        PAYABLE&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Short-term&#xd;
        debt to brokers (margin debt) is secured by the&#xd;
        Company&amp;#8217;s marketable securities and totaled&#xd;
        $6,282,202 at June 30, 2011 and $4,638,197 at December 31,&#xd;
        2010. The interest rate on the Company&amp;#8217;s margin debt&#xd;
        at June 30, 2011 ranged from 1.039% to 1.041%.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:18pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&lt;font style=&quot;display:inline; text-decoration:underline&quot;&gt;MORTGAGE&#xd;
        PAYABLE&lt;/font&gt;&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Daxor&#xd;
        financed the purchase of the land and two buildings in Oak&#xd;
        Ridge, Tennessee with a $500,000 mortgage, with the first&#xd;
        five years fixed at 7.49%. There was a balloon payment of&#xd;
        $301,972 for the remaining principal and interest on the&#xd;
        mortgage due on January 2, 2012.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        July 19, 2011, the Company signed a new five year mortgage&#xd;
        agreement for the remaining principal balance of $319,927&#xd;
        plus interest. The interest rate is fixed at 5.75% and the&#xd;
        first payment is due September 2, 2011 and the last payment&#xd;
        is due August 2, 2016.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:DerivativesAndFairValueTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(5)&#xd;
        PUT AND CALL OPTIONS AT FAIR VALUE&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;As&#xd;
        part of the Company&amp;#8217;s investment strategy, put and&#xd;
        call options are sold on various stocks the Company is&#xd;
        willing to buy or sell. The premiums received are deferred&#xd;
        until such time as they are exercised or expire. These&#xd;
        options are marked to market for each reporting period&#xd;
        using readily available market quotes, and this fair value&#xd;
        adjustment is recorded as a gain or loss in the Statement&#xd;
        of Operations.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Upon&#xd;
        exercise, the value of the premium will adjust the basis of&#xd;
        the underlying security bought or sold. Options that expire&#xd;
        are recorded as income in the period they expire.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
        the three months ended June 30, 2011, the Company recorded&#xd;
        a loss from marking put and call options to market of&#xd;
        ($662,641). For the three months ended June 30, 2010, the&#xd;
        Company recorded a loss from marking put and call options&#xd;
        to market of ($3,384,096). These amounts are included in&#xd;
        the Statements of Operations as part of mark to market of&#xd;
        short positions.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
        the six months ended June 30, 2011, the Company recorded a&#xd;
        loss from marking put and call options to market of&#xd;
        ($3,770,224). For the six months ended June 30, 2010, the&#xd;
        Company recorded a loss from marking put and call options&#xd;
        to market of ($5,362,299). These amounts are included in&#xd;
        the Statements of Operations as part of mark to market of&#xd;
        short positions.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;All&#xd;
        proceeds of the put and call options which are equity&#xd;
        contracts are shown net of the mark to market adjustment in&#xd;
        the current liability section of the balance sheet as Put&#xd;
        and call options, at fair value.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
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        Options as of March 31, 2011 (unaudited) and December 31,&#xd;
        2010:&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;font-size:10pt; font-family:times new roman; font-size:10pt; font-family:times new roman&quot;&gt;&#xd;
          &#xd;
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                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:18pt; text-indent:-18pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-weight:bold; font-size:10pt; font-family:times new roman; text-decoration:none&quot;&gt;&lt;font style=&quot;display:inline&quot;&gt;Put and Call&#xd;
                  Options&lt;/font&gt;&lt;/font&gt;&#xd;
                &lt;/div&gt;&#xd;
              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; style=&quot;padding-bottom:2px&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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                &lt;/div&gt;&#xd;
                &lt;div align=&quot;center&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
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                &lt;/div&gt;&#xd;
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                &lt;div align=&quot;left&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;5,223,052&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;$&lt;/font&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;3,426,718&lt;/font&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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              &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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                &lt;/div&gt;&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;2%&quot;&gt;&#xd;
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                &lt;div align=&quot;right&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;5,566,558&lt;/font&gt;&#xd;
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              &lt;/td&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
                &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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  <us-gaap:RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(6)&#xd;
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        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
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        securities. The liability for short sales of securities is&#xd;
        included in &amp;#8220;Securities borrowed at fair market&#xd;
        value&amp;#8221; in the accompanying balance sheets. The&#xd;
        respective market values of these positions were&#xd;
        $31,354,266 and $22,406,036 as of June 30, 2011 and&#xd;
        December 31, 2010.&lt;/font&gt;&#xd;
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  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(7)&#xd;
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        Company&amp;#8217;s common stock at an exercise price of $11.91&#xd;
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        regarding a number of subjective variables. These variables&#xd;
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        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(8)&#xd;
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        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
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              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;June&#xd;
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                  &lt;font style=&quot;display:inline; font-size:10pt; font-family:times new roman&quot;&gt;151,822&lt;/font&gt;&#xd;
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              &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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            &lt;tr style=&quot;background-color: white;&quot;&gt;&#xd;
              &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;66%&quot;&gt;&#xd;
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        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        deferred tax liability that results from the marketable&#xd;
        securities does not flow through the statement of&#xd;
        operations due to the classification of the marketable&#xd;
        securities as available-for-sale. Instead, any increase or&#xd;
        decrease in the deferred tax liability is recorded as an&#xd;
        adjustment to the accumulated other comprehensive income&#xd;
        account which is in the stockholders&amp;#8217; equity section&#xd;
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  <dxr:ConcentrationAndContingencyDisclosureTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(9)&#xd;
        CERTAIN CONCENTRATIONS AND CONTINGENCIES&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Financial&#xd;
        instruments which potentially subject the Company to&#xd;
        concentrations of credit risk consist primarily of the&#xd;
        common stock of marketable electric utilities. At June 30,&#xd;
        2011 stocks representing 99.27% of the market value of&#xd;
        common stocks held by the Company were listed on the New&#xd;
        York Stock Exchange (NYSE). The Company maintains its&#xd;
        investments in four different brokerage accounts, three at&#xd;
        UBS and one at TD Ameritrade. UBS and TD Ameritrade provide&#xd;
        supplemental insurance up to the face value of the&#xd;
        securities in excess of the SIPC limit of $500,000.&lt;/font&gt;&#xd;
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        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Both&#xd;
        of these brokerage houses are well known in the industry&#xd;
        and management does not believe that these securities bear&#xd;
        any risk of loss over and above the basic risk that a&#xd;
        security bears through the normal activity of the&#xd;
        securities markets. However, at June 30, 2011 the fair&#xd;
        market value of securities in excess of the SIPC insured&#xd;
        limit is $1,977,670 and the cash on deposit in excess of&#xd;
        the insured limit is $4,894,872.&lt;/font&gt;&#xd;
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          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
          the three months ended June 30, 2011, the sales of Blood&#xd;
          Volume Kits accounted for 69.89% of the Company&amp;#8217;s&#xd;
          total consolidated operating revenue. There were four&#xd;
          customers (hospitals) that accounted for 60.12% of the&#xd;
          Company&amp;#8217;s sales of Blood Volume Kits.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
          the three months ended June 30, 2010, the sales of Blood&#xd;
          Volume Kits accounted for 63.25% of the Company&amp;#8217;s&#xd;
          total consolidated operating revenue. There were four&#xd;
          customers (hospitals) that accounted for 60.35% of the&#xd;
          Company&amp;#8217;s sales of Blood Volume Kits.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
            &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
            the six months ended June 30, 2011, the sales of Blood&#xd;
            Volume Kits accounted for 68.60% of the Company&amp;#8217;s&#xd;
            total consolidated operating revenue. There were four&#xd;
            customers (hospitals) that accounted for 60.16% of the&#xd;
            Company&amp;#8217;s sales of Blood Volume Kits.&lt;/font&gt;&#xd;
          &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;For&#xd;
          the six months ended June 30, 2010, the sales of Blood&#xd;
          Volume Kits accounted for 65.16% of the Company&amp;#8217;s&#xd;
          total consolidated operating revenue. There were four&#xd;
          customers (hospitals) that accounted for 58.77% of the&#xd;
          Company&amp;#8217;s sales of Blood Volume Kits.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Management&#xd;
        believes that the loss of any one of these customers would&#xd;
        have an adverse effect on the Company&amp;#8217;s consolidated&#xd;
        business for a short period of time. All of these four&#xd;
        hospitals have purchased their BVA-100 equipment. The&#xd;
        Company has not had any situations in which a hospital,&#xd;
        after having purchased a blood volume analyzer,&#xd;
        discontinued purchasing Volumex kits. This suggests that,&#xd;
        when more hospitals purchase equipment, they will continue&#xd;
        with ongoing purchase of Volumex kits. The Company&#xd;
        continues to seek new customers, so that any one hospital&#xd;
        will represent a smaller percentage of overall&#xd;
        sales.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;As&#xd;
        disclosed in our previous filings, the Centers for Medicare&#xd;
        and Medicaid Services (CMS) implemented a significant&#xd;
        policy change affecting the reimbursement for all&#xd;
        diagnostic radiopharmaceutical products and contrast agents&#xd;
        which was effective as of January 1, 2008. As a result of&#xd;
        this policy change, diagnostic radiopharmaceuticals such as&#xd;
        Daxor&amp;#8217;s Volumex are no longer separately reimbursable&#xd;
        by Medicare for outpatient services. At this time, it is&#xd;
        still unclear if this policy change will also be&#xd;
        implemented by private third party health insurance&#xd;
        companies.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        reimbursement policy for hospital outpatients through&#xd;
        December 31, 2007 included payment for both the cost of the&#xd;
        procedure to perform a blood volume analysis (BVA) and the&#xd;
        radiopharmaceutical (Daxor&amp;#8217;s Volumex&#xd;
        radiopharmaceutical). CMS&amp;#8217;s policy now only includes&#xd;
        the reimbursement for the procedure and would require the&#xd;
        hospital to absorb the cost of the radiopharmaceutical.&#xd;
        There will be an upward adjustment for the procedure code&#xd;
        to include some of the costs of the radiopharmaceutical.&#xd;
        However, this upward adjustment does not entirely cover the&#xd;
        costs associated with the procedure and the&#xd;
        radiopharmaceutical.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        response to Medicare&amp;#8217;s change in its reimbursement&#xd;
        policy for diagnostic radiopharmaceuticals, Daxor has&#xd;
        lobbied CMS both individually and as a member of the&#xd;
        Society of Nuclear Medicine&amp;#8217;s APC Task Force, which&#xd;
        is a select group of representatives from industry and&#xd;
        healthcare that represents the more than 16,000 nuclear&#xd;
        medicine professionals in the United States. One of the&#xd;
        missions of the APC Task Force is to work directly with the&#xd;
        CMS in an attempt to amend the current policy limiting the&#xd;
        reimbursement of diagnostic radiopharmaceuticals for&#xd;
        outpatient diagnostic services. There is no guarantee that&#xd;
        the APC task force will be successful in their efforts to&#xd;
        persuade the CMS to amend their policy of limiting the&#xd;
        reimbursement of diagnostic radiopharmaceuticals for&#xd;
        outpatient diagnostic services. This change in&#xd;
        Medicare&amp;#8217;s reimbursement policy was still in effect&#xd;
        at June 30, 2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        March 21, 2010, the U.S. House of Representatives passed&#xd;
        The &amp;#8220;Patient Protection and Affordable Care Act&#xd;
        (H.R.3590).&amp;#8221; This legislation was signed into law by&#xd;
        President Obama on March 23, 2010. The goal of this&#xd;
        legislation is to make health care more accessible to&#xd;
        Americans. At this time, we are unable to quantify how this&#xd;
        legislation will affect our operating income. Although it&#xd;
        is possible that increased coverage could lead to greater&#xd;
        access to our products and services if the reimbursement&#xd;
        rate is lower, this would limit the benefit to Daxor and&#xd;
        could have a negative effect on our operating results and&#xd;
        our business.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company&amp;#8217;s Volumex syringes are filled by an FDA&#xd;
        approved radiopharmaceutical manufacturer. This&#xd;
        manufacturer is the only one approved by the FDA in the&#xd;
        United States to manufacture Volumex for interstate&#xd;
        commerce. If this manufacturer were to cease filling the&#xd;
        Volumex syringes for Daxor, the Company would have to make&#xd;
        alternative arrangements to insure a supply of Volumex. The&#xd;
        effect of such a disruption on Daxor&amp;#8217;s business could&#xd;
        be material.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;From&#xd;
        time to time, the Company is the subject of legal&#xd;
        proceedings arising in the ordinary course of business. The&#xd;
        Company does not believe that any proceedings currently&#xd;
        pending or threatened will have a material adverse effect&#xd;
        on its business or results of operations.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        2005 and 2007, the Company and Dr. Joseph Feldschuh, its&#xd;
        President and Chief Executive Officer, respectively,&#xd;
        received Wells Notices from the Securities and Exchange&#xd;
        Commission (&amp;#8220;SEC&amp;#8221;) requesting their comments on&#xd;
        the SEC Staff&amp;#8217;s view that the Company was in&#xd;
        violation of Section 7(a) of the Investment Company Act in&#xd;
        that it was operating as an unregistered investment&#xd;
        company. The Company and Dr. Feldschuh responded to those&#xd;
        requests when made.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        November 2009, the staff of the Northeast Regional Office&#xd;
        of the SEC contacted the Company and invited both the&#xd;
        Company and Dr. Feldschuh to make a new Wells submission&#xd;
        based upon more recent operations and results. The Company&#xd;
        and Dr. Feldschuh responded to the staff&amp;#8217;s invitation&#xd;
        on December 20, 2009.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company disclosed in its Form 10-Q for September 30, 2010,&#xd;
        Form 10-K for December 31, 2010 and Form 10-Q for March 31,&#xd;
        2011 that the SEC instituted administrative proceedings&#xd;
        pursuant to the Investment Company Act of 1940 on September&#xd;
        17, 2010. The New York City staff of the Enforcement&#xd;
        Division of the SEC is claiming that Daxor is primarily an&#xd;
        investment company and not primarily an operating&#xd;
        company.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company has disclosed in previous public filings that it is&#xd;
        dependent upon earnings from its investment portfolio to&#xd;
        fund operations and that a single individual, Dr. Joseph&#xd;
        Feldschuh, makes all investment decisions.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        administrative proceeding took place from March 7, 2011&#xd;
        through March 9, 2011 in New York City. The Company feels&#xd;
        strongly that the extensive documentation of its history of&#xd;
        operations presented at the administrative proceeding will&#xd;
        demonstrate that it is primarily an operating medical&#xd;
        instrumentation and biotechnology company and not primarily&#xd;
        an investment company&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        June 9, 2011, The Chief Judge filed a motion requesting an&#xd;
        extension of time until September 6, 2011 to issue an&#xd;
        initial decision in the administrative proceeding. Daxor&#xd;
        filed a consent to the Chief Judge&amp;#8217;s motion for an&#xd;
        extension and the deadline was extended until September 6,&#xd;
        2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;There&#xd;
        is a risk that Daxor will be found to be an investment&#xd;
        company as a result of this administrative proceeding. If&#xd;
        Daxor is found to be an Investment Company, we may attempt&#xd;
        to register with the Internal Revenue Service&#xd;
        (&amp;#8220;IRS&amp;#8221;) as a Regulated Investment Company&#xd;
        (&amp;#8220;RIC&amp;#8221;). There is no guarantee that the Company&#xd;
        would meet the requirements imposed by the Internal Revenue&#xd;
        Code for qualification as an RIC.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;However,&#xd;
        one requirement of being an RIC is that Daxor would have to&#xd;
        distribute at least 90% of its investment company taxable&#xd;
        income and 90% of its net tax-exempt income to its&#xd;
        shareholders annually. If Daxor would not meet this&#xd;
        requirement, it would be taxed as Regular Corporation and&#xd;
        still be liable for Income Tax and Personal Holding Company&#xd;
        Tax.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        management of the Company believes the additional&#xd;
        disclosures that would be necessary if Daxor were to become&#xd;
        an RIC would not materially affect investment policies and&#xd;
        practices currently in place. The management also believes&#xd;
        that the operating segments of the Company would also not&#xd;
        be materially affected if Daxor was compelled to become an&#xd;
        RIC.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;</dxr:ConcentrationAndContingencyDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c4_From1Jan2011To30Jun2011">&lt;div style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&amp;#160;(10)&#xd;
        RELATED PARTY TRANSACTIONS&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        Company subleases a portion of its New York City office&#xd;
        space to the President of the Company for five hours per&#xd;
        week. This sublease agreement has no formal terms and is&#xd;
        executed on a month to month basis.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;&amp;#160;The&#xd;
        amount of rental income received from the President of the&#xd;
        Company for the six months ended June 30, 2011 and June 30,&#xd;
        2010 was $6,188 and $6,083.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;The&#xd;
        amount of rental income received from the President of the&#xd;
        Company for the three months ended June 30, 2011&#xd;
        and&amp;#160;&amp;#160;June 30, 2010 was $3,094 and $3,042.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Jonathan&#xd;
        Feldschuh is the co-inventor of the BVA-100 Blood Volume&#xd;
        Analyzer and is the son of Dr. Joseph Feldschuh, the Chief&#xd;
        Executive Officer and President of Daxor. He was paid&#xd;
        $18,720 annually for the years ended December 31, 2010 and&#xd;
        2009. Jonathan Feldschuh is expected to provide a limited&#xd;
        amount of consultative help in the filing of the additional&#xd;
        patents in 2011.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:NewAccountingPronouncementOrChangeInAccountingPrincipleDescription contextRef="c4_From1Jan2011To30Jun2011">&lt;div align=&quot;justify&quot; style=&quot;display:block; margin-left:0pt; text-indent:0pt; margin-right:0pt&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;(11)&#xd;
        RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        January 1, 2011, the Company adopted Accounting Statement&#xd;
        Update (ASU) 2009-13, &amp;#8220;Revenue Recognition (Topic&#xd;
        605): Multiple-Deliverable Revenue Arrangements,&amp;#8221;&#xd;
        which eliminates the residual method of allocation, and&#xd;
        instead requires companies to use the relative selling&#xd;
        price method when allocating revenue in a multiple&#xd;
        deliverable arrangement. When applying the relative selling&#xd;
        price method, the selling price for each deliverable shall&#xd;
        be determined using vendor specific objective evidence of&#xd;
        selling price, if it exists, otherwise using third-party&#xd;
        evidence of selling price. If neither vendor specific&#xd;
        objective evidence nor third-party evidence of selling&#xd;
        price exists for a deliverable, companies shall use their&#xd;
        best estimate of the selling price for that deliverable&#xd;
        when applying the relative selling price method. The&#xd;
        Company has elected to adopt this guidance prospectively&#xd;
        for all revenue arrangements entered into or materially&#xd;
        modified after the date of adoption. The adoption of the&#xd;
        provisions of ASU 2009-13 did not have a material effect on&#xd;
        the financial position, results of operations or cash flows&#xd;
        of the Company.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;On&#xd;
        January 1, 2011, the Company adopted ASU 2010-06,&#xd;
        &amp;#8220;Improving Disclosures about Fair Value&#xd;
        Measurements,&amp;#8221; to require additional disclosures&#xd;
        related to activity within Level 3 of the fair value&#xd;
        hierarchy. The adoption of ASU 2010-06 did not have a a&#xd;
        material effect on the financial position, results of&#xd;
        operations or cash flows of the Company.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        June 2011, the FASB issued Accounting Standards Update&#xd;
        2010-05 (ASU 2011-05), Comprehensive Income (Topic 220):&#xd;
        Presentation of Comprehensive Income.&amp;#160;&amp;#160;The&#xd;
        amendments require that all nonowner changes in&#xd;
        stockholders&amp;#8217; equity be presented either in a single&#xd;
        continuous statement of comprehensive income or in two&#xd;
        separate but consecutive statements. In the two-statement&#xd;
        approach, the first statement should present total net&#xd;
        income and its components followed consecutively by a&#xd;
        second statement that should present total other&#xd;
        comprehensive income, the components of other comprehensive&#xd;
        income, and the total of comprehensive income. The&#xd;
        amendments in this Update should be applied retrospectively&#xd;
        and are effective for fiscal years, and interim periods&#xd;
        within those years, beginning on or after December 15,&#xd;
        2011. Early adoption is permitted, because compliance with&#xd;
        the amendments is already permitted.&amp;#160;&amp;#160;The Company&#xd;
        does not expect the provisions of ASU 2011-05 to have a&#xd;
        material effect on the financial position, results of&#xd;
        operations or cash flows of the Company.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
        &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;In&#xd;
        April 2011, the FASB issued Accounting Standards Update&#xd;
        2010-04 (ASU 2011-04), Fair Value Measurement (Topic 820):&#xd;
        Amendments to achieve common fair value measurement and&#xd;
        disclosure requirements in U.S. GAAP and&#xd;
        IFRS.&amp;#160;&amp;#160;The amendments in this Update result in&#xd;
        common fair value measurement and disclosure requirements&#xd;
        in U.S. GAAP and IFRSs. Consequently, the amendments change&#xd;
        the wording used to describe many of the requirements in&#xd;
        U.S. GAAP for measuring fair value and for disclosing&#xd;
        information about fair value measurements. For many of the&#xd;
        requirements, the Board does not intend for the amendments&#xd;
        in this Update to result in a change in the application of&#xd;
        the requirements in Topic 820. The amendments in this&#xd;
        Update should be applied prospectively and are effective&#xd;
        for fiscal years, and interim periods within those years,&#xd;
        beginning on or after December 15, 2011. Early application&#xd;
        is not permitted.&amp;#160;&amp;#160;The Company does not expect&#xd;
        the provisions of ASU 2011-04 to have a material effect on&#xd;
        the financial position, results of operations or cash flows&#xd;
        of the Company.&lt;/font&gt;&#xd;
      &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;display:block; margin-left:0pt; text-indent:36pt; margin-right:0pt; text-align:justify&quot;&gt;&#xd;
          &lt;font style=&quot;display:inline; font-size:10pt; font-family:Times New Roman&quot;&gt;Management&#xd;
          does not believe that any other recently issued, but not&#xd;
          yet effective, accounting standard if currently adopted&#xd;
          would have a material effect on the accompanying&#xd;
          financial statements.&lt;/font&gt;&#xd;
        &lt;/div&gt;&lt;br/&gt;</us-gaap:NewAccountingPronouncementOrChangeInAccountingPrincipleDescription>
</xbrl>